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Financial Tips For A Start-Up Business

By | Start-Up Business | No Comments

Even in your earliest days, a start-up business must be fully prepared for the financial aspect of their company. Managing finances as a start-up is no easy task and it is important you have the right advice. You should always have a plan in place to avoid any potential issues and slipups with your finances.

Coleman & Co support all businesses in Lisburn and the surrounding areas. If you are a start-up business looking for financial advice, our team are always available.

Creating An Accounting System

It is important that your business already has an accounting system in place or you outsource your accounting. Your start-up business will have many finances to manage and this is not easy without a successful accounting system. Whether you choose to use a qualified accountant or complete accounting in house, you should always find a suitable system to easily manage your finances.

If you fail to do this, your business is likely to struggle from the get-go. Whilst the business may be run successfully, it becomes difficult to track all transactions and cash flow of the business. Your accounting system or software should let you easily manage all finances. If any problems do arise, they can be dealt with quickly.

Begin Financial Management

Financial management is essential to track all your invoices and transactions, both incoming and outgoing. Your financial management should begin as soon as and even before you have launched your business. It is difficult for a start-up business to stay afloat in its early life and this can become even harder without financial management.

This means that your business is not keeping track of finances correctly and therefore cash flow is not properly recorded. This can spiral and lead to several financial errors that could cost your business in the short and long-term. Financial management is important to avoid this as a business and make sure all income and expenditure is looked after.

Build Your Budget

It is never too easy for a business to create a budget. Whether this is just one budget for your whole business or you split the budget into your different expenses, a budget must be created. You should try to set up an initial budget so you don’t spend too much setting up your business. From this point, you should always try to limit your spending, maximising your budget as a start-up business.

Your budget must always be accurate to what you expect to spend whilst also being realistic. If you create a budge too small, it could limit the success of your business. With a budget too big, it is almost pointless as it will not lower your spending at all. You should always consider what you must spend money on and what money you would like to save to create a suitable budget. Mapping out your expenses should always give you a good understanding of exactly what is being spent.

Establish Financial Goals

By establishing financial goals, your start-up business is planning for the long-term. Not only are you creating a target and a goal, but you should also be creating a plan of how you achieve that target. With budgeting and cash flow forecasting, this can always be achieved and you can always identify how to make a positive cash flow and save money at the same time.

With financial goals, this should also help you create a strong platform for growth in the future. Your start-up business should have stability from the start and this can help you consistently make money whilst also saving in case of any financial issues you encounter. Even if you do not meet your financial goals flawlessly, you should be left in a better financial position.

Contact Us

For advice as a start-up business, get in touch with Coleman & Co today. You will always receive a fast response from our team, with a range of accountancy services available and consultation whenever you require it. Make an enquiry and call us on 028 9266 3599 or fill in our contact form to make an enquiry.

Guidelines For Creating A Business Budget

By | Business Budget | No Comments

Creating a business budget is essential for every company. However, if your budget isn’t created effectively, it will likely have a negative impact on your spending. When creating a business budget, there are several guidelines you should always follow.

Coleman & Co have experience working with a range of businesses. We can always help you create a business budget that improves your financial performance.

Cash Flow Forecasts

One of the best tools to use when creating a business budget is, firstly, forecast your cash flow. By forecasting both your expenditure and revenue over the near future, this will help you create an accurate budget that will reduce costs.

Not only will a cash flow forecast show how much your company is likely to spend, but it will also give you the chance to reduce any unwanted costs before you even create a budget. Once you have considered which costs are not needed, you can create your budget based on your leftover expenses. Your budget should never exceed predicted costs and could be lower, giving you the chance to further reduce your costs.

When creating your cash flow forecast, you should note down all the payments you expect to make. It is important to record all outgoing transactions to fully prepare for the situation and give your budget high accuracy.

Splitting Your Budget

Whilst creating one big budget for the business is necessary, you must also make sure the budget is split. Giving yourself the best understanding of where your money is being spent will help you in the future to continue planning your budget and eventually lower it. This will also identify the weakest areas for some businesses, allowing you to increase budgets for more profitable areas.

You should split your budget across the business once you have made your monthly or weekly budget. Using comparison from previous months, you can make sure the budget is divided successfully. This should optimise revenue and profit, preventing overspend in all areas of your business.

Flexibility & Preparation

Using different tools to create your budget is great but you must also be prepared for unpredictability. You will never know exactly how much money you are going to spend so having room for error is essential. You should always make sure the business is flexible and well equipped to deal with any large, unexpected payments.

This is why creating a conservative budget is extremely important. You want your budget to not only lower costs but also give you breathing space. This means that with your budget In place, you should have a healthy profit margin, saving up money for future growth and development. If you fail to do this with budgeting, it could lead to financial issues in the near future as you are not prepared for different payments.

Prioritise Your Spending

To keep your budget and your spending as low as possible, it is important to prioritise your current costs. This includes payment for supplies as you should always look for the most cost-effective option to keep spending low.

For your business to be a success, you always want expenditure to remain at a minimum. By prioritising the costs most important to you and completely removing some of the most irrelevant costs, you can quickly reduce expenditure.

Contact Us

Coleman & Co work with all businesses throughout Lisburn and the surrounding areas. If you require advice or would like our accountants to create a business budget, get in touch with us today. You will always receive a fast response and personal service from our team. Call us on 028 9266 3599 or fill in our contact form to make an enquiry.

Identifying Your Business’ Financial Strengths & Goals

By | Business Financial Strengths | No Comments

To improve your business finances, it is essential to identify your business’ financial strengths and goals. Knowing the strengths of your business will always help you focus on the most successful parts of your business and make a healthy profit.

Coleman & Co help every business identify financial strengths and goals. Supporting all businesses throughout Lisburn, you can depend on us for a comprehensive service.

Recognising Strengths & Weaknesses

Every business has their financial strengths and weaknesses but recognising them can often be more difficult. You must first identify which products offer the best profit margins to your business, that also work successfully. Once you know what services offer the best cash flow to your business, investing more time and money into these areas will always be beneficial.

If there are any weak points of your business that do not seem to be producing the financial performance you desire, this is just as important to identify. This will prevent you from continuously wasting money in the future if it gives you very little return on investment. Saving money will improve cash flow so finding the most successful products is always essential.

Analysis & Accountant Advice

To identify your strengths and weaknesses, as well as assess all your products, analysis of your business is needed. There are several tools that can be used such as SWOT analysis and others to help you find the return on investment of all your products. Additionally, accountants can always offer advice to give you information regarding your business strengths and weaknesses.

Accountants use a range of modern software and tools to provide an accurate analysis of your business and assist with every aspect of your financial performance. With advice from your accountant as well, this can make focusing on the correct area of your business much easier. This will help back-up any assumptions you have made and give you the correct data about your services and products.

Creating Business Goals

Once you have an in-depth analysis of your business’ strengths, you can then create achievable goals. Business goals are important not only to motivate yourself and staff members but also planning for the future. Even when your business is flourishing, it’s important to think about your goals and what you want to achieve long-term.

Creating business goals will always help you improve your future performance. Outlining your goals also makes sure your business is heading in the right direction and using your strengths, all targets are achieved. This could also help you identify new opportunities that can also be used to improve financial performance for your business.

Business Financial Goals

There are several financial goals that you can set yourself to massively improve your finances. Whether your financial goals are relevant to your business budget, increase in sales or the pricing of your products, it is important to consider every possible route.

Budgeting can be one of the most important features of any business. Whether you are creating a short-term or long-term goal, your budget must be accounted for. If your current budget is not limiting spending and maximising profit, it may need to be reviewed. Accountants can always assist in creating an accurate and successful budget to help limit spending whilst still achieving goals.

Contact Us

If you would like more information on identifying your business’ financial strengths and goals or need advice from our team, contact Coleman & Co today. You will always receive a fast response and information regarding all the services we have available. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Benefits Of Smaller Accounting Firms

By | Accounting Firms | No Comments

Choosing between large and small accounting firms can be a difficult decision for many businesses. However, working with a local and smaller accounting firm can often be the best option. There are many drawbacks to using larger firms to manage your finances.

Coleman & Co support all businesses, large and small, throughout Lisburn and the surrounding area. When you are considering accounting firms, our team can always offer a comprehensive service.

Personal & Genuine Relationships

With many bigger firms employing a number of staff members, you can find yourself working with different accountants each time. Not only does this mean you can’t develop a genuine relationship with your accountant, but it can be more difficult to manage your finances. Dealing with different staff makes it harder to discuss the same issues you are encountering on a regular basis.

With personal service from smaller accounting firms, you can be assured of support whenever it is required. As you also deal with the same accountant for your business, this allows you to create genuine relationships whilst continuously improving business finances. Smaller accounting firms will always strive to improve your business financially.

Local Expertise

Whilst this isn’t always your main priority, an accountant with knowledge and expertise of the local area can be helpful. A local accountant is also easier to visit if you require an actual meeting, helping to build your relationship. Additionally, this can be much easier than getting in touch with accountants from a bigger firm.

At Coleman & Co, our local expertise gives us a great understanding of any issues that could be occurring to local businesses and industries. As we are located nearby, we have a great understanding of all the problems you could encounter when based in Northern Ireland.

Experience With All Businesses

Both big and small firms will have experience dealing with all businesses in many industries. However as smaller accounting firms work much closer and regularly with each business, it will often give us a better understanding of each business’ problems and how to solve them effectively.

This means when you come up against financial issues, we have the experience to quickly deal with them. Providing all accounting services you may require, we can identify a number of problems and how to improve your financial performance. Whether this is through your cash flow, tracking invoices or creating business budgets, we can always assist.

Time To Improve

Along with a personal service, accountants from smaller firms will often have more time to completely dedicate to your business. This means other than general accounting and bookkeeping, you will receive a huge range of accounting services. Rather than just having other accounting information available to you, smaller accountants can work through this information and advise you on how to improve.

With consultancy and advice services also available, this ensures you can discuss your business and finances whenever you require. Smaller accounting firms will always have the time available to work closely with you and give the further information you require. This also means accountants can work in each area of your business, specialising in its improvement. In the long term-smaller accounting firms can be the best option to improve your finances.

Of course, choosing an accountant is different for every business. Smaller firms are often more personal, cost-effective and helpful for improvement, giving you the best opportunity to grow.

Contact Us

For more information on the accounting services we have available, contact Coleman & Co today. We can always provide the advice you need regarding your finances and discuss all the services you require. Call 028 9266 3599 or fill in our contact form to make an enquiry and receive a fast response.

How Can An Accountant Help My Business?

By | Accountant, Accountants | No Comments

Accountants offer so much more than simple bookkeeping and account preparation. With a successful and experienced accountant, businesses can always improve their financial performance. With a range of accounting services, you can always benefit from an accountant.

Coleman & Co provide a range of accounting services for all businesses. Your accountant can always discuss your finances and what improvements can be made.

Creating Business Strategies

To improve financial performance, it is important to have business strategies in place. A business strategy is created to help your business identify and achieve its major goals. Whether this is personal, financial or business goals, accountants can help you create your business strategies and key performance indicators.

It is important that your business strategies actually help you meet your goals and make your goals achievable. Whether you are a business startup or you have just never set marketing strategies, an accountant can always you put these features in place.

Fixing Cash Flow

Cash flow is essential to every business. If your cash flow is not giving you the positive financial performance you desire, there is often a lot of improvements you could make. An accountant will identify why expenditure outweighs revenue and how this can be changed for your business. Just some of the issues an accountant may deal with includes:

  • Create Business Budgets
  • Lower Running Costs
  • Managing Debt
  • Unpaid Invoices

There are several areas of your business that accountants can look at and a suitable solution should be found. To fix your cash flow, it is important to look at all outgoings and what can be prevented or minimised using smart budgets.

Tax Records & Returns

One of the most important processes for every business is your tax records and returns. Taxes are a financial area that most business owners want to outsource and struggle with. Even if you are happy doing your own taxes, there are ways an accountant could help your business with taxes.

Not only will accountants make sure taxes are submitted accurately and on time to avoid fines but they will also provide many other tax services. This can include tax audits and dealing with the HMRC during any investigations or queries. By also fixing any poor record keeping and with legal knowledge, it ensures you never pay more tax than necessary. This can save money whilst also preventing penalties through incorrect tax returns.

Providing Accounting Software

Accounting software is not just used to make your business record keeping more efficient. Accountants should introduce new software to all businesses, whether this is for just one member of staff or a whole team. With accounting software, your finances can be managed much better.

This will also give you the software needed for many other business processes. Whether this is invoicing, taking payment or completing payroll, the best software makes these processes much easier.

Financial Consultancy

Some businesses may be financially stable but this doesn’t mean accountants can’t help your business. With financial consultancy, this can still address many of the issues your business faces and areas of improvement.

If you want to improve your financial performance, advice and consultancy from an accountant can always be beneficial. Even if you do not require accountancy services, accountants will have great experience dealing with many businesses and industries, giving you great knowledge of how finances can be improved.

Contact Us

If you would like more information on our accountancy services, get in touch with Coleman & Co today. We can support all businesses in Lisburn and throughout the surrounding areas and provide you with a trusted, qualified accountant. Call us on 028 9266 3599 or fill in our contact form to make an enquiry.

A Guide To Digital Tax

By | Digital Accountancy, Digital Tax | No Comments

From the 1st April 2019, VAT registered businesses with a taxable turnover above the VAT threshold will have to make the transition to digital tax. With the right software and help from qualified accountants, this process can be made easy.

Coleman & Co work with all businesses throughout Lisburn. Providing a range of accounting services, we can prepare all clients for digital tax.

Why Is Tax Going Digital?

Tax is going digital as part of the HMRC plans to ensure the UK tax systems are as easy and efficient as possible for all taxpayers. Whilst all businesses can choose to move to digital tax, it is essential for some businesses. If you have a turnover above the VAT threshold of £85,000, you must keep digital records. This also means all tax submission will have to be made with the digital software suitable for the HMRC.

Whilst the transition to digital tax may be stressful for many businesses initially, this change should help. It makes submitting taxes much easier and with tax records also being recorded, this can easily be submitted without errors. 71% of businesses currently submit records through the HMRC website. However, with digital tax, this will not be necessary and taxes can be completed through uploads from tax software.

How To Prepare

Whether your business must submit taxes through digital software or you do not exceed the VAT threshold, you should still be preparing for this change. Eventually, all businesses will have to submit taxes online as we make this transition with modern technology. This means your business should be reviewing your software and processes to ensure this is HMRC compatible.

This could mean initial costs to upgrade could be expensive for your business. Despite this, in the long term, it will be the best option for you. It ensures time spent on taxes will be reduced and that errors can also be avoided. With taxes and records all being recorded on digital software, this should make tax returns more accurate. Taxes can easily be attached and submitted to the HMRC without any issues.

For businesses exceeding the £85,000 threshold, making these changes quickly are essential. With just 3 weeks until digital tax is put in place, the sooner this software is made available, the easier it will be to submit taxes before the deadline and meet all the needs of the HMRC.

Keeping Taxes Accurate

There are several exceptions for businesses who will not have to adjust for April 2019, with a 6-month extension until October 2019. This includes:

  • ‘Not for Profit’ Organisations
  • Government Departments
  • Local Authorities
  • NHS Trusts
  • Public Corporations
  • Traders Based Overseas
  • VAT Divisions
  • VAT Groups

For all other businesses who must adjust for April, our accountants can meet your needs. With the correct digital tax software available and with our business providing tax returns for all businesses, we can make sure you are fully adjusted.

Our team manage all record keeping and tax records for every business. With our accounting systems, this allows us to reduce the number of errors in your tax records and make a quick submission before the deadline, with all records completely accurate.

Contact Us

If you would like more information regarding digital tax and require the support of Coleman & Co, contact our team today. We are happy to help all businesses throughout Lisburn and the surrounding areas with tax and accounting services. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Accounting Tips To Improve Your Profits

By | Accounting, Accounting Tips | No Comments

Improving profits is essential for every business and having the advice of accountants can always be beneficial. There are several ways your business can continue to grow and with our accounting tips, you can always improve profits.

Coleman & Co can advise all businesses throughout the Lisburn area. Whenever you require accounting tips, our team will always be available.

Analyse Expenses

Profits can easily be increased by analysing expenses. Whilst your current expenditure may not be a large problem for your business, there are often many ways you can cut your costs to improve profits.

Analysing expenses will not only identify where you are spending money when you should be. It should also give you an insight into where your business is spending too much money and not receiving the same return on investment that you expect from spending this money. This can help you pump money back into the most successful areas of your business to make the best profit.

Reduce & Prevent Debts

Every business can encounter debt problems and they are not always easy to recover from. With the help of accountants, you can make sure that debts can be paid off quickly and that you never miss any repayments as long as you have the money available.

As we can also help to reduce unneeded spend within your business, this can free up your purse strings and make it much easier to pay off debts quickly and without errors. With accounting tips, we can gradually reduce your expenditure so you worry less and less about debt. Regardless of whether you are a start-up business or a well established one, this can always be helpful.

Profitable Products

Eliminating the least successful products and focusing on the most profitable ones is a must for every business. If you seriously want to make a large profit, continuing to sell products that simply do not work is never going to help.

Our accountants can always take you through which products are working best for you and where the majority of your income is coming from. Once evaluated, your business can focus on the most profitable products.

Use Accounting Software

To get the most detailed information on your finances, you should always use professional accounting software. Whether you choose to do this through an accountant or install the accounting software yourself, it is a fantastic option.

Using accounting software will always give you the opportunity you need to improve financial performance. Additionally, this can also reduce the number of errors you make and improve financial accuracy. In the long-term, this is ideal to help you save costs and make sure all finances are recorded and used correctly.

Outsource Your Accounting

Our accounting tips should always help you to improve business profits. However, if you do struggle to manage your finances, outsourcing your accounting can often be the best option. Accountants deal with many businesses and will always have the expertise to help your company flourish.

Using the best accounting software and a range of accounting services to analyse and improve your finances, you can always depend on our accountants. Our accountants will also provide you with regular advice and consultation, as well as making sure your finances are easily accessible for you to retain full control.

Contact Us

If you would like more accounting tips or would like to hire our accountants, contact Coleman & Co today. We can always provide a fast response to clients located in Lisburn and throughout the surrounding areas. You will receive any support you require. Call us on 028 9266 3599 or fill in our contact form to make an enquiry.

Should Business Tax Returns Be Outsourced?

By | Tax Returns | No Comments

Completing your own tax returns may seem the cost-effective option but this can often cause a problem for your business. Outsourcing tax to your accountants could be very beneficial, saving you time and money in the long term.

Coleman & Co can support all businesses throughout Lisburn with tax returns. You can always depend on us for a range of accounting services.

Taxes Completed Early

Keeping up with your finances throughout the tax year is the easy part and even this can become difficult. You must constantly update your financial records simultaneously with the tax returns you will owe. This ensures when you eventually have to submit your tax to the HMRC, you are not left in a scramble to reach the deadline.

Accountants will always make sure your taxes are ready for the tax deadline and there is no delay in submission. Whilst missing the deadline may not result in an immediate fine, it could cause future problems for your business and unwanted stress. You will never receive any fines or penalties when using our accountants, whilst any last minute changes can easily be made with your taxes ready to send off in advance.

Building Trust

Using a qualified accountant and professional accounting software is a great way to reassure the HMRC that your taxes are correct. Regardless of who you are, taxes will always be thoroughly checked for errors or complete lies. However, this process is made much easier when your taxes are organised and there is less chance of a mix-up.

Using our team will make sure the HMRC receive tax returns from our team for several businesses throughout Lisburn and the surrounding areas. As we have experience dealing with tax returns every year, using an accountant can be the best option to showcase the accuracy and professionalism of your own business.

Tax Planning

One of the most difficult issues for business owners is planning ahead for your taxes. Being a business owner is very time consuming and this can often mean you can’t effectively plan for your tax returns. Filing tax is important but creating a plan so that your tax is accurate is essential.

Without a tax plan, when it comes to submitting your tax at the end of the tax year, you might find it difficult to keep your finances accurate. Tax returns should never be an estimate and it is important you give the HMRC complete accuracy. This ensures you avoid any fines or tax audits and investigations for your business. This will only cost more time, so having your tax plan in place from the start should be a priority.

Outsourcing to an accountant will ensure your business has a tax plan in place and that all income and expenses are accounted for.

Completing Tax Returns Yourself

Completing tax returns yourself is always an option, however, this depends on the time and skills you have. If you can confidently file tax returns and have experience and knowledge of how to do this quickly and accurately, then this may be the best option for you to save money.

However, if you struggle with managing your finances throughout the year, your tax return will not be easy to complete. There could be several errors in your final return and amending them accurately will often take time. Completing tax returns yourself can be a big risk. It could lead to less productivity and large fines from the HMRC if you continue to make mistakes.

Contact Us

If you require accountants for tax returns or would just like advice from our team, contact Coleman & Co today. We can support all businesses in Lisburn and will always give you the guidance you require. Call us on 028 9266 3599 or fill in our contact form to make an enquiry.

Do Sole Traders Struggle More With Finances?

By | Sole Traders | No Comments

It is a common perception that sole traders may struggle more with the organisation of their business. As you have to manage all finances and business processes, this can become very time-consuming. But do sole traders really struggle more with finances?

Coleman & Co can support all businesses throughout Lisburn whether you are sole traders or limited companies. We always have advice and a range of accounting services available.

Sole Trader Advantage

Despite how difficult it can be to maintain all business finances, there are many advantages for sole traders. Running your business allows you to maintain full control as long as it is run correctly. This means there is no interference from others and that all decision making comes down to you. your business only makes choices you are happy with.

You can also choose to make your business more personal and unique. As long as your business is run correctly, there should be little worries over your financial performance. You should know all your transactions inside out, preventing cash flow from becoming an issue.

Making Payments

A big problem for sole traders can be making payments on time. When you are dealing with all the finances within your business, it can be easy to simply forget about certain payments that haven’t been planned for.

Whether this is large or small payments, it is important you stay on top of all transactions. You should particularly pay attention to HMRC payments, ensuring you are always prepared for this. If payments need to go out for loans, monthly payments or to suppliers, this must always be planned to ensure payments are never missed.

Failure to make payments to the HMRC on time could even lead to fines and penalties. This should always be a priority for all sole traders.

Reducing Time Consumption

No one can create time out of thin air and no matter how hard you work, this is always something you will run out of. Sole traders must plan effectively and allocate times throughout the month to manage their finances. This is not something you should do simply when you have free time.

By allocating a specific time slot to manage your finances, you can reduce the time spent on finances. This will also give you more time to manage other processes within the business, for the best chance of running a successful company.

Destined To Fail?

Whilst 9 out of 10 businesses survive their first year of trading, 4 in 10 businesses die within 5 years. It is a big task to keep your business afloat and if this is your first time managing a business, it can become very difficult.

Sole traders benefit from the fact you may not have many staff to pay in your earlier years. However, you must plan for growth to ensure your assets and cash will not run out and that the business can grow at a steady rate, rather than failing within 5 years. Sole traders are certainly not destined to fail and can often perform better than bigger businesses. However, it is important to have a financial plan to keep cash flow positive, whilst ensuring you spend enough time managing finances.

Contact Us

If you are a sole trader and require advice from our team, do not hesitate to contact Coleman & Co. We can provide our services throughout Lisburn, ensuring your accounts and finances and recorded and managed correctly. Call us for more information on 028 9266 3599 or fill in our contact form to make an enquiry.

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