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Small Business Finances

How do you set up/apply for a company bank account? post image

When you set up a new limited company for your business, you will also need to set up a business bank account. Here we look at the practicalities of opening a new account.
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Whether you are a start-up or an established business, efficient money management should be a core value.  That means planning, organising, controlling and monitoring all financial resources, all of the time.  The business world changes hour by hour, what was working well last week isn’t necessarily doing so this week.  Effective management of company money means you are making the best use of your resources, it will make and keep your company competitive, ensure that your stakeholders get optimum rewards and lay a solid foundation for future stability.
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A new business banking comparison site has been launched. Commissioned by the Chancellor, and backed by a host of business groups, the site features the experiences of business owners and rates the leading banks according to satisfaction levels.
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One of the main benefits of cloud accounting software is that your business accounts can be accessed from anywhere and at any time. The capability to update data in real time for extra speed, accuracy and efficiency in accounting will enhance the company’s performance as a result.
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Keeping on top of your finances is one of the biggest causes of stress for small business owners, as the financial position of a business can really be the make or break point for the future of it. There are many challenges that small business owners face, from building a customer base to being a supervisor or creating and delivering good quality products. As a business owner, you will need to wear multiple hats in order to keep the business running. However, managing your finances may be of particular importance to the livelihood of your small business.

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For businesses, it’s natural for success to be associated with growth. But while this might mean more turnover, it also means more supplies, more staff, more inventory, more equipment; in other words, growing your business can be expensive.

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Financial markets can be a fickle beast. The success or otherwise of a company, sector, country or region relies a lot on confidence – a factor that is hard to win, tough to maintain and easy to lose. Many factors contribute to a feeling of confidence but one factor that you shouldn’t lose sight of – especially as an international business – is the impact that political events can have on the economy.

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Over the past decade office desks have changed massively, no longer do we see the dominance of calculators, notepads, writing equipment and instruments we used to update company accounts – our desks are now clutter-free and the computer has taken over. All of our trusted aids and devices can now be accessed through our PC, tablet or even our mobile phones. Most businesses have welcomed these changes, as with them they have brought dramatic increases in efficiencies and improvements in the way we work. Yet, one out-of-date accounting tool that many companies still hang on to is the “trusted” spreadsheet.

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Business bankruptcy is the legal position of a business that is unable to pay its debts to creditors. The status is ascribed by the court, usually at the initiative of the debtor, at the point when they realise they cannot meet their financial liabilities. In this article Bankruptcy Canada give an overview of different types of bankruptcies and their effect on business’ income.
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Late payment is a fact of life for many businesses but for many SMEs it can prove to be a constant battle to get paid on time. But it doesn’t have to be that way as small businesses now have more options for taking the leg work out of their credit control than ever before.
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When you’re caught up in the day-to-day pressure of running a business it can be hard to focus on your longer-term retirement planning. By investing a little time to review the fees being charged on retirement and investment plans many business owners could retire earlier. Hannah Goldsmith from Goldsmith Financial Solutions explains how this is possible.

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Inventory management ensures the stock and supplies your staff have access to are monitored continually, to ensure nothing runs out and that invoices and purchase orders are generated correctly.

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“Take care of the pennies, and the pounds will look after themselves” — advice often given to people looking to grow financially and develop financial security. Being financially prepared is the cornerstone of developing a successful and profitable business, and should be a core priority from the moment you begin developing your business strategy and remain at the heart of your operation throughout your business’ growth.

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In a study carried out by the Competition and Markets Authority (CMA) it was found that a staggering £7 billion is being wasted by small and medium-sized businesses which have been overpaying on their gas and electricity bills. And yet, this massive overspend could easily be avoided – says Nolan Braterman from Frontier Utility.
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Forecasting sales is essential, from the very beginning of your business venture. You will need to forecast sales at the stages of when you are putting together your business plan. Any potential investors will need to see the sales forecasts to see how well a business is predicted to perform.
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Venture capital is a form of funding for businesses. It varies from multiple other ways of funding because it deals with huge sums of money as well as requiring equity in exchange for investment. In this article you will find out how venture capital (VC) works and how you can get funding. VC is becoming a prominent part of UK business funding, with around £2.5 billion invested through venture capital in 2015 alone. Additionally, there are currently 22 VC firms operating in the UK.
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Budgeting is a vital part of any businesses success. Actually documenting your budget is important to make a success of your business, or keeping your business afloat. You can think of it as a map, to see the direction of the business as well as the future, and without this map it will prove to be difficult.
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Saving money whilst running a small business may be difficult, however it may be necessary depending on your financial situation. It will be beneficial for you to regularly do an expenditure analysis and see where your money is being spent, and where you can save. This money saving guide can help you save money for your small business and cut costs where its possible.
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Crowdfunding is an increasingly popular way to raise funds for your small business and if you think you can persuade the masses to give your idea a chance then do not hesitate to get your crowdfunding started. In 2016 crowdfunding provided 15% of total UK startup and venture-stage equity investments, and it continues to grow at a phenomenal rate. Here, we take a closer look at this innovative method to funding your small business idea.
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The simple and honest answer is – not much! Most companies that go into liquidation are insolvent, apart from those that are placed into Members’ Voluntary Liquidation. It’s probably easiest if we start by looking at the definition of insolvency and then we can look at how this impacts companies with financial difficulties, tells Richard Saville of Corporate Financial Solutions.
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