Reducing the time it takes to get invoices paid When your business is wrestling with cash flow issues, the time it takes for invoices to be paid is normally identified as being one of the main reasons why. Britain has always had a problem with late payment – it closes perfectly viable businesses and stunt growths in those who have the cash (or access to finance) to ride through the storm. But what can you do to get your clients to pay you faster? Maple Accounting investigates. You have more control than you think. You send out your invoice when you have provided a product or a service for a client to their satisfaction. What that tells you is that they need your expertise just as much as you need their money. This gives you more bargaining power than you might expect when you start to negotiate the terms of […]
While many think that the riskiest period in owning a start-up is during take-off, research suggests that this is not always the case. According to research from Ormsby Street, 91% of small businesses survive the first year of trading, whereas, after just five years, only four in ten of these will still be trading. So why do these seemingly successful new companies fail over time? The answer is quite simple. Survival of the fittest. Once your business starts to turn a profit, the most logical next goal will be to try to grow in size. The business world is ever changing so making sure your company adapts to those changes and expands carefully over time will be the secret to your success. However, the way you do this must be careful. Adapt, grow too slowly and competitors will overtake your business. Grow too fast, and you could experience a whole […]
When you are starting a business, there are so many questions that you will need to answer. Who are you going to market to? What is it that you are selling? How much profit do you need to make to stay afloat? One question that is often overlooked is “Should you be a sole trader or set up your own limited company?” In this article, Maple Accounting will explain which the best option for your business is. Self-employed – Pros Establishing yourself as a sole trader can be done in a day. The process is quick, easy, and free. HMRC can acknowledge you as a new sole trader in as little as 24 hours and everything can be done through their website here. When you are self-employed, accounting is also a very simple process. One of the main reasons that bookkeeping is so straightforward for sole traders is because all […]
This is a question that many business owners will struggle with at some point or another. If you’re thinking of expanding your company in some way or need the money for general working capital, timing can be everything. Here is Maple Accounting’s helpful guide to knowing when it is time to raise finance for your business. Ask yourself why you’re looking for funding. If you already see what you want the future to hold for your company, you may already know the steps you need to take to get where you want to be. Whether this is expansion in the form of more branches, more staff or more high-tech equipment, knowing exactly what it is you require funding for will help you work out when you need to start applying for finance and how much. Ask yourself these questions: What do I need the money for? How much will I […]
Our taxation services cover the whole spectrum of different taxes and consist of the basic compliance services that most accountants offer but also specialist added value tax services. These are our core tax services… Personal Self Assessment | Corporation Tax | Tax planning | HMRC enquiries and investigations | Trusts | Estates and inheritance tax | Contentious tax dispute work | Tax investigation fees insurance | VAT registration | VAT returns | VAT planning and disputes | Payroll and compliance | End of year PAYE returns and P11D’s | Employment status disputes and IR35 | Contractors and Temporary workers Specialist Service
Accounting support services are the basic accounting functions that many business owners will look after themselves inhouse. However, outsourcing these functions to us can free up valuable management time to concentrate on what you do best – running and growing your business.