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Things You Need to Know About Taxation After Brexit

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Since the Brexit vote in June 2016 there have been worries about how the process will impact on businesses and taxation. Northern Ireland has been a heavy focus of due to its proximity to the Republic of Ireland. Debate has been taking place over border controls, current EU funding, and rules of taxation. However, there are a few things you should know with less than a year to go.

At Coleman and Co our team help businesses manage their taxation. We also provide advice on upcoming tax changes and how to prepare for them.

Brexit and the Impact on Northern Ireland

The Brexit vote has had a massive impact on Northern Ireland. With over 56% of the country voting to remain, there have been fierce debates on how things will work. Concerns have been aired over a hard border and the impact this could have on the 1998 Good Friday Agreement. A hard border could impact on businesses, both large and small. The collapse of the Stormont assembly in January 2017 has similarly brought politics in Northern Ireland to a standstill.

There are several ways, both positive and negative, that Brexit can impact on businesses in Northern Ireland. Knowing what these are and how they could affect your business can be beneficial.

Taxation Worries

There are many worries that leaving the European Union will impact badly on taxation. How taxation will be determined and applied is yet to be known. With a year to go, many are becoming concerned over the potential impact on their business.

Questions remain over how corporation and general tax is to be implemented and where levels will be set. There are also discussions about how tech giants like Facebook, Google, and Apple will be taxed in a post-EU economy.

One of the largest taxation worries comes from how VAT (Value Added Tax) will be handled. The movement of goods or services is crucial to most businesses. There are fears that taxation will rise and tariffs will be placed on anything entering the UK.

The Legal Process of Taxation

It is thought that most tax systems will be introduced using secondary legislation, especially VAT. Head of Deloitte’s tax policy group Daniel Lyon’s believes that this could cause problems. There is a risk of the implementation of legislation that has not been consulted on.

A further problem arises from our judicial system. The current judicial system in the UK is bound by the laws outlined by the CJEU (Court of Justice of the European Union). As we leave the EU, this will create problems for tax cases currently processing and waiting to be processed.

Change in the Air

Despite all the worries, there has been a more recent positive change in the air. Earlier this week the pound rose above $1.43 for the first time since January 25 and the second time since the June 2016 Brexit vote. This rise signals towards a more stable currency and better business. A 21-month transition period has recently been introduced to the delight of many businesses. The period which is to run from March 2019 will give businesses the time they need to adjust to changes.

Two recent surveys by the Institute of Directors (IoD) and Deloitte survey have shown a shift in company attitude. 700 company directors interviewed by the IoD in March showed more optimism about the exit process. A further survey of 106 Chief Financial Officers at Deloitte discovered that there has been a boost to business confidence as the Brexit transition develops.

Others argue that the change will lead to greater opportunities for all businesses. For example, British companies will no longer need to fill in EC sales lists or intrastat declarations. There may also be opportunities for VAT to be reclaimed from non-EU companies.

Contact Us

Every business should keep on top of Brexit as it develops. Knowing what changes are upcoming can help you to stay in front of taxation requirements. If you require any help or advice, our friendly team are there to provide it. You can call Coleman and Co today on 028 9266 3599 or fill in our contact form to make an enquiry.

6 Tips For Small Business Accounting

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As a business, your financial performance is the most important thing to grow a successful business. Without accounting correctly, you will struggle to monitor finances correctly and constantly achieve the best financial performance. Every business must complete accounting to successfully run their business.

Coleman & Co can help every business effectively manage their finances. We can offer any accounting advice you require or complete all accounting work for you.

Track All Expenses

No matter how insignificant it may seem, you must track every single expense your business makes. Many business owners will continue to monitor the costs within their business but fail to notice the impact of costs. By tracking all expenses, including, meals, entertainment and travel, you keep a record of what payments your business is making.

This could help you in the future if you look to reduce costs and wonder where the majority of your expenses are occurring. Tracking your expenses will also support you during tax returns, ensuring all payments throughout the tax year are considered.

Create Payroll System

Nothing makes your staff unhappy like missing wages. Creating a payroll system to ensure all staff members are paid accurately and on time is essential. Small business accounting can be made much simpler with the support of a payroll system and will also keep your staff happy.

Having your own payroll system allows payment to your staff members to be much more efficient. Staff will always know how much they are being paid and what date they should expect their wages. Payroll systems also makes accounting much easier, rather than manually paying your staff every month and having to record this yourself.

Monitor Invoices

Making sure your clients pay you for your service must be done. You can not afford to simply hope clients are paying you, without taking any action whatsoever. Invoices could easily be cancelled without you knowing and you must constantly monitor this to ensure you receive the expected money.

If you notice a missing invoice for one of your clients, you can easily keep updated with this. Either you can stop providing the service they paid for or follow up the cancellation. All payments should be correct and you must effectively monitor this to avoid losing money.

Meeting Legal Requirements

Finances must be recorded at all times, whether it is coming in or going out of your business. Regardless of whether you are submitting tax payments correctly, all company accounting records should be kept for a minimum of 6 years, as a legal requirement.

We would advise recording all payments that go on in the business. Even if you do not think some transactions to be necessary, this information may become useful at any time. Not only could it support you for tax payments, but it could also settle any disputes you have with your clients.

Keeping your previous business data safe and available must always be a priority.

Tax Returns

Its never too early to start planning for your tax returns. This is something you should consider all year round as you should have a good understanding of what taxes you will be required to pay. All your income must be taxed before HMRC payments are made, as a result, recording your finances is necessary.

All profits your business makes will be taxed and if you fail to do this, fines can begin to rack up. When completing your business accounting, tax should be a priority at any point during the year, ensuring you do not face any punishment for incorrect tax returns or failing to meet tax deadlines.

Create Budgets & Forecasts

For effective accounting, you should always be looking at the future of your business. Creating a budget and forecast for the future of the business can help you save on costs and improve revenue. A budget will help you reduce costs massively and ensure payments are only made for items that are necessary for the business.

Creating a forecast can help you achieve all targets and ensure the business performance is of the right standard. By creating these two features as part of your accounting, it can massively boost your overall financial performance.

Contact Us

If you require advice from our team or would like to discuss our accounting services, do not hesitate to call us. Coleman & Co are happy to support all businesses throughout the Lisburn area with a wide range of services. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

What To Include In A Cash Flow Report

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Evaluating your cash flow over the last few months can help every business prepare for the future. But what exactly should you include in a cash flow report? There are several features we think you should include to help your business flourish!

Coleman & Co can create a cash flow report and forecasts for all small business throughout Lisburn. Our team are happy to offer guidance and advice regarding all our services.

Use Cash Flow Statements

Obviously, to create your cash flow report, you will have to use your cash flow statements from the previous month. However, to get a good overview of the progress your business is making or any problems that have occurred, you should be using several different cash flow statements to create the best possible report.

Having analysis of your business’ financial performance over a larger time period allows you to identify problems and opportunities. Although one cash flow statement will show the profit, revenue and costs for one month, it will not give you an overview of performance. Whether you choose to complete cash flow reports on a regular basis for comparison or use several cash flow statements in each report, this will give you the best chance to improve your business.

If your business’ profit has decreased in recent months, you should know changes have to be made. Problems will occur if your business does not prepare for the future or look at errors that have led to a profit decrease.

View Different Departments

All stakeholders and business owners want a detailed report of where money is actually being generated. If your cash flow report is too simple, the information you require to evaluate the business is not available. Instead, you should include where all money throughout the business is being made and spent.

You will be able to complete further analysis into which sections of your business help create the most profit. If one department spends too much or makes too little, this can be a concern. Identifying the problem and making a change is the best option for your business and ensures the optimum profit is created for your company.

Including this in a cash flow report could help you decide to invest less money into one department. You should always be looking for the best way to improve your revenue whilst keeping costs to a minimal.

Include All Costs

Every expense must be included in your cash flow report, no matter what your business is paying for! Recording all expenses should be done, whether this is for tax purposes or to show owners and stakeholders. All expenses should be considered to see where you could cut down on costs and where unnecessary payments are made.

If running costs or one-time payments are cutting into your profit, finding a suitable way to reduce this could significantly benefit your business. Whether this is staff rewards, office renovations or new equipment, you should be looking at every expense.

Cash Flow Forecasting

Using detailed cash flow reports of your previous months in trading can help you prepare for the future easily. By evaluating previous expenses and revenue, you can make an accurate forecast of what profit you will make in the future. You can also make changes to your current expenses, looking at what areas you should be reducing your costs.

Once a forecast is created, this can then be compared against your actual business performance. If the forecast is inaccurate, you can identify what problems occurred and again what changes need to be made in your next cash flow report.

A forecast is essential to target what direction your business is heading and what you would like to achieve next.

Contact Us

Every small business should be creating a cash flow report for their financial performance. If you would like advice from our team or require our cash flow services, do not hesitate to contact us. Coleman & Co are happy to help any business in Lisburn and discuss any requirements you have. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

How To Create Your Business Budget

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Whether you are a start-up business or experienced owner limiting your costs is essential. Creating a business budget is not the easiest task and ensuring it is accurate and useful for your business can be tough. Our team will always guide you through what to include in your budget.

Coleman & Co offer advice to all businesses throughout the Lisburn area. As a result, you will always have a good understanding of your business budget and how to create it accurately.

Why Create A Business Budget?

Many businesses will have budgets for each department of their business or just one big business budget for the entire company. Despite this, some businesses will still fail to create a budget, meaning there is no limit on your spending. A business budget is essential for every business to continue to grow, whilst maintaining your success and a healthy profit. Budgets will:

  • Allow Growth
  • Cover Running Costs
  • Lower Spending
  • Prioritise your Expenditure

Although the main reason for budgeting is to reduce your costs, they will also offer several other benefits that improve your business. Having a good financial performance all revolves around your business budget and without the correct budget, there will never be extra money available for growth within your business. Whether you decide to save money on staff wages, product costs or running costs, a budget must be created.

Identify Expenditure

If your costs are already low and couldn’t possibly get lower, budgets may be useless. However, identifying where your main cause of expenditure is should help you create your initial budget. Whether you create a budget for every department or just one big one, it will still contain costs from different sections of the business.

Once you have identified where the most and least money is being spent, you can begin to create an accurate budget. Whether you increase the budget to spend more money in a more successful area or choose to lower the costs everywhere in your business, putting a limit on spending should always be completed quickly.

This will mean you only spend the money where payments are actually necessary. You will have more leftover money to use for growth or incentives, rather than wasting it on unneeded products.

Test Scenarios

Forecasting is a useful tool for every business to plan how much profit they can make over a period. But just one forecast may not be enough to ensure your budget is created accurately. Creating a range of cashflow forecasts, using different budgets in several scenarios, will help you identify what revenue each budget could bring to the business and what your possible minimum and maximum budget is.

Testing several scenarios allows you to identify which budget worked best for the business and create the largest profit margin. The best budget can be used as an experiment to monitor if an accurate profit is created. If this is a success, your business budget can be created easily.

Consider One-Time Costs

Not every cost within a business can be accounted for and sometimes surprise payments could be made. When this is the case, your budget should already be made with any potential one-time costs being considered. Therefore, adjusting your business budget for any one-off payments that could be made, your business will never be caught off guard with any financial issues.

Shock payments could occur at any time and if you are unprepared, it could seriously impact your revenue. Your financial performance as a business should always be a priority and creating your budget whilst considering all potential issues is a must.

Contact Us

Coleman & Co can help all businesses throughout Lisburn organise an accurate and successful business budget. If you require advice regarding your finances and business budget, our team are happy to discuss all your needs. Contact us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Why Should Invoices Be Managed Online

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Living in a digital world, managing your invoices and transactions is just another task that has been made easier by going digital. Not everybody has used these benefits but managing invoices using online software could significantly help your business.

Coleman & Co have the correct software available for all clients so invoices can always be completed correctly, with no errors whatsoever.

Send Invoices Immediately

No matter when you complete a transaction, how frequently you do it or who’s involved, an invoice can be sent immediately. Your customer will always want to record what payments they have made to your business. No matter when you complete the transaction, your customer will receive an invoice quickly after any payments they have made.

With the correct software, you can also send invoices from anywhere and schedule invoices to be sent at specific times. The sooner an invoice is sent to your client, the sooner you will get paid. By scheduling invoices for the specific time and date payments are required, you never have to worry about sending the invoice on time.

You should always be tracking customer payments effectively. If payments fail to go through and you have no record of invoices, you could easily lose money without even realising.

Invoice Tracking & Record Keeping

Whether this is for your business reasons to create business forecasts or for legal reasons, you should always record keep. Your business’ financial records should be kept for a minimum of 6 years. If investigations are ever made or payments to the HMRC are required, tracking invoices will be of a huge significance.

By recording all invoices over a large period, you can use this to assess current and future business performance. You can compare and monitor just how much your business is improving or look at why performance has not improved. Using the correct software will help you record invoices with ease and without any paperwork being required. This gives you easy access to invoice data whenever you require it!

With tracking, you can view all payments that have gone through, all payments due to go through and those that are overdue. This way you never lose out on any money within the business and you stay on top of all invoices.

Lower Costs & Time Consumption

This can often be very time consuming for every business. If all payments go through smoothly, there is no issue at all. However, this is not always the case and problems will arise with your invoices over time. Not only could this cost the business money, but sorting your invoices effectively is a time-consuming process.

Although using online and digital software will not completely eradicate the process, it can massively speed it up. Searching for previous invoices is much easier using a system and spotting the payments of every individual client can be found. This allows you to find where payments have been missed and how much customers owe you through invoice tracking.

Not only will you improve your profits by doing this as you ensure services are only completed for the correct payments, but you will also reduce running costs. Completing financial management manually using paperwork provides you with more costs than online software. Software ensures there are fewer errors, fewer costs and less time taken managing your finances.

Tax Purposes & Business Revenue

Cash flow is important for every business and managing invoices ensures you get paid correctly and on time. In addition to this, the payments you will receive will also require taxation. When calculating your tax, it makes it much easier having all previous invoices available on one software.

All taxes throughout the year must be calculated before making payments to the HMRC and it must be entirely accurate. When using an online software, the tax can be calculated instantly. This means when it comes to making tax payments at the end of every tax year, what you have taxed customers is easy to locate within the bespoke software and invoicing systems.

Contact Us

Invoices should always be managed online and using the correct software offers many benefits to every business. If you would like to discuss the services available or require assistance with invoicing, do not hesitate to call. Coleman & Co will respond to any enquiries to advise and support your business in the Lisburn area. Call us today on 028 9266 3599 or fill in our contact form for a quick response.

Organising Payroll & Minimum Staff Wages

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Paying your staff the correct amount of money should be an essential for every single business. Despite this, many businesses continue to underpay staff wages throughout the year, without their employees knowing.

Coleman & Co can help all businesses throughout Lisburn organise payroll and minimum staff wages correctly, so staff members will never be underpaid.

Minimum Wage Pay

Many businesses choose to employ apprentices or give minimum wage to save costs. Although there is no problem with this, you must ensure minimum wage is given. This is a legal requirement and if you fail to comply, you could be given fines which will only cost your business more money.

With 179 employers being fined £1.3 million for underpaying staff last year, this is an easily made mistake. Big companies such as Wagamama, TGI Fridays and John Lewis have all made previous errors in staff payments. If big companies can make these mistakes, it could easily happen to any small business.

Having an accountant to keep your payroll organised will mean any errors are spotted and amended before becoming an issue.

What Is Minimum Wage?

Minimum wage varies for each staff member, allowing you to give a lower minimum wage to certain staff members than others. Minimum wage is also different for apprentices and you should always understand the different minimum wage rates available. These are the minimum wage rates you must always adhere to for any staff member:

  • Apprentice – £3.50
  • Under 18 – £4.05
  • Aged 18-20 – £5.60
  • Aged 21-24 – £7.05
  • 25 & Over – £7.50

Minimum wage will increase again in April 2018 and your staff wages will have to adhere to the changes made. You should always keep up to date with minimum wage changes to ensure your business will not receive fines. Our accountants can keep you updated and adjust payroll to meet all legal requirements.

Sick & Holiday Days

The majority of workers are entitled to a minimum of 5.6 weeks or 28 days paid holiday. In addition to this, staff are also allowed to have sick days, with Statutory Sick Pay being a legal requirement. Staff members could also change holiday to sick leave, which would allow them to be paid for Statutory Sick Pay.

If you are only off for one, two or three days, you are not qualified for any sick pay. If you are off for four days in a row, you will then qualify for sick pay. You must be given a minimum of 28 holiday days, however, this could also include bank holidays, if your employer decides to allow this. If you are paid for the 8 UK bank holidays, you will not be entitled to these 8 days holiday.

Keeping Payroll Organised

Every business wants to keep their staff happy and the correct payment will ensure you do this. To keep payroll organised, you must always adjust staff wages to be in line with minimum wage and any changes. Accountants will always make sure your payroll is adjusted to keep your staff members happy and reduce errors.

You should also keep a record of all payments made to your staff members. As the HMRC will review your taxes and staff wages, you must keep a record of all payments to submit the correct financial information. With the correct records available, you will not risk giving incorrect information to the HMRC.

Contact Us

Your payroll should always be organised and staying on top of minimum staff wages is essential. If you need advice or assistance regarding your payroll, our team will always help in Lisburn. Coleman & Co provide several services and will always discuss your requirements for any service. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

5 Reasons To Create A Cash Flow Forecast

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Cash flow forecasts will help every business understand the financial situation they are in. Whether you currently have a good, bad or average financial performance, cash flow forecasts offer several benefits and can always help you improve.

Coleman & Co can always create detailed cash flow forecasts for all businesses throughout the Lisburn area. We will cover all finances to ensure forecasts are accurate and beneficial.

Business Growth

At some point, all businesses will look to grow and improve their current situation and cash flow forecasts can give you the best opportunity to do this. Monitoring your cash flow, where the most money is being spent and generated, allows you to decide your future.

If sales are booming but expenses are too much, changes must be made. If you are looking to grow, but your forecast shows the same trends, this is not a good sign. By either budgeting more effectively to reduce costs or improving revenue, you have a better chance of growth. Forecasts will help you identify what changes should be made, so all decisions are calculated.

Compare Business Performance

Many businesses can grow very quickly in their first few years, however, growth can stutter after this as you intend to get bigger. If you have noticed a recent decline in your business performance, comparisons can help you develop. There is usually a reason for performance drop and finding a quick solution is always essential.

If an increase in expenses has occurred, checking the history and amount of every transaction can find the problem. If some payments are unnecessary, your cash flow forecast will show the impact reducing these costs will make. Once planned and compared, you can make the decision of whether the change is actually required.

Create Targets

To motivate your staff effectively, creating targets and goals for them and your business is essential. Cash flow forecasts can help you set the targets you need. By identifying what you expect your business to do and the realistic targets you have set yourself, your business must be motivated to achieve these goals.

As with every cash flow forecast, you can see the revenue and expenditure you expect over the coming months. If you identify that a section of your business needs to spend less or generate more revenue, this target can be set immediately once cash flow forecasts have been created.

Record Keeping

Not only is record keeping of your financial transactions and tax returns a legal requirement, but it also benefits your business. Bookkeeping of every transaction within your business should be kept for a minimum of 6 years in case these financial details are required in the future. They can also be used to help you identify past problems in your business.

If you keep records of your cash flow forecast and the actual cash flow you achieved, this can improve your future forecasts. If you notice problems between real life and the forecasts, forecasts can be changed to be more accurate. Targets can also be set to help you achieve the forecasts you have created more easily.

Keeping a record of all your previous cash flow forecasts is the best way to improve in the future. Every transaction should be recorded to create more accurate cash flow forecasts to improve business performance.

Spot Payment Problems

If you think your cash flow should be better than what it is, there a chance you aren’t getting the payments you expect. By regularly checking your cash flow forecast revenue against the money you are actually receiving, you can easily spot any payment problems that aren’t in line with what you expect.

Without cash flow forecasts, these errors could easily occur and become quite frequent throughout your business. Staying on top of these errors will ensure the right payments always come in to match the cash flow you expect and there is little risk of your financial performance dropping due to minor errors.

Contact Us

Coleman & Co can generate detailed cash flow forecasts for every business throughout Lisburn. If you would like information regarding our service or advice on cash flow forecasts, contact us today. We are happy to answer any enquiries from any businesses no matter what services you need. Call us today on 028 9266 3599 or fill in our contact form.

Why Your Business Tax Is Being Investigated

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Tax Investigations can occur for many reasons and it doesn’t mean that your business is in the wrong. The HMRC could check any businesses during tax investigations, but there is no need to panic! Here are just some of the reasons tax investigations could occur.

Coleman & Co can deal with all business taxes to submit the correct finances by the deadline and prepare you for any tax investigations, if this situation arises. Tax investigations are usually launched if the integrity of your returns is in question, but there is usually a good explanation for this.

Regular Mistakes

This can often be the most common problem and the biggest sign that you might want to outsource your tax returns to professionals. The HMRC understand not everyone can get it quite right and the one-off mistake is usually not a big deal. However, if this continues to happen, they might get slightly suspicious.

Even if this is just due to carelessness, an investigation may be launched just to double check you are not trying to get one past them. If continual mistakes are made, your business reputation may not be in tatters, but it could affect your expenses in a negative way and lead to a lot of fines for incorrect tax returns.

Having an accountant could save you a large amount of money, ensuring errors are not made and you will not receive fines from the HMRC.

No Profit & Poor Standards

With the HMRC managing the expenses and tax returns of most businesses throughout the UK, they have a good understanding of the standard within the industry. If you are well below the industry standard or have no profit whatsoever, the HMRC may be suspicious. If you owe them a little amount of money or no money at all, tax investigations are on their way.

Especially if your business has continuously done this and still managed to keep running with such a little amount of money, tax investigations could be an obvious decision. There’s no need to worry about this situation as long as you record keep effectively to prove finances are correct. Tax investigations will only confirm that your business is possibly underperforming compared to competitors.

Accountants will make accurate returns but could also keep you out of tax investigations. The HMRC will look more favourably upon companies with an accountant as there is more chance of reliability.

Inconsistent Figures

Another reason tax investigations could be launched is due to inconsistent figures in all your tax returns. If there is a continual fluctuation, a tax investigation into your business should not come as a surprise.

Every business suffers from inconsistency and cash flow could drastically change, but this is not expected to happen. Having a steady profit and tax returns would shine your business in the best possible light. It could also mean you avoid tax investigations altogether.

Income Exclusion

In your tax returns, you must include every single payment that the business makes or intakes. No matter how little you think it could be, it will usually be part of your final tax returns, which is why it is so important to bookkeep effectively.

In addition to this, leaving out your transactions doesn’t mean the HMRC won’t see them. As they deal with millions of businesses throughout the UK, they will see the transactions from other businesses. The more businesses you trade with, the more likely your transactions will be found. If you decide to leave this income out of your final returns, it could spell trouble.

Contact Us

Tax investigations could occur for many reasons and we can always support your business during this. We can submit tax returns and offer guidance throughout tax returns to ensure no fines are ever given. For more information on the services we offer in Lisburn, contact us today. Call Coleman & Co on 028 9266 3599 or fill in our contact form to make an enquiry.

5 Benefits Of Outsourcing Bookkeeping

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Many businesses think outsourcing bookkeeping could cost their business and it is a process they can complete themselves. However, outsourcing your bookkeeping could save you money in the long-term and ensure your finances are managed correctly.

Coleman & Co can provide professional bookkeeping for every business across many industries. If you require assistance managing and monitoring your finances, we can always help.

Maximise Resources

Completing your own bookkeeping means making your own resources to manage and monitor our finances. By outsourcing your bookkeeping, you lose no time focusing on finances, but you still have the resources available to manage your financial performance easily. Outsourcing will allow these resources to be created easily and give you a wide range of details for your finances from professional bookkeepers.

Creating your own resources can be extremely time consuming and take you away from your actual business. Our bookkeepers can provide data on all your finances and give you the resources you need, without you doing any extra work. You’ll have the knowledge to push your business forward and improve financial performance without completing any work yourself.

Prepare For Tax Payments

If you struggle to understand your tax returns, outsourcing your bookkeeping will ensure tax payments are accurate and meet all deadlines you have. Bookkeeping will ensure every transaction throughout your tax year is recorded and will then be used to accurately decide on the tax payments you must make before the deadline.

If you fail to record your own incomings and outgoings over the year, you will struggle to make an accurate payment to the HMRC. This could leave you paying more or less money than necessary and even lead to a fine or penalty if you fail to meet deadlines or make an accurate payment on several occasions.

Reduce Costs

Although you may think professional bookkeepers will cost you more money, long-term bookkeepers should save you money on a regular basis. Not only can bookkeepers identify problems with your finances, by managing and recording all your finances, you can use this to improve financial performance for the future.

If you still complete your bookkeeping and accounting manually, this will also save you money on paper as well, through submitting forms or filing paperwork. Using the correct software, we reduce any errors to ensure finances are completely accurate and no fines will come with poorly calculated or recorded finances over the past year.

Although you may complete bookkeeping yourself, finding ways to improve finances can be difficult. By outsourcing your bookkeeping needs, your finances can always be improved upon.

Bookkeeping Software

The best way to correctly record your finances is using the best bookkeeping software for all transactions and financial detail. Our bookkeepers always use the most modern and high-quality software to get the best resources for all businesses as well as accurate finances throughout the year.

Using the correct software can not only create the data you need to successfully manage your business, but it will reduce errors in all bookkeeping work that you complete. Although you can install the software yourself, outsourcing ensures that the software is always used to its full potential for the best resources. If you decide to use this software yourself, it may not be used correctly, or all the applications will not be used to your advantage.

Experience & Expertise

Professional bookkeepers have the experience and knowledge within the accounting industry to help every business improve. Having worked with many businesses before, Coleman & Co can help every business improve and bookkeeping correctly is essential.

If you have no experience in bookkeeping, having advice or outsourcing finances still provides the security you need, but saves you time and guarantees accuracy with all finances. This can help your business keep a positive cash flow as well as being prepared for any future costs and the revenue your business will make.

Outsourcing will always give you the help your business needs to improve financial performance. This can be very time consuming for you to complete yourself and using professional bookkeepers is often the best option.

Contact Us

Outsourcing your bookkeeping could be the best option for every business and we are happy to provide advice. If you would like guidance or more information on the bookkeeping services we have available in Lisburn, do not hesitate to contact us. Call Coleman & Co today on 028 9266 3599 or fill in our contact form to make an enquiry.

Using Digital Financial Management Services

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Digital and online applications are constantly updating throughout 2018, using digital services for financial management could significantly improve your business. Your business should always be taking advantage of these financial methods for the best outcome.

Coleman & Co can provide every business with correct digital financial management tools to use every day, whether you decide to outsource accounting or monitor it yourself.

Improving Productivity

Digital accounting is a much easier process that completing tasks manually, leading to a much-improved productivity. The faster you can complete your accounting, the faster other tasks within the business can be completed.

Although speeding through your accounting may seem risky, using accounting software will remove many errors.  This ensures as you continue to use digital financial management, data will be completely accurate and give you the resources you need to successfully manage the business. The speed that you can complete tasks is a massive improvement and something that can not be caught by manual accounting.

More Resources & Data

Creating the resources you need to manage your business can be a very time-consuming process. However, with digital financial management, you can create these resources, such as cash flow forecasts, without doing too much work. As digital software already contains the financial data of your business, analysing your business is much easier.

With 20% of UK small businesses struggling with financial management, this is a method you must use. We can take you through every process and create the resources you need to gradually improve your business. Reports created by digital software are always accurate and provide you with real-time data to monitor your current financial performance.

Preparing For Digital Tax

With all tax going digital in April 2019, preparing your account digitally now will certainly help your business. Whether this just gives you the understanding of digital software you need, or you decide to file all tax digitally, you can never start too early to master this process. Tax could cost your business a lot of money and if tax returns are incorrect it will cost your business even more.

This is something that is always avoidable and going digital early could be your solution. Digital accounting will ensure tax forms are completed correctly by assessing the data you have input for both payroll and your business revenue. Although this only applies to businesses with turnover above the VAT threshold, digital brings many advantages.

Secure Cashflow

Whether you are monitoring outgoing transactions or incoming payments from clients, it should always be secure. With digital financial management, security is always being upgraded and this provides a massive advantage over manual management. Your business cash flow should always be kept safe. Although it is easily accessible for you, software security protects any data from being stolen.

By keeping this data private, you are in complete control of your business and know exactly how your financial performance looks. If it needs to improve, other digital resources can help you achieve this by budgeting your business and managing your accounts correctly.

Our team can always provide these services, making your finances easily accessible to all parties. This ensures finances are monitored effectively, but you do not have to invest so much time into the process.

Contact Us

Digital financial management is the perfect option for every business. The earlier you switch, the more beneficial it will be. With the necessity of digital tax in April 2019, you should always be considering going digital. Coleman & Co can provide you with the advice and support you need as well as giving you accounting services using the correct digital and accounting systems. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

How Small Businesses Successfully Manage Finances

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Many small businesses get into the habit of making either poor or fantastic financial decisions, without knowing the consequences. How can you guarantee successful financial management and make the right decisions for your finances?

Coleman & Co can advise all businesses on your financial decisions. We ensure you can manage finances correctly by making the best decisions every time.

Regular Financial Reviews

Many businesses are happy with their financial performance so will not go into great detail over the actual finances. Having a regular review of your finances will allow you to closely monitor performance over the past week, month or year and ensure your business is heading in the right direction.

Although you may be content with finances, a review will find any areas where finances need to improve or where your cash flow dropped for a period of time. From this data, you can make the changes you need to successfully manage finances. Reviews should be completed regularly so you are kept updated on any drop or improvement in performance.

Organising Your Budget

Budgeting is an important factor within every business and if you fail to create an accurate budget, your business could find it difficult to manage finances. Whether a budget is created for the entire business or split into departments, it must be done. Having a budget will not only limit spending but prioritise different sectors of your business.

Many businesses use any money available as part of spending but saving and budgeting will make financial management easier. Having a budget means anything leftover for your business can be saved and put towards something much bigger in the future. By regularly saving, your business doesn’t constantly run out of money and you always have backup cash available. Creating this safety net is perfect for emergencies and problems that could occur instantly.

Not every outgoing transaction within your business is needed and prioritising your main needs will bring success. Your budget will ensure money is only spent when necessary, making it integral to manage finances.

Measure Your Progress

Every business is looking to make progress, whether this is financially or just in terms of business and staff performance. Measuring your progress over a certain time period gives you the incentives you need to move forward over the next few months. This allows you to set yourself and the business goals that can be achieved and how they will be met.

Once your targets are set, achieving them can be done in several ways, but financial management will be needed. Whether you spend less money, or invest more hoping for a better output, financial planning will help your business move to the next level. This can act as a great motivator for your staff, who will want to reach these goals if it offers a reward.

Finding Financial Alternatives

You will often depend completely upon your own performance and the finances that you bring into the business. However, using alternative financial routes could benefit your business and give you the money you need to succeed. This additional money could come from both loans or an equity stake and although money must be paid back, it would put you in a better position for the future.

This isn’t the right move for every business, but if you are struggling to perform, it’s an option worth exploring. Another great way to avoid high costs whilst keeping income high is through your clients. If your products are good and trusted by clients, collecting monthly payments and payments in advance for your service can still source income without you having to invest at the same time.

Contact Us

Coleman & Co can provide advice to every small business to manage finances correctly. We also offer a wide range of services to allow budgeting, planning and reviewing your finances much easier. If you would like our services within Lisburn or surrounding areas, we are happy to help. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.


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