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Why you need to forecast your cashflow

Cash flow is the lifeblood of your business. And when it comes to cash flow management, preventing cash issues is far easier than trying to solve these issues after the event. Positive cash flow comes from balancing your income (the cash inflows) against your expenditure (the cash outflows). If you’re in control of this then the business will always have the liquid cash needed to cover your liabilities....

February 22, 2022

5 Ways to Improve your cashflow

Cash is the lifeblood of any business – once the cash dries up, problems quickly begin to multiply. Keep the cash running freely and you can continue to grow your business. Here are five tips for improving your cashflow: Have a system to manage your debtors - Come up with a clear, step-by-step way to handle outstanding accounts. It might include: automated reminders on unpaid emailsa phone call or email when the amount has been outstanding for a certain period of timea stop credit on the ...

February 15, 2022

Have you got written goals?

So how does it know what's important to you?If your mind sees that you have written something down it gives this piece of information greater importance. It sinks in and in turn you have better memory of it.This is why writing down your goals is so important!Listen to my video to help you better understand why goal setting is key to your success....

February 3, 2022

Time to Review 2021 and Plan for 2022!

The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement.Last year, there were inescapable impacts on businesses, with some thriving, others failing, and others just getting by. So what kind of year was 2021 for your business?Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an obj...

January 19, 2022

Helping those less fortunate

At Bespoke Accounting we keep our team hydrated with AquAid Water Coolers. Our relationship with AquAid gives us the opportunity to help those less fortunate than ourselves, because with each purchase an automatic donation is made to The Africa Trust. These funds are used to build ‘Elephant Pumps’- a modified version of an age-old Chinese rope pulley system. We are thrilled to show you all our well that has been installed in an African village to provide a much-needed sou...

January 14, 2022

5 tips goal-setting tips for the year

Wouldn’t it be great to have your best year ever, this year? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans.Think big! - What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10 years? When you know what end point you’re aiming for, it’s easier to set goals that move you in the right dire...

January 4, 2022

Christmas doesn’t have to be taxing

Christmas is fast approaching and after a long trying year, we are all in the mood for a party. However, employers need to make sure that they keep to the rules when it comes to the tax treatment of providing a staff Christmas party and giving gifts to employees. There is a tax exemption for employee entertaining if the event is all of the following:an annual party or social function, such as a Christmas party or summer barbecueit is open to all employees (or all employees ba...

December 13, 2021

To Discount or Not to Discount – that is the question

With the festive season well and truly upon us many consumers are expecting to see sales, reductions or discounts offered by all their favourite retailers – but as a business owner, is that the right move for you? We all know that many large chains increase their prices for a few months before the regular sales seasons just so they can discount items when their customers expect it. Many may disapprove of practices like that, but if you set aside the moral issues surrounding this practice, are ...

November 12, 2021

Working too hard for too little money?

There is downward pressure on price…Your margins are being constantly squeezedCustomers aren’t paying you on time and you’re often short of cashYou’re working too hard and too many hoursYou’re not making enough money?If so, you’re not alone. The most common underlying reason for these problems is the wrong way of pricing. Unfortunately most businesses use emotional pricing, which comes from a lack of understanding of pricing strategy; reacting to gut feel and emotion rather...

October 5, 2021

We want to help your business grow!

We're in business to help your business grow and prosper.We make our working relationship profitable and rewarding, both for you and our team. Working with appreciative and interesting clients, and seeing the results of our advice, makes our team happy and productive.We’re only a small team, we don’t work with everyone and anyone – but when you’re the right fit for Bespoke, we’ll be there to support you through thick and thin. ...

September 8, 2021

A new look website for Bespoke Accounting

The team at Bespoke Accounting has launched a new website which aims to share useful information with current clients and help new clients understand the many services available to them.Bespoke Accounting has been in business since 2015 but previously traded as Finch Lynton. The team has a combined 100 plus years of experience and knowledge in the accountancy and business development industry to share with clients. The company is part of the Xeinadin Group, a 2,000 strong group of advi...

August 18, 2021

Fluidly helps small businesses plan with confidence and we’re delighted to be partnering with them.

Fluidly helps businesses handle:Money worries: From tax bills to payroll, cash can be a real worry. Fluidly helps you build forecasts, see who owes you money and find funding with ease.  Getting paid: Keeping track of debtors isn’t easy. With Fluidly you can identify late payers, prioritise debt and collect what you’re owed. Growth: When you’re looking to expand or invest in equipment, it can be hard to make sense of your finance options. Fluidly helps you app...

August 10, 2021

When Numbers Get Serious

Paul Simon is one of my favourite singer/songwriters. In his song “When Numbers Get Serious” a line in the first verse goes: When numbers get seriousYou see their shape everywherePaul Simon was singing about personal relationships – but in your business you have some serious numbers that you need to keep in shape.  In our personal relationships, couples strive to make 2 to become 1. By focusing on the profit drivers in your business you can make 1+1=...

July 12, 2021

Pricing strategies and how to set the best price

What's the best way to establish a price for your products or services? Getting your pricing right is crucial. Put your prices too high and your customers may desert you; put them too low and you’ll generate sales but won’t have a large enough profit margin to create healthy revenues and cashflow for the business. Whether you’re a new startup, or an established business, choosing the right pricing strategy is a fundamental part of designing your business model. As such, pricing is somethin...

February 19, 2021

VAT & the Domestic Reverse Charge for the Construction Sector

Bespoke Accounting and Centurion are members of the Xeinadin Group The following article was prepared by Centurion....

February 9, 2021

Deliverance: Time to get ready for business

Stage 1 of the Covid-19 lockdown is over and people are being encouraged to return to work where possible. Businesses need to prepare to re-open within safety guidelines in some sectors although other sectors, such as hospitality and leisure, will have to wait a bit longer.Business owners will have to review all of the safety guidelines and consider the measures that need to be put in place before they re-open. But will re-opening be a viable option for everyone? Various grants and government su...

May 12, 2020

Support for businesses - do you know what to claim?

Local authorities have been making grant payments to those eligible businesses.The Government has announced a discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.Click here for details....

May 4, 2020

Preparing your business for success after lockdown

Another 3 weeks of lockdown takes us to the biblical level of 40 days and 40 nights. Before his temptation, Jesus fasted "forty days and forty nights" in the Judean desert (Matthew 4:2, Mark 1:13, Luke 4:2). Forty days was the period from the resurrection of Jesus to the ascension of Jesus (Acts 1:3).I am not saying that we are suffering in the same way as Jesus but we are all being tested, no matter what our religion.40 is a significant number. A relevant number in terms of a global pandemic. T...

April 17, 2020

Improvements to the Coronavirus Business Interruption Loan Scheme

Since the Coronavirus Business Interruption Loan Scheme (CBILS) launched less than two weeks ago, almost 1,000 facilities valued at £90.5m have been approved by lenders, but the original scheme was not thought to be meeting the needs of businesses or fulfilling the intention of the Government.To rectify this, adjustments have been made to the CBILS scheme, and for companies who fell into the gap between CBILS and the COVID Corporate Financing Facility (CCFF), the Coronavirus Large Business Inte...

April 6, 2020

10 point guide to the Covid-19 Self-employment Income Suppport Scheme

There was good news from the government for the self employed with the announcement of the Covid-19 Self-employment Income Support Scheme. Here is our 10 point guide to the scheme.1.    You can apply if you’re a self-employed individual or a member of a partnership and you: •    have submitted your Income Tax Self-Assessment tax return for the tax year 2018-19•    traded in the tax year 2019-20•    are trading when you apply, or...

April 5, 2020

Does your business insurance cover you for Covid-19?

Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19.However, those businesses which have an insurance policy that coversgovernment ordered closure and pandemics or government ordered closureand unspecified notifiable disease should be able to make a claim(subject to the terms and conditions of their policy).Insurance policies differ significantly, so businesses are encouragedto check the terms and conditions of their specific po...

April 4, 2020

10 things you need to know about the Covid-19 Job Retention Scheme

The government have issued a great deal of guidance on the Job Retention Scheme. Full details can be found at:https://www.gov.uk/guidance/ch...The following are the top 10 key things to know.1.    Furloughed members of staff must not work for the employer during the period of furlough.2.    Furlough is from 1 March 2020, so is to be backdated. It will last for at least 3 months and will be extended if necessary. Note that while the scheme is backdated to the beginni...

April 3, 2020

Covid-19 Benefits for small businesses, their employees and self-employed workers

I’m pleased to say that the government has, at last, put in place measures that can now benefit smaller businesses like yours, your employees and the self-employed workers who may work for you. There are also benefits through banks and other sources.We at Bespoke Accounting appreciate these are uncertain times and can be worrying. These latest initiatives will support businesses and we intend to fully up-to-date them with the opportunities.We are part of an international group called Xeinadin,...

April 2, 2020

Hard hats on! More VAT changes to hit construction industry.

If your business is involved in buying and selling construction services, then you will be affected by these changes.According to the government, VAT fraud in construction sector labour supply chains presents a significant risk to the Exchequer. Organised criminal gangs fraudulently take over or create shell companies to steal VAT whilst operating alongside actual construction services. This is commonly referred to as ‘missing trader’ fraud.For this reason, the government are bringing in thi...

March 27, 2019

Time is fast running out for UK businesses

Don’t you just love the UK Government?  UK businesses are just getting over the huge cost and upheaval from the Automatic Enrolment regime and now we have another one to deal with. You’ll love this.They call it ‘Making Tax Digital’.There are some exemptions for charities and similar organisations and there will be a turnover cut-off below which businesses will not have to comply with the requirements set out below, but in general:Businesses must keep digital accounting records. Ther...

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