Category Archives: Bookkeeping and Payroll

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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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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Getting Started with Cloud Accounting and Xero: Three Things to Know

Getting Started with Cloud Accounting and Xero: Three Things to Know

Financial and business information plays a vital role in the management of businesses. It is used for numerous day-to-day operations: To comply with accounts, tax, PAYE and VAT obligations To tell us about levels of cash, income, costs, debt and monies owing To track income and expenditure from products, services and project. A cloud-based accounting system like Xero helps you

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Keep Business Cash Flowing

Keep Business Cash Flowing

Cash is the most important financial commodity that keeps the business wheels rolling.  Cash is the life-blood of any business and is vital for survival, sustainability, investment and growth.  We need cash for a whole variety of things, from paying staff, suppliers and bills, buying equipment, servicing loans and paying taxes. Three things to remember to help keep that business

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Making Tax Digital

Making Tax Digital

What is MTD? Making Tax Digital (MTD) is helping HMRC achieve their stated ambition of becoming a world leader in digital tax administration. As well as, making sure the UK tax system is effective, efficient and easier for taxpayers. MTD for VAT is the first major step in that ambition. From 1 April 2019, VAT-registered businesses above the threshold of

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Cash Flow & How To Manage it

Cash Flow & How To Manage it

Managing Cash Flow Revenue is vanity, profit is sanity, and cash is reality.  Cash, what gets paid into our banks or our wallets/purses is the life-blood of any business. Cash is needed for a whole variety of things, including from paying bills, buying equipment, repaying loans and paying taxes. Insufficient or inadequate control of cash is one of the

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