Robley Baynes – Page 9 – Robley Baynes

22Jul 2019 by Robley Baynes

4 Ways to Improve the Financial Health of Your Business

4 Ways to Improve the Financial Health of Your BusinessPoor cashflow can be the cause of the death of your businessSo, how do you improve your cash flow?We've shared our top tips on Cash Flow ManagementCUT OUT INEFFICIENCIESThis includes monitoring your overheads to see if you are spending unnecessary money on running your business e.g. Late Payments on Tax FilingsCONTINUE TO INVEST IN PEOPLE AND RESOURCES. Investing in your business by hiring new staff including and skilled professionals and equipment will eventually lead to greater profits and more money coming into the business.SPEED UP COLLECTIONS PAYMENTS This involves encouraging your customers to part with their money before the end of the invoicing period. E.g. Early payment discounts etc.MAKE PAYMENTS TO CRITICAL SUPPLIERSIf you are unable to pay Invoices as it falls due,…

15Jul 2019 by Robley Baynes

Take Advantage of the Tax Amnesty. Become Compliant, and Avoid Penalties and Interest

Tax

Take Advantage of the Tax Amnesty. Become Compliant, and Avoid Penalties and Interest As of 25th June 2019, Act 13 of 2019 effected the current Tax Amnesty which will expire on 15th September 2019. The amnesty covers outstanding taxes for the year 2018 and prior. Once outstanding taxes are paid before 15th September 2019, these payments will not attract any interest. Additionally, outstanding tax returns filed for the years 2018 and prior will not attract any late penalties. The amnesty doesn’t take the 2019 liabilities into effect and later payment for 2019 tax expenditure will attract interest. The taxes covered by the amnesty include: Corporation Tax Income Tax Gaming Tax Unemployment Levy Petroleum Tax Heath Surcharge Value Added Tax Stamp Duty Property Tax Financial Services Tax Hotel Accommodation Tax Insurance…

08Apr 2019 by Robley Baynes

Bookkeeping to run your business

Small Business Guides

Accountants help keep your finances in order but bookkeepers play an important role too. So what's the difference between a bookkeeper and an accountant? And how can a bookkeeper help you run your business? Bookkeepers and accountants are not the same If you’re a small business owner, you’ll be familiar with juggling several tasks at once. As well as keeping things running, you need to generate income, keep your customers happy and look after financial information. Tracking the financials can be a chore though, and one of the biggest questions you might have is who you get to help with your accounts. Do you need an accountant, a bookkeeper or both? Let’s demystify things. Accountants and bookkeepers have different jobs and responsibilities. An accountant’s main focus is: the preparation and…

08Apr 2019 by Robley Baynes

How to hire the right bookkeeper

Small Business Guides

Every business needs a bookkeeper. A good one will take care of the day-to-day accounting work and keep your business on track financially. But how do you hire the right bookkeeper? Helping you with the numbers As soon as you start a business, you have to deal with numbers. Every business, no matter how small, must keep a record of its every transaction. That includes sales, expenses, salary payments – in fact every movement of money into and out of your business. Although it's possible to do this yourself, most entrepreneurs aren't trained in bookkeeping. So it's common for businesses to outsource this everyday work. In this guide we'll explain why hiring a bookkeeper is a great idea, or even an essential part of doing business. Then we'll look at how you…

08Apr 2019 by Robley Baynes

When you should hire a bookkeeper

Small Business Guides

Bookkeepers can help your business with day-to-day accounts – recording sales and other transactions. But they can do a lot more too. So when does it make sense to hire a bookkeeper? The tasks of a bookkeeper A bookkeeper is someone who records the financial transactions of your business. They also: keep track of sales, purchases, payments and receipts work on the design maintenance and review of internal business processes organize, collate and record financial data on a day-to-day basis and store this information in general ledgers record the financial information of your business in a standard way, so that accountants can also access it. In this guide we'll look at what a bookkeeper can do for you, and when you might hire one for your business. Why do you…