Tuesday, 22 November 2016

Automate Your Cash Flow With an Accountant

Every business looks to simplify the process of money going in and going out, in order for it to be more easily invested later down the line. The help of a chartered accountant in North Wales can be imperative in truly automating cash flow, and this is mostly through a technique called Cash Sweeping. While indeed quite a complex procedure, (and certainly not one to DIY) cash sweeping is useful for concentrating your company’s balance in a single place, which then enables your company to place funds in larger financial instruments, at a much higher rate of return than drips and drops, here and there.

It’s quite usual for a cash sweep to occur at the end of every working day, though a good accountant will examine your business and work out a schedule that benefits your business. There’s no one size fits all approach to this, and a good accountant will recognize that fact and advise you based on what is best for your business, and your businesses circumstances and needs.

Making Money From Depositing Money?
Essentially, yes. Cash sweeping mostly occurs via the usage of a zero balance account- which is usually a checking account which is automatically funded from a central account in exact amounts to cover presented withdrawals from all other accounts. How this works is that after all accounts have been set up by an accountant, the bank will calculate the amount of all outgoing amounts against the zero balance account and will pay them with a debit to the central account, making the balance return to zero. Hypothetically, should the zero balance account become overdrawn for any reason, cash is shifted back as needed.

Why Zero Balance?
While zero balance accounts are the most common way of performing cash sweeps due to their rates, if you’d prefer, a target amount (or buffer) can be implemented in any amount you desire. An accountant will discuss the pros and cons of doing so with you, and advise you to the very best of their capacity, but you should keep in mind that the final decision is yours. Strictly speaking, a buffer amount is not needed. Should said zero balance account become overdrawn, funds to place the account back at zero will automatically be drawn from your other accounts ensuring no risk, and no fees.

It Can’t Be That Easy…
Essentially, it is. Cash sweeping, however, is not to be engaged upon a DIY basis. Incorrectly assigned, configured, and allocated accounts and balances can cause chaos should something be off, and the attentions of a good accountant are far more desirable in cases like this than any other. Essentially, it’s like building a house. Everyone has a cursory knowledge that a foundation comes first, then walls, then a roof, but to undertake a task like this, you’d likely come unstuck. There’s multiple areas for something alike our hypothetical house to fail, and cash sweeping is no different. Let an expert take care of it, and you’ll certainly reap rewards.

Monday, 21 November 2016

Due diligence – Avoiding Fool’s Gold

Due diligence is a vital part of business culture nowadays, and the term itself is telling of it’s importance. The investigation of an individual or a business prior to signing a contract, for many businesses which demand a certain standard of care – due diligence is perhaps the only way to truly know what’s on the cards – much less know if your investment is too good to be true.

A good accountant in North Wales and beyond will investigate a number of factors as part of acquisition analysis, whether it’s an industry-specific acquisition or asset based. This can involve a number of factors, and the process is absolutely and entirely different depending on the company which they are taking a closer look at on your behalf, but the most basic of everything to look for is a good, long look at the employment records of your new purchase.

For instance, looking at the types of employees within the company itself indicates the varying functionality of the company, such as production, materials management, accounting, treasury, and so on. Key employees will usually crop up during this investigation, as will customer linkage, pay history, and most importantly, pay freezes. As a buyer of a business, you’re more than entitled to know if there’s any past problems with the business that have led to financial difficulty.

Furthermore, a good accountant can find if there’s any employment agreements such as a certain amount of severance pay should a company decide to terminate their employment. This of course will still stand even under your company, so it’s best you know of any issues before they become them. Knowledge is, after all, power.

Risk can be easily identified by a good accountant as part of due diligence, as well. A good accountant will be able to determine if there are any factors such as discrimination claims and injury records. This is of course highly important – discrimination claims can enable you to see where risk lies within your new investment, and in the case of there being an excess, whether or not your brand new management team all need retraining, or whether or not you can isolate the occurrences to an individual.

In manufacturing environments, injury records are absolutely vital for the information they can provide. Should your accountant find that the new business suffers an inordinately high proportion of injuries and/or workers compensation appears to be excessive, you’ll likely be advised to bring in a safety expert to view the company's’ facilities.


As you can see, there’s a wealth of knowledge to be found in something as simple as a company's’ employment records, and the services of an excellent accountant can enable you to go into a situation with both eyes truly open.  

Tuesday, 8 November 2016

Marine Trades Insurance – What You Need to Know

If you make a living from the sea, you’ll likely know all about Marine Trades Insurance. Most Insurance Brokers in North Wales and beyond don’t really go for writing Marine Insurance policies. Even then, they can be somewhat convoluted, and quite difficult to understand – which doesn’t leave you in the best sort of spirits that you’re well and truly covered, should worst come to worst.

However, there’s some Insurance Brokers in North Wales and beyond that can give you a really competitive deal on all manner of Marine Trades Insurance North Wales or otherwise, and of this group, there’s one that seems to be absolutely perfect, given its central location in Llandudno and excellent service record of providing commercial insurance in North Wales and beyond, being powerful enough to get a business back on track should the worst happen, but small enough to give a personal service all the way through.

None of us like communicating on the telephone (or more accurately, talking to countless “dial one for…” options), and BiS Insurance, situated in Llandudno, understand that. They’re an amiable, professional and friendly service, with face-to-face meetings and brokers that have an excellent grasp of how to serve commercial customers.

Marine Trades Insurance is rather new for BIS Insurance, which suggests that you might be able to get yourself a bargain for next year and beyond with them. Their outstanding track record with providing commercial insurance means that they absolutely won’t let you down.

Whether you’re a wet or a dry marina, a vessel storage operator, a vessel repairer or builder, a boat deal, a yacht club, a small or a large fishing harbour, a marine contractor or engineer, a harbour commissioner, specialise in skippered charter boat rental, then BIS can stand to save you a fortune.


Why not give them a go? This little firm have a series of fantastically large partners to give you the peace of mind you need, but they hold customer service close to their hearts. Give them a try. You won’t regret it.

Friday, 21 October 2016

Our Guide to Choosing the Best LED Supplier for You

We love the LED Industry. With countless years of research, development, financial backing and enthusiasm behind it, this little fledgling incentive to save the planet has become an absolute behemoth – with LED products, with their truly remarkable long life, considerable power savings and excellent value for money turning countless businesses, companies, councils and even governments toward committing time and money in order to retrofit existing amenities to support brand new LED lighting.

Of course, money is the driving factor when it comes to most LED retrofits – the certainty of saving a lot of money through the utilisation of LED devices is very alluring, and the benefits of which will be reaped for years to come, but the environment is also a large factor which simply can't be ignored. The world, unfortunately, is at breaking point. With humanity causing varying problems within the environment, it’s a sad fact that we may very well leave those that come after us – the next generation – with a world of problems to face. So, humanity at large is doing our very best to circumvent that. 

For instance, LED Lighting is one measure of reducing c02 count within the atmosphere – giving more and more companies, in this environmentally conscious time, even more reason to make the jump to LED lighting.

But how do you get the best deal? With LED Lighting, it’s unchartered territory for most. There’s very real demand for the technology – and usually with all things of this description, the excitement of a brand new era can be soured by not-so-reputable companies jumping on board with inferior products which can sorely test a customer’s faith in this technology. Essentially, what can feel initially like a bargain product can often turn into a complete and total nightmare.

Even the easiest project can be completely daunting when attempting to fit counterfeit products. The products or the fittings may break through parts not quite fitting, and can be extremely dangerous when live.

We recommend, with your retrofit, to consult the services of a professional, reputable company and to stay well clear of bargain sites such as e-bay and amazon which may or may not sell counterfeit products. It’s well known in everything that you get what you pay for. In this case, as with all others, it applies. You’re simply not going to get a brand new technology for less than £5.

It’s just simply not possible. There have been many documented cases of unassuming bargain hunters getting something that isn’t what it says it is – as any form of branding, in the hands of the correct factory, is extremely easy to replicate with the right tools.

We recommend going to a place where you can see, learn about, and see examples of what you’re about to buy, rather than hope that what you ordered will be the right model and... actually what you were led to believe it might be. That of course means suppliers regional to you.

 As for the UK, we can’t recommend Llandudno based LED Illuminations enough. A modest company that started in 2009, LED Illuminations supply LED products worldwide including LED Rope Lights and LED Strip Lights, and they’re genuine, well trained in their products and very up on every aspect of this emerging technology.

Whether you’re outfitting your business or your home, they’re more than capable and willing to provide solid advice, expert help, and can assist you with absolutely every aspect of your renovation. Unsure about the difference between Kelvins and Lumens? They can help you with that. Not entirely sure about colour ranges? They’ve got you. Can’t tell one end of a light from the other? You get the idea.


LED Illuminations lead the way in terms of customer support and customer service, and we can’t recommend them enough. 

Friday, 14 October 2016

The Bigger They Are: A Case For Accountants


Many of us seem to think that accountancy is easy. For the uninitiated, keeping track of one’s accounts is a simple act of addition and subtraction, though it couldn’t be further from the truth. Accountancy is quite an in-depth affair, and even small businesses can struggle when it comes to meeting regulation and meeting basic standards – standards that are rising with the Government’s introduction with Making Tax Digital, and it’s much feared quarterly tax report.

The services of a good chartered accountant in North Wales or further beyond are absolutely invaluable – take the recent, and rather well documented case of Upul Eshine Kulasinghe- the 68-year old director of Pure Strategic Limited. Unfortunately, Kulasinghe was disqualified from his position as company director after an insolvency service investigation found that he had failed to maintain and preserve adequate accounting records.

Kulasinghe furthermore failed to verify £274,346 of company expenditure. Likewise, Kulasinghe was found to have failed to verify whether a declared sum of £296,617 was a true representation of sales achieved by Pure Strategic Limited. Deliberate wrongdoing cannot be proved, but in the eyes of the law, it cannot be disproved.

Kulasinghe, whether an opportunist or simply someone that was out of his depth unfortunately faces the penalty of being unable to act as the director of any company for a period of 6 years. It doesn’t need to be repeated that proper records is an absolutely vital activity for directors, and neglecting these responsibilities can equate to the loss of a career.

That being said, being unsure of the intricacies behind managing your accounts isn’t anything to be ashamed of. There is help out there in the form of chartered accountants and tax advisors, whose job it is to allow you the security and peace of mind you need so you can continue with what you and your company find crucial, while they keep everything ticking along in the background.   

Eliminate Stress – Get a Good Insurance Policy


Since the recession that plagued 2005 and beyond, many of us have turned poor fortune into opportunity by turning the tides, taking advantage of the government’s help, resources and training in order to create our own businesses. The small business sector In the UK is gigantic, with many of us working for ourselves, while providing services to the community and as such, developing it in turn by providing much needed jobs to others and filling out abandoned shop fronts after big multinational developers have cut their losses and moved on.

In a way, our high streets feel like a brave new world (or perhaps towns shown in disaster films, set years on…) and jumping out there and starting a brand new business in the wake of global financial crisis may feel somewhat touch and go for quite a long time. However, help is always at hand.
Whether you’re a seasoned pro that’s a veteran of your business field, or a new business owner that feels quite overwhelmed at almost everything to do with the running of your business, uncertainty is universal. What happens, should something go wrong? What about fire, loss, theft, flooding, natural disaster, another financial crisis?

There is truly no need to worry. There are a number of services which are there to help new and old  business owners alike expand and grow, and business insurance manchester is one such service. Utterly essential, these are the companies that will pick your business up and dust it off should something terrible happen. They’ll ensure that your business, no matter what happens, can continue and they will do everything in their (always considerable) power to ensure that things will return to normal as soon as possible.

There are a gigantic number of providers around, but what entirely do you look for within one?

For many, they look for individual, custom policies which can be altered depending on what exactly their business needs, rather than a mean of everyone else’s. And we agree. Look for a business insurance provider that can offer you peace of mind, so you can get on with what’s important without any undue stress or concern. 

Friday, 7 October 2016

Making Tax Digital – Make Sure It’s Right

HMRC have been consulting on the digitalization of tax returns for quite a while now, and it’s findings have been somewhat disturbing for small businesses. The Making Tax Digital project has been much vaunted by the government since its establishment within mid 2015, and the project is well known to impose quarterly digital tax recording upon small and medium sized enterprises.  

This is mostly due to the fact that under the new system to provide taxation information online, mandatory quarterly digital tax reporting.

Without the aid of a chartered accountant in North Wales or beyond, this can be rather daunting for most small to medium sized businesses – especially given the fact that it has been reported that most businesses that do not benefit from the aid of an accountant and tax advisor service do not keep electronic accounts of detailed records.

A report by Lloyds Bank states that “1.4 million small businesses have no digital skills whatsoever” and HMRC has recently admitted that it had underestimated the impact of Making Tax Digital on small businesses which are included within this figure. Another issue is also the Government’s promise to allocate free software to assist with making the mandatory digital tax reports.

Making Tax Digital was introduced by the Government for the best of reasons, estimating overall cost savings for small businesses utilising what was touted as a simplified way to do tax in the region of £85m to £250m. But, it seems that it isn’t quite working out that way. HMRC has started to consult upon the service itself, and have suggested that as businesses become more computer literate within the long term, Making Tax Digital will indeed start to benefit them.


But for now, given all of the problems with Making Tax Digital as it stands, having a chartered accountant and/or Tax Advisor doing the sums and submitting reports for those less inclined with computers seems the safest option overall when it comes to complying with the Government’s demands.