Sick Leave: Getting It Right
If an employees been with you for more than 6 months, in most cases you must give them sick leave. Employees can take sick leave if they are sick or injured, or to look after their partner or another dependant person who is sick or injured. This could be a husband or wife, partner, child, or anyone else who relies on them, eg an elderly relative. Learn more about who can take sick leave, rolling over unused sick leave, and medical certificates in the full article here.
5 cash flow goals that every business should aim for
Maintaining a cash flow positive situation is something that many small businesses struggle with. After all, it only takes one or two late payments from a client to fall behind on payment obligations.Fall too far behind and you may find yourself among the who fail every year due to cash flow problems.While there are many steps you can take to , why get yourself into trouble in the first place? 1. Pay attention to margins2. Pay yourself a salary3. Have finances in reserve4. Avoid debt 5. Save for growth Read the full article from Xero here. Not sure how to read your cash flow statement? Give us a call on 033795338 to see how we can help.
Signs you need a bookkeeper
If your business is growing, you can only get away with Do-It-Yourself bookkeeping for so long. Maybe you have a really great spreadsheet template you found online. Maybe you even shelled out for some accounting software. But as your business expands and your financials get more complex—you’re going to need to have a look at outsourcing the books. Here are some signs that your business needs a bookkeeper. DIY bookkeeping takes up more time than you can afford. Don’t take your own time for granted. Not only does overworking lead to burnout, but every minute you spend on a task has a dollar equivalent.Time yourself for how much time you spend per week on bookkeeping. Then, compare your “salary” as your own bookkeeper against the price of professional bookkeeping. Once you treat the time you spend bookkeeping as an actual expense you’ll have a better idea of whether you should keep doing it.Your books are never up to date. When you fall behind on bookkeeping, your books stop reflecting the actual state of your finances. That makes it harder (sometimes impossible) to understand cash flow and accurately gauge the health of your business.Your Accountant does your bookkeeping. It’s a waste of money. Accountants generally charge more per hour than bookkeepers. You could end up paying more for bookkeeping services than you need to. A good bookkeeper will be able to update your financial records or prepare your compliance requirements at a lower price.You're not sure you’re keeping the records correctly. You can’t be an expert at everything, you’re good at what you do that’s why you have a business. If you’re spending time looking at your books and wondering if they’re accurate, it may be time to pass this over to a bookkeeper.Sales have increased, but your profits haven’t. All your hard work bringing in new business and keeping customers happy counts for nothing if you’re not making more money. If your revenue is on the rise but your bottom line won’t move, it means you need to increase your profit margins. Tax-ready financial statements from a bookkeeper can help you recognise where you need to cut costs in order to make your business more profitable. When all signs point to upgrading from DIY bookkeeping to professional help, it might be time to give us a call on 033795338. We offer accounting knowledge at bookkeeping prices.
Business Expenses: What can you claim for?
All self-employed people can claim business expenses, contractors and sole traders included. If you work from home you can claim some household expenses, as well. Make sure you're not missing a trick at tax time - find out what counts as an expense.
My Big Mistake - Assumptions
As a small business owner it's not always obvious to your clients about all of the different services that you could provide.