Tag: finance

Do you struggle to understand your accountant?

omg man

Let’s face it, tax is complicated, accounting is generally seen as boring but essential and most business owners are focused on their business and don’t focus on the numbers, that’s why they need accountants to keep them on track with:

  • Business Plans
  • Budgeting and Forecasting
  • Cash Flow Management
  • Buy or Rent decisions
  • Capital Investment Appraisal
  • Accounting Procedures and Systems
  • Business Strategy
  • Busines Funding and Investment
  • Tax Planning
  • KPI’s

Let’s work together to help you understand and feel in control.

We aren’t all boring!

In fact its actually exciting to help business achieve their goals.

 

 

Accountants

ICAS reported recently based on IFAC research..

SMEs were shown to traditionally rely on accountants as a main source of business advice. One study identified an 8.1% average increase in sales growth and a 29% decrease in likelihood of failure for businesses using an external accountant.

Work with us and we will help to you to succeed.

 

steve@bicknells.net

Top 15 points in the Small Business Bill

Business teamwork for success

The Small Business, Enterprise and Employment Bill is going through parliment now

The Bill will open up new opportunities for small businesses to:

  • compete
  • get finance to create jobs
  • grow
  • innovate
  • export

Here are my top 15 key points:

  1. For every piece of legislative brought in two pieces will be removed
  2. Prompt Payment
  3. Changes to Childcare Early Years and Child Minder Registrations
  4. Cheque imaging from smart phones (Presentment of Cheques)
  5. Banks will share data on Small Businesses with other Lenders
  6. Invalidating restrictive terms in business contracts to increase access to Invoice Discounting
  7. Company Transparency – Register of People with Significant Control
  8. Accelerated Strike Off
  9. Company filing changes
  10. Directors Disqualification – tougher rules
  11. Schools, Colleges, Higher Education to track students into the labour force
  12. Penalties for employers who fail to pay an Employment Tribunal award
  13. Penalties for non compliance with National Minimum Wage increased to 100% or upto £20,000
  14. Improved access to alternative finance
  15. Streamlined Company Registration

These are major changes that will affect us all!

steve@bicknells.net

Crowdfunding – How Social Media is helping businesses to get funding

I read with interest in the August edition of Accountancy Magazine (article by Guy Rigby) how Crowdfunding is gaining popularity, here are some examples:

  • In 1997 British rock group, Marillion, raised £38,000 from its fans to pay for its US tour. They then went on to use the same method to fund several albums
  • In 2010 Hotel Chocolat offered 3 year, FSA approved ‘chocolate bonds’ to its 100,000 tasting club members. Customers were invited to invest £2,000 for a gross annual return of 6.72%, or £4,000 for a return of 7.29% which were paid in regular deliveries of chocolate. The Bonds raised an incredible £3.7m for the company.
  • In 2011 Caxtonfx (foreign exchange) raised £4m from its bond issue
  • In 2012 Mr & Mrs Smith (travel website) are in the process of raising £4m from a 4 year bond with cash interest of 7.5%, or 9.5% if the ‘Smith loyalty money’ option is taken
  • In 2012 Pebble Technology, a Palo Alto based smart watch company used Kickstarter.com to raise $10m against forward sales of its Pebble watch

According to the article, quoting Simon Dixon, to be successful in crowdfunding there is a simple formula £££ = R + SC + E

Where the money raised depend on the strength of the rewards your offer (R), how much social capital you have (SC) and the emotion attached to your story (E)

Its early days, but could this be the future for some businesses, using their fans and contacts to access funding. Social Media and the internet are definitely playing a part in moving this forward.

steve@bicknells.net

Is cashflow killing your business?

Many small businesses are suffering slower and slower customer payment as highlighted in this link

http://www.usatoday.com/money/smallbusiness/2011-07-12-small-business-late-payments_n.htm

Lack of cashflow is the main reason for business failure.

Bartercard can help because they can provide an interest fee credit facility to buy goods and services from their members, Bartercard have 4000 UK business members including solicitors and debt collectors (which can help collect your cash)

Contact me for more details steve.bicknell@uk.bartercard.net