Category Archives: Money

Business Budgeting For Success

Business Budgeting For Success

Understanding Business Budgeting Does your business budget for success? A successful business needs the solid foundations of sound financial management built into its overall strategy.  Finances should underpin every aspect of its work.  Activities need to be planned and costed, so resources are properly considered. “Failing to plan is planning to fail,” Benjamin Franklin; “Those who fail to learn from the past

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Budget In Business

Budget In Business

To help you budget within your business, you need to have a “Personal Survival Budget” in place. What’s you minimum survival budget? Few businesses make enough money in the formative years. In order to find out how long you can continue trading, establish what your minimum survival budget is and how much money comes into the household excluding what you

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Measuring Performance In Business

Measuring Performance In Business

The WHO of Performance Performance measurement and performance management plays a vital part in business success, sustainability and growth.  It is not a onetime event rather it is a continuous process. Successful Business Performance Measurement and Management can be summarised in the pneumonic Who.  ‘Who’ stands for the following: WhatHow Outcome What: is all about what is measured, and more importantly

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Cost Type: Direct & Indirect

Cost Type: Direct & Indirect

Accountants classify cost as either direct or indirect. Differences between direct and indirect costs It is important to know the difference as this helps when it comes to: Pricing of goods and services Business Planning Controlling costs Understanding profitability of customers, products and services Improving efficiency Direct cost This refers to cost related to the production of products.  Below are

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NFP And Private Businesses

NFP And Private Businesses

NFP does not = Not for Business. All Businesses Count We are fortunate to work across business sectors, and consequently have a wealth of knowledge and experience of the private and not for profit. Businesses are typically classified as private or not for profit (NFP), not for profits typically include many art organisations, charities, Community Interest Companies (CICs) and social

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Are You Ready For MTD?

Are You Ready For MTD?

There has been a lot of news and noise about Making Tax Digital (MTD). The purposes of this short blog is to remind you the key points about MTD, which becomes live on 01-Apr-19. MTD is compulsory if you’re VAT registered and over the VAT threshold, currently £85,000. MTD is about how you submit your VAT return to HMRC, the

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Healthy Business, Healthy You

Healthy Business, Healthy You

Getting a Healthy Business is Like getting a Healthy You A healthy business is what we strive for. This blog will outline a five point approach for getting and improving business health, and how the approach has a lot in common with getting and improving personal health. Firstly, Objectives: It’s important to have objectives, for improving our personal health one

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Don’t Worry: Take Control of Your Numbers: Plan, Control and Decide

Don’t Worry: Take Control of Your Numbers: Plan, Control and Decide

Maintaining and growing your business This requires many things coming together, such as customer satisfaction, gaining clients, good products and services, motivated workforce, good relations with suppliers etc. An area often neglected is being able to take control of your business numbers and implement three key ingredients of managing your business, Planning, Control and Decision Making (PCD). A plan is

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Manage What You Measure

Manage What You Measure

Take charge of the numbers What gets measured, gets managed. This phrase was coined by Peter Druker, the ‘father of modern management’, way back in the early 1950s. We still referred to him all these years later. It becomes challenging to know how our business is doing, our progress to our objectives, what we are doing right unless we are

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Prepare For Making Tax Digital

Prepare For Making Tax Digital

The clock ticks and the Making Tax Digital of 01-April-19 will soon be upon us. HMRC have started sending out nudge letters to VAT registered businesses. We have already registered our own clients with HMRC and migrated them over to our preferred platform of choice, Xero. Here at Pro Active Resolutions we’d love to share our expertise and knowledge to

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