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Benefit of limited company vs being self employed
If you are starting a business, first you need to decide what kind of legal structure you should work under. Deciding whether to work on your own or start a limited company can impact the amount of taxes, but can also influence the way you manage your business and the personal liability you face. You…
Accounting Treatment for Bitcoin transactions
One of the best definition of money is ‘Money is what money does’. Bitcoin, a digital currency, is gradually making its mark as ‘money’ in our modern world. On 3rd Mar 2014, HMRC issued a brief 09/14 on the treatment of Bitcoin for tax purposes. http://www.hmrc.gov.uk/briefs/vat/brief0914.htm There seems to be temporary good news for Bitcoin…
Online bookkeeping support for tech startups
Although starting up a new tech company can be very rewarding, it can also involve a lot of hard work. If you have a limited budget, it is likely that you will be trying to handle as many operations yourself as possible. Unfortunately this can sometimes mean that areas of your business suffer. An…
An Accountant's Poem
I recently came across a poem in one of Mark Lee’s regular newsletters. Mark tells me it was written by Chartered Accountant David Marston in 1998. It’s still very true. Enjoy! Spare a thought for your accountant Spare a thought for your accountant He’s trying to do his best To earn a decent living Just like all the rest Doing…
I want to change Accountants. What to consider when changing Accountants?
Most young business owners start thinking about changing their Accountants within first couple of years in business. If you are thinking right now, ‘I want to change Accountants’, what to consider when changing Accountants? Or how to change an accountant? You should first ask yourself why change your Accountant? I receive enquiries all the time…
What to expect from my Finance Department?
When you are running a business it’s very important to understand not just what you specialise in but also a bit about other areas of your business that will play a crucial role in running and development of your business. I like to divide business into three main areas. A) The Services you provide e.g….
Efficient & Effective – 2E Accountants
People often ask me what ‘2E’ stands for in 2E Accountants, so I decided to do a short blog on the meaning of Efficient and Effective. What it means and what difference it makes. The easy way to explain is like they say ‘Efficient is to do it right and Effective is to do the…
FreshBooks Online Accounting Software
Freshbooks is a popular small business invoicing/accounting software. According to their website: Customize your invoice Add your logo, and customize your invoices – and then get used to the compliments you’re bound to get. Track Invoice Views Send your invoice with FreshBooks, and you’ll see when your client has viewed it. Because some things you…
FreeAgent Online Accounting Software
A software suitable for very small businesses. According to their website: SEND ESTIMATES AND PROPOSALS Build professional estimates and proposals which can be tracked through to approval and converted to invoices. INVOICE WITH EASE Charts of invoice payments show you, month-by-month, what payments are due, overdue or have been paid. MANAGE THOSE EXPENSES Track what…
Xero Online Accounting Software
A good and established software. Things it can do for you according to Xero website: Financial reporting Up-to-date reporting with quick links to all the original transactions. Payroll Do pay runs and track wage expenses or connect with your payroll system. Pay bills Manage your spending and make bill payments in bulk to creditors. Free…