Management
Control Overheads: Manage your stock
Though it can be relative straightforward to look at your fixed costs (though not always easy to reduce them) it is often more difficult to get a clear view of your variable costs. First of all, it is important to exactly know your existing stock levels before a decision can be made about the overall [...]
Control your overheads: Supplier Management
In addition to having effective systems of stock control and methods of keeping a stock inventory up to date (that means making sure that obsolete items are written off and removed from the inventory) it is also necessary to get a grip on variable costs by managing suppliers. You may have had suppliers for a [...]
Management Accounts
A business has a legal obligation to provide financial accounts at some level, but these are often little use as a decision-making tool for business managers. Management accounts consists of company data analysed in such a way as to tell managers how different company systems are performing. Most financial software programs will give a range [...]
Business Finance
Profit and loss accounts
Even though companies have to provide balance sheet accounts annually as part of their financial accounts together with a profit and loss account, sole traders or self employed businesses do not have to provide a balance sheet, though they do have to give profit and loss details on their tax return to HM Revenue and [...]
Choosing or changing a Business Bank Account
Choosing or changing a Business Bank Account Getting on with your bank – and your bank manager is vital for your business. Sometimes the terms of your business account or the service you receive no longer suit your purpose and you may consider changing accounts or even changing you bank. If so, it is always [...]