Financial Strategies

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What is Annual Accounting VAT?

The Annual Accounting VAT scheme is one method of paying VAT designed to reduce the administrative burden on small businesses. VAT-registered businesses usually submit their VAT Returns to the HM Revenue and Customs (HMRC) four times a year (quarterly). Still, with this scheme, your business is required to submit only one VAT return per annum. …

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Everything You Need to Know About Your Business’s VAT Taxable Turnover

For most business owners, the Value Added Tax (VAT) is a source of administrative pain. VAT is a consumption tax charged by businesses on goods or services at the point of sale, paid by the end consumer instead of the company that sold the goods or services. This is why it takes a lot of …

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Best Business Credit Cards

Before starting a new venture, entrepreneurs know that one of the industry’s best practices is to separate business and personal finances. To do this, owners need to apply for a separate business bank account, savings, and a credit card. Business credit cards are known to be convenience providers during company-related purchases, especially where large and …

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What Metrics Should I Use To Track My Business

Venturing out into the business industry can be quite overwhelming, especially for a neophyte entrepreneur. Its first years tend to become chaotic and messy as you try to weave your way through it. The beginning is where you discover what works for your business and what areas need improvement and looking at what metrics should …

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5 Steps to Balance Selling and Serving Your Customers

Suppose you are growing and managing your own business, especially in the early stage where the business’s team means you. In that case, it can be challenging to balance your focus between hitting your sales targets and serving your customers or clients. Here are 5 Steps to Balance Selling and Serving Your Customers.     …

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How to Create Profit Like Jeff Bezos: Three Things to Do Today

In an unprecedented surge of revenue during the Coronavirus crisis last year, Amazon owner Jeff Bezos is now gaining more attention and attracting more followers. Following the 2020 Q1 release of the retail giant’s earnings, Bezos said in a statement that even with at least 30% revenue increase across all brands, investors should not expect …

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Should My Small Business Use the Flat Rate VAT Scheme?

Before we get on to discussing whether your business should or shouldn’t be on the Flat Rate VAT Scheme, let us first talk about what this scheme is all about. Simply put, the Flat Rate VAT Scheme is a tax scheme designed by the United Kingdom government to simplify the sales and purchase records of …

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Hacks For Improving Cash Flow Management

According to a survey, 80% of small to mid-sized businesses fail because they had “run out of money”. But after assessing their financial statements, most of them will find out that it is because of cash flow management problems. Cash flow pertains to the movement of cash to and from your company. It refers to …

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Get Rid of Cash Flow Problems Once and for All

It is common for businesses to experience cash flow problems, especially during a recession. Even when sales are soaring, companies can have difficulty managing cash. How can you improve your cash flow management to eliminate such cash flow problems? Good cash flow control is vital in building a healthy business. You need to know where …

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What Is WIP?

Understanding and analyzing financial statements are the bane of most entrepreneurs and business owners. They often dread anything that has to do with the financial aspects of their business. Without a financial or accounting background, it would be hard to interpret the numbers written on your financial reports, thus making it challenging to come up …

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