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We are proud to be associated with some of the best financial and business associates in the industry. By working with the following, we are able to provide our clients with the most up to date accountancy platforms and knowledge to run successful businesses.
As experienced finance directors and professional trainers, we meet with a lot of business owners – and many of them come to us with very similar questions and requirements. Over the years, we’ve noticed three key issues that training delegates tend to struggle with when it comes to understanding business finance and accounting, so in this next series of posts, we’re going to address and explain them.
When business owners start delving into the world of accounting and finance, they’re often confused by the acronym EBITDA.
One of the key things that business owners struggle to understand when it comes to company finance and accounting is capital expenditure.
Understanding the difference between cash and profit can be hard for many business owners to get their heads’ around – but it’s important to know how they differ and why the difference matters.
With 2.3m Quickbooks users in the US and more than 1m Xero subscribers in the UK, cloud accounting is now firmly in the mainstream. Gone are the days of having a dedicated computer in the corner of the accounts office so that businesses could manage their books. Or of completing a spreadsheet and spending a whole day putting your receipts in date order before you delivered them to your accountant. Now, even small businesses can access the kind of accounting intelligence which used to need a whole department to create it.
The internet has enabled the creation of a different world of IT systems. Outside the US, Xero is the market-leading online accounting package. In the US it’s Intuit’s Quickbooks, and there are many others, such as FreeAgent, Kashflow and Zoho, with Sage finally getting its act together and releasing Sage One. Each of the platforms is different, although all offer the same core services. The golden rule is that using any cloud-based accounting package will be better than sticking with paper and a spreadsheet.
When small business owners think about accounts, many are thinking about an end result, a product of all their efforts over a year. But accounting is so much more than the output. Done right, and with the support of some of the brilliant software available, it can turn real-time information into intelligence on which to base business decisions.
With 2.3m Quickbooks users in the US and more than 1m Xero subscribers in the UK, cloud accounting is now firmly in the mainstream. Gone are the days of having a dedicated computer in the corner of the accounts office so that businesses could manage their books. Or of completing a spreadsheet and spending a whole day putting your receipts in date order before you delivered them to your accountant. Now, even small businesses can access the kind of accounting intelligence which used to need a whole department to create it.
One of our jobs as financial directors is to train business owners and managers on the fundamental foundations of finance. By understanding the 3 different core statements/reports that make up a set of accounts – and the jargon that goes with them – you’ll become much more confident in your ability to translate the figures, and realise that accounts aren’t really quite as complex as they can first appear.
The balance sheet is one of the 3 different statements/reports that make up your set of accounts; it’s called a balance sheet because it will always balance
