Budgets There are many advantages to using budgets. They: provide a method of allocating and using resources within the organisation help to monitor and control operations promote forward thinking show employees an overall picture of the direction of the organisation which can motivate staff help to co-ordinate different departments and align them towards shared objectives provide a framework for delegation. Most importantly, budgets are an early warning system. They highlight where investigation and appropriate corrective action is necessary. However – these benefits do not come problem-free: Staff time devoted to budgets carries a real opportunity cost. […]

How is your system working for you?

In meeting with clients, we often find that the area of bookkeeping and record keeping is a common topic of debate, with both established clients and new start-up businesses.  Many clients find this area daunting and cumbersome but with the right advice and systems in place, it need not be.   For practical bookkeeping, you first need to understand your business needs.  You will have the best understanding as to how the business operates on a day-to-day basis and you need to develop and implement a systematic approach to record your daily transactions.   Each business […]

How Low Should You Go – Healthy Margins

Maintaining a healthy margin is essential in order for a company to survive and continue to grow. Appropriate pricing and monitoring costs are key components to establishing and maintaining a strong margin. Here are some key points on determining how low you should go with pricing your product/service.   Points to remember to maintain healthy margins:   Have the most up to date information regarding costs – this is the basis for determining your selling price. Ensure volume does not decline as this will increase the overall overhead cost per unit and so decrease the margin […]

It’s Time for E-Invoicing!

E- Invoicing is the electronic transfer of invoicing information (billing and payment) between business partners (supplier and buyers). The introduction of e-invoicing can help a company in reducing costs, increasing efficiency and benefiting from competitive advantages. E-invoicing reduces unnecessary manual work, leads to greater efficiency and control, improved security, shorter credit periods and reduced environmental impact. E-invoicing does not change the invoice process but simply reduces unnecessary tasks, saves time and money and streamlines the business process. By introducing an e-invoicing solution you can achieve saving of between 40%-50% on invoice processing costs. The EU have […]

Tips for Successful Debt Collection

With the Small Firms Association (SFA) recently reporting that getting paid on time remained the most significant problem facing small enterprises in the current economic climate, it is imperative that a strict debt collection regime is adhered to, to ensure business survival.  The following tips can help in getting paid more promptly:   Prepare for your call – have your customer’s information at hand so you can easily reference the history of the account, the amount owed, any notes from previous contact with the customer. Get the right attitude – adopt a professional, courteous attitude, never […]

Improve it NOW!

A powerful website can attract new business. Again. And again. And again….. So is it not worth  time and investment? Of course it is! So… Take the time now to review your site and improve it NOW. A website is a powerful sales tool which allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action. Your website is where people can go to seek out information about your company and engage with you on a more personal level. Use it to build confidence […]