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Counting the stars … how accounting is connected with the rich and famous

You may be familiar with the benefits of accounting services for your business, but did you know that some of your favourite celebs have a close relationship with it too? Aside from the obvious need A-list celebs have for an accountant to look after their personal finances and generous pay cheques, many of today’s stars actually chose to work in this profession before entering the world of showbiz and glamour. We can’t guarantee that your account will have similar luck treading the red carpet, but it’s still interesting to note some of the high-profile names which lend accounting their unofficial support. Famous accountants Some of the famous celebs who trained as accountants include Rolling Stones frontman Mick Jagger and singer Janet Jackson. Renowned author John ...

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Role of business accounting strengthened as SMEs drive Britain’s economic recovery

As a recent study throws up some interesting statistics concerning economic recovery in the UK, the role of business accounting is only likely to become more prominent. According to new data, small businesses and SMEs are those responsible for most of Britain’s current economic growth, with a staggering £80 billion expected to be invested by them over the coming year. This was calculated following a survey of SMEs in which more than four fifths claimed they intended to pump as much as 7% of their total turnover back into the economy and a staggering 79% expressed confidence in the market, seeing it as a positive area for growth. In fact, projected business growth for the next 12 months stands at 10% – a ...

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Online bookkeeping in a nutshell

Organising finances is an essential and integral part of running any business – it is vital to know exactly where funds are being used and what they are being used on. Having a clear and concise system in place to help with your accounts makes the task considerably easier. Moving towards online book-keeping will push the boundaries of what can be achieved. As a result of more streamlined and productive financial activity, your focus can switch to other aspects of your business. This could include putting strategies in place to improve the goods or services that you provide. Understanding book-keeping With accounts data organised in a better fashion it can be more simply disseminated and incorporated into commercial plans to drive business forward. ...

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Does your accounting software meet your basic needs?

It’s all well and good having intricately detailed and complicated accounting products for your business – you might think that in order for your firm to grow you’ll need to invest in the best programmes that money can buy, and keep them updated as often as possible – but if your service doesn’t take care of the basics properly, then what good is it to your business? Not only is using an overcomplicated system a very expensive way to manage your accounts as a small business, but it isn’t necessarily a productive or efficient use of book-keeping tools. Generally speaking the most costly service packages are those you buy off the shelf – with high up-front purchase fees and further upgrade costs ...

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How can scalability help me achieve my business goals?

As the recent financial crisis and subsequent recession has proved – businesses need to be able to adapt in order to succeed. However, companies don’t simply need to adapt their outward-facing strategies; they must also adjust their internal administrative processes in order to prepare for adversity more effectively. Today we will take a brief look at how businesses can better prepare for growth and adversity with specific software solutions and practices designed to move with the inevitable rise and fall of the business cycle. Create a culture of education and empowerment Encouraging the natural growth in expertise in your employees is essential for your business to progress. Giving people the freedom to express themselves – within reason – can result in a near limitless ...

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Backing up your accounts data

Keeping an accurate and consistent log of all your company’s financial activity is imperative to protect its success and continuity. It isn’t enough anymore to depend solely on desktop data backups – if the hard disk becomes corrupted or inaccessible then all your business data is gone in an instant. Similarly, having paper copies doesn’t provide adequate data protection for modern organisations. If your business premises were to succumb to fire or flood damage then documents which are essential to your company’s growth will be rendered irretrievable. There are, however, a number of ways to ensure that your accounts remain intact and accessible as required. Each method exhibits its own benefits and detriments, but none compete with the simplicity, scalability and affordability of ...

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Tell-tale signs that it’s time to move to the cloud

There comes a point in the life of every small business that an entry-level bookkeeping system simply doesn’t cut the mustard.  Once your business gains traction and proceeds along the path to growth it becomes necessary to be able to support its full range of organisational activities. In other words, you need a system that can practically support the operation of your business, rather than through the narrow confines of a conventional accounting package. Being able to recognise the ideal moment to make the move to a more tailored approach is no mean feat, but there are a few typical signs that can help you along the way. And they may come sooner than you’d think. Growth in transaction volumes If your current system depends ...

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How can online accounting meet the strategic needs of a growing business?

As every managing director knows, periods of growth for a business can often be as troubling as a periods of declining activity. The need to constantly adapt financial resources, infrastructure and administrative processes in order to stay ahead of the curve can put incredible strain upon the organisation. Online accounting software can help reduce the strain of such adaptation. Here’s how. Improved growth forecast The Bank of England last week announced a revision of their UK growth figures for the first-quarter of 2014; up from 0.9% to 1.0%. After nearly half a decade of recession and financial uncertainty, this comes as welcome news to many small and medium sized businesses across the kingdom. It would be naïve, however, to assume that steady growth will ...

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Further signs that your business needs online accounting

On the back of healthy industrial production and improving consumer confidence, the Bank of England has recently announced that the United Kingdom experienced better than forecasted growth in the first quarter of 2014 – 1.0% compared with 0.9%. Although this might not sound like a large difference, it does have a significant impact on the behaviour of businesses and consumers for the year ahead. Preparing for increased activity Indeed, in a recent Confederation of Business Industry (CBI) survey of UK businesses, 38% reported an increase in total orders in the first three months of the year. Similarly, the majority expected positive growth over the next three months. With such an optimistic outlook, it is clear that small business owners need to be prepared for ...

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