Archive for

Small Business Accountants: Top Services Available

Whether you are a small business or start-up business owner one of the main worries you will no doubt face is taking care of those finances and managing the costs as best as possible. On top of running your business, managing employees, ensuring optimum results and planning for growth; as a business owner you must keep your finances in the best state possible in order to ensure that your organisation strives.

Dealing with a growing business is a lot for anyone to contend with which is why when it comes to finances, dealing with the specialist advice and support of an accountant can help. The right accountant can not only ensure that your finances stay in prime condition but help you save money and allow you the freedom to concentrate on the things that matter.

For many small business and start-up business owners however, there is often a major drawback. In an attempt to manage costs, the seemingly excessive fees of an accountant can be considered unnecessary. However there are many accountants out there who not only work on a fixed fee basis but offer a range of vital services that can give your business the fighting chance it deserves.

Below I have listed a few of the services the right accountant can offer, in an effort to keep your business in the best condition…

  • Bookkeeping- Bookkeeping is the task of recording all financial records and is a legal obligation that all businesses must comply with. An accountant can help maintain accurate and detailed records of all incoming and outgoing expenditure, records of accounts, records of cash expenses and details of business expenses.
  • Year End Accounts- Year End is a daunting prospect that all businesses must deal with however with the right accountant you can finalize your Year End accurately, review your company performance and financial forecasts and ensure that all accounts, business and personal tax returns are filed on time.
  • VAT Returns- One of the most complex issues any business owner will have to face is the VAT return however an experienced small business accountant can normally deal with the majority of the process, freeing you from the hassle. Accountants will often work with you to ensure you are registered, your return is accurately complete and submitted on time and any possible future reductions are planned for.
  • Payroll- Whether a small or start-up business, you will naturally have employees that will need to be paid. An accountant with payroll experience can keep on top of employee salaries, ensure all tax and national insurance deductions are made, ensure that PAYE submissions are made to HMRC on time and students loans, sick pay and maternity cover is accounted for.

The above are just a few of the services that the right accountant can offer. With the right fee and the right experience, allowing an accountant to deal with the above issues amongst others can provide you with the ease and security of knowing your finances are in the best possible hands and even save you time and money.

Whatever your views on cost saving; putting your business in the hands of a professional accountants could be one of the best investments you make.

Why Do Business in Emerging Markets?

It is no question that we live in a connected world, especially in business. With all the technological advances that have been introduced over the years, there are many opportunities to take advantage of. When I first launched my online payment processor, I recognized a niche that had a lot of potential. I saw that online payments take advantage of the technological resources available to us and find the best ways to utilize them. No matter what niche you are in, as an entrepreneur, your focus needs to be on where to take your business next. As you continue on your business venture, you will learn new things about your industry, and capitalize on its developments to progress.

I put a lot of my efforts into remaining innovative. As society and everything in it evolves, thinking critically is imperative to remaining competitive. When you think about your business and what you want for it, you have a certain idea and path you want to take, but with any industry, it is important to think outside the box. You first launch your business with a target market, for example, but as your business continues to thrive and gain success, you can see it begin to reach new niches and markets, and when this happens, you must be ready to seize the opportunity. You should always be asking yourself where can I take my company next?

We are so dependent on the markets that directly involve our company that we sometimes forget that there is a whole other world outside of the one we’ve created for our business; there are so many market segments to be explored. Due to this, I strongly urge doing business in emerging markets because, not only can they be lucrative to your company, but they also open up an array of other possibilities.

Full of Opportunity

While working in the online payments industry, I saw an opportunity to tap into an emerging markets, the market of Bangladesh. There are some countries in the world that are not on the same level as others, technologically speaking. Bangladesh is one of those countries. It is a market that is just as smart as our, and has a lot of the same needs as we do, but it lacks the economic advantages and the infrastructure needed to provide the services and products that the online payments market sees on a regular basis. But for all these reasons – reasons that others would conclude to be a poor prospect – I saw potential.

This was an opportunity to help an underdeveloped country meet its potential. Launching business in emerging markets opened up a variety of opportunities. For instance, emerging markets inspire innovative solutions that would otherwise not be looked for in first-world markets. By looking at the world from their perspective, it will allow you to look outside of the box. Emerging markets force you to work on a different level, and this will help to spark creativity for your business anew. I would argue that the opportunities are endless when you step out of your comfort zone. Your business can only expand if you help a new market, niche or customer segment to do the same. As an entrepreneur, emerging markets allow you to experience growth on another plain.

Competitive Advantage

As business owners, our goal is to create a successful, thriving business. We enjoy having the security of moving our business into markets that will help us grow it and obtain new goals. However, many entrepreneurs, young and old alike, fail to realize that emerging markets help us achieve this. Sure, they may be in unfamiliar territories to some, and there is risk involve, but the reward to this risk can be incredibly advantageous (and there is no such thing as a risk-free business venture anyways). In actuality, doing business in emerging markets gives you a competitive advantage. These are markets without resources, not income; they are willing to spend and, with their high demand and low supply, by providing needed products and services, this is an opportunity that can be very lucrative to your company.

Doing business in emerging markets is something to consider seriously. As entrepreneurs, we are constantly looking for ways to expand, as well as learn. Emerging markets give you and your business the ability to do just that.

Choosing Between Online Business Travel and Operating a Store

Probably unknown to many Internet users, the assertion on which is a better earning opportunity between travel agencies and online stores is an enduring debate in the business industry. People are having difficulty deciding if they will engage in the industry of online business travel or if they will put up their own ventures. You may be among those who are in limbo at the moment so you are questioning which online business opportunity is right for you. Then, you may want to check the advantages and disadvantages of each field before you decide.

On one hand, if you choose to run an online store, an advantage is that you get to select what kind of product you will sell. For example, if you are more knowledgeable in selling clothes and accessories, then you can focus on fashion pieces. Or if you are more interested in gadgets, you can engage in selling such items. Meaning, you can just about choose whatever line of products or services you will be offering based on what you know or are interested in.

Consequently, you will also have an advantage in terms of making decisions for the business. If you are already knowledgeable in the type of products or services you offer, you will be able to connect better with your target market. Also, you would easily identify with the changing trends within the industry. This will enable you to equip your business enough for the competition you will be facing from the other online stores offering the same line of products as you do.

However, online stores are not always reliable in the aspect of sustainability. Everything is dependent on the availability of supplies, rate of consumer demand, and level of industrial competition. If you put up an online store, you really have to research well on the feasibility of your product. This will let you know how long your business can stay operational and under what kind of economy. But you have to be prepared because whatever store you put up may be subject to the changing of economic times. Worse, if your business will not be able to hold against adversaries, you risk closing down whether or not you have fully regained your investment.

On the other hand, if you opt to get into the online business travel industry, you will be facing several other choices. You can put up your own travel agency or you can franchise from an already operational business. This means that if you have a tight budget and would not be able to afford the expenses that starting a business from scratch entails, then you still will have another option. While the same can be said about online stores, travel agencies are known to be more affordable in terms of start-up costs because they have less operational requirements.

Aside from that, travel agencies are now included among the list of recession-proof businesses on account of the fact that people always find a reason to go on a trip. Countries are opening up their territories to foreign travellers so they can be more globally competitive. Hence, putting up a travel agency or franchising one will enable you to operate on a longer span of time. The target market is also fairly larger than the usual so you can be sure to find your niche in the vast travel industry.

However, you must be sure that you are knowledgeable in the process of travel arrangements. You should remember that these arrangements have legal implications because of the immigration laws that you have to follow per country. Therefore, you have to be extra careful in providing services to your clients so they will not be faced with unnecessary trouble.

Choosing whether to get into the online business travel industry or to become an owner of your own store can indeed be difficult. There are several pros and cons to each option. You have to really assess yourself, as well as your available resources, to know which of the two will make a good business venture for you. Of course, you have to make sure that you are choosing the right opportunity unless you want your investment to yield nothing. Hence, always research well and ask the right questions before deciding.