Neither. Despite these both being well-known packages, there is a revolution going on in small business accounting. So much so, that I am predicting the end of bookkeeping as we know it within three to five years.
Read full article »Annual financial accounts are only really ever needed by third parties - the bank, potentially customers and suppliers and usually the tax office. Other than that, they are often completed so far after the end of the period to which they relate, that their usefulness as a tool for running a business is close to nil.
Read full article »Over the past few issues of Connect, I have highlighted different strategies for growing business organically; but I recognise that this is extremely challenging in the present economic climate. I have not yet asked whether buying a business, or merging with someone else, could generate efficiencies and improve profitability.
Read full article »Why do small businesses frequently fail to deliver growth or profit as expected, when hardworking, intelligent owners dedicate all hours to deliver the best possible service or products?
Read full article »Last month I described the relationship between profit, price and sales volumes and suggested that reducing prices to gain market share was a more risky strategy than putting prices up and differentiating your service in the current climate.
Read full article »When there is less business about, sales volumes are lower, and there is a general tendency to decrease prices to win business and revenue, business owners often focus on cost cutting.
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