New items added to the basket to calculate the rate of inflation
In order to calculate the rate of inflation, the Office for National Statistics (ONS) records and analyses a basket of everyday goods and services, looking at the prices offered by retailers to calculate the monthly rate of inflation.…
Have you adjusted your prices for inflation?
Much has been made over the past year about rising levels on inflation and the impact that has had on the cost of living for both families and businesses. The Bank of England has a target rate of…
What is inflation? How does it work? Is it good or bad for business?
Inflation has reached record highs recently and has been often mentioned in the news. We are often asked about exactly what it is and the affect it has, so here is our brief guide to the essentials you…
What’s the difference between mark up and margin?
When pricing your services and products it is important that you do so in order to make a profit. Most businesses will look at either mark up or margin to come up with their prices but not everyone…
What interest can you charge customers on late payments?
From time a customer may pay you late, and you may be ok with that. But when the problem becomes persistent, it can effect your own cash flow and the ability to run your own business. However, you…
Inflation proof your business
The rising rates of inflation have been in the news a lot lately. You can read our blog here on exactly what inflation is and whether it’s good or bad for you, but this blog deals with how…
Cash and profit are not the same thing – forgetting that can cost you dearly
The vast majority of businesses, particularly those in their early stages, go bankrupt through lack of cash, not from lack of profits. However, many business owners don’t truly understand the difference between having cash and having profit, and…
Top ten bookkeeping mistakes and how to avoid them
Here are our Top 10 mistakes that people make when doing their own bookkeeping: Letting it all build up This seems obvious, but some people still leave everything to the very last minute and let the bookkeeping build up. …
What’s the difference between a realised gain and an unrealised gain?
Many businesses deal in more than one currency these days, both buying and selling, and this results in realised or unrealised gains or losses in their accounts. But what is the difference between realised and unrealised, and how…
How can I improve my business cash flow?
As inflation rises and businesses are faced with higher costs cash flow can become a problem. There is more going out than coming in – but that cannot carry on forever. Most businesses that go bust do so…