Uncategorized

Every business needs to know and understand successful accounting principles. Business accounting represents the intelligent and logical transactions and resources of a company. You need to be aware of some important accounting tips to help new companies.

Here are some recommendations that are linked to this fundamental discipline for the company.

1) The accounting is the main tool for the control of management. Keep hold of all accounting records for the company business. It aims to be a true reflection of the reality of a company.2) You can not do business if the basics of accounting are not known. Large corporate losses are caused by accounting distortions.3) Accounting is directly linked to the business; it reflects the business. It isn`t all just about numbers, though they need to be very well kept. Numbers must corroborate with that of the marketing strategies and tactics.4) No indiscretions on the accounting numbers. If accounting is the basis for the reality of their business and control its management, any falsehoods will lead to wrong decisions. Financial institutions are specialists in measuring risk and targeting unrealistic figures.5) It should avoid crossings with the accounting subsidies between companies of the same group and/or shareholders. Loans to shareholders should be very limited and carefully followed. It is vital that the shareholder is disciplined and "takes care of" your company, whilst avoiding mixing the petty cash in your own pocket. This is key to successful long-term.6) The accounts must be evaluated over time and by the industry. Compare data over several years and this will identify positive and negative trends of the business and print a dynamic assessment.Finally, keep in mind that the structure of industrial accounting is very different to that of a company, for example, in retail sales or services. For this reason, it is good to compare the financial statements of companies in the same sector and who are leading companies as well.Speak to our business accountant today, they specialise in small and new business start ups.

Follow these tips to keep records of your business:

• Do not complicate things. The simpler your records are, the less likely you are to make mistakes. It also decreases the time it takes to update your data.
• Update your data frequently. Be sure to update your records regularly so you will not miss anything.
• Do not forget the details. Include specific details about your business. It is important to keep track of all your business operations, even for small businesses.

Include the following in your system for keeping records of your business:

• A business checking account to keep track of your business transactions.
• Your monthly income or how much you earn each month.
• Your monthly expenses. Record how you spend money every month.
• The inventory. It's important to keep a record with the value of stock, including all products and supplies.
• Keep tabs on your assets (depreciation schedule). Over time, your assets will be depreciated. You must keep track of changes in value.
• Control of income (income statement). This will help you calculate your gain or loss for a specified period. Learn how to prepare statements.
• Cash flow. Keep track of the ins and outs of cash to manage their finances.
• Balance sheet. This is important to calculate the net worth of your company.

Locate personal information in your business by talking to the sales staff, human resources, accounting and external service providers. This way you can get a complete overview. Each type of information has different types of risks.Pay particular attention to records of personally identifiable information: Security numbers, credit card information and general financial and other sensitive data. These are most commonly used by thieves to commit fraud or identity theft incurring data.If you found this blog helpful you can read more business tips and advice articles in our help section.

When talking about economic issues, one of the main problems in small businesses is financial planning. Knowing how to properly manage your resources and prepare for an emergency fund through hard times is key. It happens with many companies, when they start to go well forget to plan and lose sight of the risks encountered, especially in times like these when the economy is so volatile.

Here are some recommendations to make good use of your resources.

1 - Stick to a plan. Whenever you need to have a budget of income and expenses (outflows) for your business, it`s important to stick to your financial decisions. Inflation and exchange rate are indicators that will help to project clearly how your money is moving.2 - Know your territory. A good way to gain more knowledge on how to better manage money is to analyse some data on the sector in which you operate. Find out how much your sales activity decreased in the past and what the worst months were?3 - Clear accounts. Keep a daily record of your income and expenses. That flow of inputs and outputs is the basis for creating your strategy for administration. It allows you to plan your payments and, in turn, define your balance, i.e. what are the immediate debts and how much capital you have available to pay them off.However, there are other ideas that you can consider to multiply your resources, as long as you have made an assessment of what it means to start growing your business with a loan:- If it is a high-tech company you can turn to venture capital or angel investors.- If you have had a loan on microfinance, then there is the alternative of returning it to them, ensuring that the new line of business represents good yields.Your Virtual Office London can help your new business take off. We provide a range of services for the start up entrepreneur, from a mail forwarding address and telephone answering through to company formations services including a central office location and company incorporation. Our services and products have been designed to give you an edge of the competition.We understand when starting a new venture keeping overheads to a minimum is crucial if you are to really give success a good shot; that is why all Your Virtual Office London products have been made exceptionally affordable without lacking quality. We are proud of our service and have been helping thousands of businesses progress to become successful organisations.

It is a somewhat chastening fact that when you begin to realise how difficult it is to own a business, you must focus not only on the core business of the company but also towards those the financial rules.For most people, the word accounting can generate fear or concern and this feeling is probably stronger in the case of young entrepreneurs. Bad accounting in the short term cannot affect your business and you can, in time, correct the flaws. However, in the long run, you can risk being audited and lose control of the company, which would potentially result in large losses of money.According to Entrepreneur Magazine, to prevent this from happening, there are three unspoken rules to take better control of your new business` finances and accounting:

Start on the right foot:

In the same way you check your emails every day or do an inventory every week, start the same habits in the accounting of your business. Set yourself up notices or memos on a calendar monthly, or at least once a month, the frequency will depend on you. This way, the routine will become engrained and the finances will remain stable at all times.

Learn the accounting language:

Sometimes the biggest obstacle is the accounting terminology. This is because when we hear words like chart of accounts, more passive, active workbook; it`s easy to not understand completely. In these cases it is advisable to take some time to understand accounting basics and for this, the internet can be a very useful tool.

Rate good advice:

The chances are, if you spend a lot of time trying to find an error in your accounting, you will eventually find the solution. The reality is though, that you have a business to run and there is a degree of urgency about the declaration of taxes you must do both monthly and annually. There`s no need to worry though, there are many resources out there to help, such as those at Capital Office.Ultimately, the business of accounting is not as scary as you might think and can be more fun than it sounds. After all, it is what allows us to see the growth of our business.

Your Virtual Office London

If are thinking about starting a business, or if you have already taken the leap from idea to reality why don't you speak to an accountant? We have qualified accountants who are experienced in working with small and start up business. They are happy to help explain the requirements needed when you start a business, information is power and we can help get your business functioning correctly for a long and prosperous future.

The BCC has upgraded the UK's growth forecast. A strong labour market in the UK has helped increase the growth prediction of the UK`s GDP.The economy is expected to grow faster than expected according to the British Chambers of Commerce (BCC). It was originally forecasted to grow 3.1% and now it has been upgraded to 3.2%.However the BCC has also expected lower UK exports which could ultimately effect long term growth.Exports are key for a more stable economy, at the moment the UK relies heavily on consumer spending for growth. Strong international trade growth is going to be an important key factor if the UK is to continue with the economic growth.The Bank of England has upgraded its growth forecast from 3.4% to 3.5%.If you enjoyed this informative economy article you can find more insightful posts in our economy blog archive.

Here are the three important stages of starting a new business:

Business Purpose

One of the initial steps to creating a new business is the business purpose. The owner should write a bit about the dream they have, for example maybe they want to start a business selling clothing for children from newborn to eight, etc. They should further describe here all they want for their business.

Type of Business

The second point to develop is the type of business, where there is added more detailed information about the business, including:

• The name you want to use
• The products or services that you offer
• The experience and knowledge you have regarding this type of business
• The trends of the industry in general
• Opportunities and threats for these businesses

Some of these issues can be answered for yourself and others should be investigated, perhaps through the Internet, library or media, chambers of commerce, associations and publications, preferably related to your type of business or industry. Once investigated and analysed, these points should give a good idea of the overall situation of your business within the economic, social and political environment.

Initial Idea

Every business plan is built around an idea that arises from the detection of a business opportunity. The emergence of the idea to start a business varies depending on the circumstances of each person / people. There are many factors that can lead a person to favour a particular business. In general, the factors that determine the choice of the idea are:Repeating others' experiences – this reflects new businesses, which frequently occurs in times of economic expansion.New business opportunities in freshly supplied markets, creating new or high growth rate.Technical knowledge about markets, sectors or businesses.An entrepreneur who has been employee or officer of another business that seeks independence.When an innovative product becomes known that is estimated to generate a successful market.When it comes to business or activities of low complexity that allow any person to become self-employed in such an activity.

How can Your Virtual Office London help?

Your Virtual Office London are leading experts in company formation and virtual office services. Small businesses and new start ups can greatly benefit from a virtual office service, our service enables a start up to appear more established through use of a prestigious mail forwarding address, a telephone answering service and a registered office address. Using these services can really help maximise your new business potential for succeeding, it is a well known fact that many businesses fail in the first year. Our service is designed to give your business the best possible chance of survival.Your Virtual Office London can also assist in forming a company, if you have started a business you may have become a sole trader however there may be tax advantages of becoming a Limited Company. If you would like to discuss this or any other points raised in the informative article please do get in touch with our expert team. We are always happy to help no matter how small or complex the question.

The BGF (Business Growth Fund) has invested heavily into the sustainable energy producer and install Ecovision. The BGF backed Ecovision with over £3.6 million worth of funding.Ecovision is an installer of heat pumps, biomass boilers and solar panels. Founded in 2005 Ecovision has become one of the UK`s leading sustainable energy installers. The company has installed over 5,000 systems across the UK and it is now predicted to increase revenue to over £20 million in the current year.In May this year, Ecovision sold its Photovoltaic system to the well known insurer Aviva, which gave an excellent return for its investors.It has since decided to increase its interest in Hassle Free Boilers, this is an eco-friendly boiler which can greatly reduce energy costs with savings of over £300 per year. The advantage of the hassle free boiler is that there are no upfront costs, the consumer pays on a monthly basis for the service and maintenance.The BGF`s funding is designed to increase the scope and range of the services, helping the company to rely on increased contract revenues. There are also plans to increase the businesses Air Source Heat Pumps, which are designed to replace the energy from usual household heaters.Ecovision was founded by Peter Randall; Peter was one of the founders of Telco-ISP, which sold for $250m before the company merged with Tiscali. Peter said he is delighted to be working with the BGF who are providing the company with much needed with growth capital and access to expert networks.If you are thinking of forming a company Your Virtual Office London can help get your business up and running. We provide business start-up services, from company formation to mail forwarding addresses, whatever your need get in touch with us today.

When it comes to a new company forming, everything points towards a realistic and well thought out business plan. However, there is another factors that should have your more attention, such as knowing who your customers are.This is because all your services and products offered need to be placed into context with who and where there is a need in the market for them. After all, those who need and can purchase the products or services that you offer are our potential customers. Without these customers (market) your business literally can not exist: it is they who will give life and movement to your company; they who with their purchases will give you the financial support to pay rent, salaries, expenses and something extra which will be your utility (gain).For these reasons you must be careful and respect your customers to continue purchasing products or services. It is also very important to know who they are, where they are, what they do, why they need these services or products, etc., because without this knowledge you cannot be efficient in your processes and marketing plans.Now, you will wonder how you will get to know your clients if you`ve not yet start your company. The truth is, that it is a little difficult, but if you want to succeed in your new business, you`ll will have to investigate and try to know your market before starting your business. For example, if you wanted to start a bakery, you would want to know what the expected consumption would be and who the potential customers are. Therefore, visit all the supermarkets in the area, talk to employees, owners, and customers about their thoughts on the produce, the quality, prices and sales volume.You may not always get the required information, but by applying a little common sense, you could project the possible sales during the year. Also, market research and checking out the competition can serve to create a list of prospects.Another tool you can use is information and statistics regarding market trends for your business. These can be found on the Internet, the census in libraries, publications at chambers of commerce, and especially in publications of associations and journals in the industry you choose.If you found this blog helpful you can read more interesting and insightful articles within our business blog.

The UK's service sector has slowed in the last quarter leading up to August. The growth is the slowest in one year, however there is optimism from service provider firms. More companies are now upbeat about growth and the economy as a whole.More firms are also looking to take on employees as a result of the increased optimism. Also further to the optimism many businesses in the service sector, which includes bars, leisure companies and bars are looking to invest in more hardware such as vehicles and equipment.The service sector slowing is an early indication of how the economy as a whole will slow in the second half of the current year.The number of people employed in the service sector has reached its highest peak for over 7 years. However there is now a concern for a lack of skilled workers and professionals needed to meet the demands of a growing service sector.

Why use our Virtual Office services?

Your Virtual Office London can help your service business really take off. We provide professional services within the services sector. Our services are designed to help small and start-up businesses; we provide support for many companies who are often just starting up within the service sector.Our virtual office service combines a mail forwarding address in London, telephone answering service and registered office address. It can help improve the image of your business, which can in turn increase sign ups and sales. Whatever industry you work in please get in contact with our expert team who will be happy to discuss your individual requirements.Expectations for employment growth in the next quarter reached a record high. However, a shortage of professional and clerical staff is expected to act as a brake on growth.

Here we have listed the two key areas of a new start up business:

Location of your Business

If you think putting a retail business or service where your customers have to come to your premises, then this point of location becomes paramount and you should ask questions like:

• What businesses to rent will be close?
• What is the pedestrian and automobile traffic like?
• Is there enough parking?
• Are there are any restrictions or incentive by the city for that area?
• What future developments are expected in that place?
• What about competition in that place?

An important point to emphasise, is that before you sign any contract to purchase or rent a room, you should check with local authorities in that city if there are any restrictions for your business in that specific location. Sometimes, even if you are acquiring an existing business with all equipment installed and running, when they ask for your business license, it is denied, as the city has changed its development plans and no longer wants that kind of business there. So it is very important to research first to avoid problems in the future.

Your business competition

As mentioned in the previous part, competition can be a source of information to determine the size of the market. You should study it and follow it closely, because it will serve you to know your strengths and weaknesses relative to the competition. This will help win a competitive advantage that differentiates you from them and plan your promotions and advertising.How can you go about investigating the competition to learn from them though? There are several techniques that can be employed: You may review their ads on TV, radio, newspapers, flyers, directories, the Internet, etc. You can go about their business and talk to their employees. You can also ask their customers or send someone to buy or purchase their services; and sometimes, through chambers of commerce, associations or journals you can get information.After this analysis, you should have enough information to know where they are located, size of their business, product lines or services, prices, number of employees , marketing media they use and get an idea of how much they invest in advertising and promotions, and know who their key suppliers are, etc. This will help your own business hugely in the long run.

Why use Your Virtual Office London?

Your Virtual Office London can help your new start up business. We provide a wide range of services aimed at supporting new start up companies. One service we provide is very popular, our mail forwarding service in London is an excellent way of obtaining a prestigious London image without having to use too much precious capital on actual physical property.