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What can I claim as a legitimate business expense?
Doing your accounts might not be the most exciting part of your business, but it can really pay to keep an eye on what you claim in tax deductible expenses, to make sure you only pay as much tax as you should and don’t miss out on any legitimate savings. While you may have an internal accounts department or outsourced financial manager helping you to keep on top of your taxes, knowing what you can claim for is pretty essential for any business owner. This awareness will help to ensure that you keep hold of any relevant receipts or invoices –but remember that any expenses claimed must be “wholly and exclusively” for business purposes.
Financial advice for SMEs – 2017 round-up
Financial advice for SMEs – 2017 round-up In this last post before Christmas, I thought it might be helpful to take a look back over the posts I’ve published during the course of 2017. I really enjoy my work as a Portfolio Finance Director and sharing my knowledge in order to help businesses improve their money matters is all part of the service – so here are some top picks from this year’s articles. I’ve selected those that have good generic information that most SMEs would find helpful. A little light reading for over the Christmas break to help you prepare for an even more successful New Year!
3 ways to improve your financial management in 2018
If one of your business New Year’s resolutions is to improve your financial management, then it’s time to start thinking about exactly how you’re going to achieve it. However well organised or thorough you may be, there’s always room to refine processes for better results – and starting 2018 as you mean to go on could leave you with even more positive outcomes to reflect on this time next year. For many SMEs, the key to improving financial management in their organisation is all about having the right systems and the ability to accurately analyse the figures. Here are my tips for things you could do differently – or better – next year...
Budgeting to set up for success in 2018
s we approach the end of the year (where does the time go?!) it’s a great time to start planning your business budget ready for the next one. Setting up a budgeting process allows you to keep an eye on your finances, set your annual objectives and understand your current and future financial commitments – all essentials for any SME.
A few tips for building an effective finance team
When your business is first starting out, accounting tasks may initially be conducted by your core staff, with managers or even general office staff taking the reins of your day-to-day financial responsibilities. However, as your business grows and your accounts get more complicated, you’ll soon find that you need to employ skilled staff to deal with these matters – but where do you start?
Reducing business overheads to improve financial performance
While providing a good service and becoming an established leader in your field are common objectives for many SMEs, it’s fair to say that we’re all driven by a desire to succeed in terms of financial stability and growth too.
5 ways a freelance finance director can add value to your SME
You may not have considered hiring a financial director, or perhaps you have, but decided that you can’t justify the additional outlay until your business reaches a certain size. However, as with any business decision it’s a question of balance, and when you weigh up the cost of a financial director versus the tangible benefits they can bring your SME, it might make you reconsider your position.
Key roles & responsibilities of a finance director
There's often a little confusion surrounding the role of a financial director – especially because it's so easy to get this function mixed up with other financial and accounting roles. In a previous blog I explained a little about the different types of accountant , but this time I want to focus on the part a financial director should play in your company's growth journey.
5 ways to improve financial efficiency
In any SME, accounting and financial administration can swallow up a lot of time. Even if you have your own in-house accounting department, there are so many processes to manage that unless you find the most efficient ways to work, you can soon end up with a backlog – which in turn can put you at risk of non-compliance with your financial reporting .