Covid-19 has hit many businesses hard. Many of us are working long hours to keep solvent: others are failing through no fault of their own, whilst a few are flying. The reason is simple: As a nation, we were not spending during lockdown. This means limited or non existent cash flow for impacted businesses.
Continue readingTag Archives: business
Five Reasons Why You Should Be Networking For Your Business
Networking events help local businesses make connections. If you want to achieve business growth, then networking amongst local business people will be a valuable contribution to your success.
At HB Accountants we organise and host networking events, as well as attending local groups. Are looking forward to getting back to face to face networking? We certainly are… our popular Networking Lunch, which we run to enable local business women to meet and do business, will be back soon. We are proud to assist Love Hoddesdon BID with their monthly Networking Breakfast too (again soon to start up post lockdown). We are also proud to organise a dedicated networking session for young professionals called SNAP Networking.
Continue readingWhat does the ‘Roadmap to Recovery’ announced by Boris Johnson mean for my business?
The Prime Minister has announced the Government’s roadmap to reopening the economy entitled Covid-19 Response – Spring 2021. A copy of the full guidance is here
It introduced a 4 stage plan for reopening the economy starting on Monday 8th March with the reopening of schools and colleges. Then subsequent stages will follow at 5 week intervals provided the following four conditions are met at each stage before proceeding to the next one:
Continue readingNew one-off Lockdown grant just announced (on top of the discretionary grant funding for Local Authorities & Local Restriction Support Grants & Furlough) – could be worth up to £9k
Businesses in the retail, hospitality and leisure sectors are to receive a one-off Lockdown grant on top of grants already being paid out. This is in addition to the discretionary grant funding for Local Authorities & Local Restriction Support Grants & extension to Furlough.
Continue readingWhat happens when you change accountants?
Many businesses and individuals change accountants. Maybe your needs have changed as you’ve grown and you want to work with an accountant offering multiple services. Or maybe working with an accountant based nearer to your offices will give you the benefit of a more personal service? Whatever the reason, once you know what you need, you can begin the search for a new partner. But what happens when you find the accountancy practice that’s right for you? And what do you do next? Here’s the answer.
Continue readingShout out to Payroll!
It was estimated earlier this year that £4.46 billion* would be collected through income tax and National Insurance (pre-Covid, of course!). Payroll is integral to the workings of your business and the country. Last week was nominated National Payroll Week, and we’re giving a big shout out to all payroll managers, especially to our own, very special Payroll Jane.
*https://obr.uk/efo/economic-and-fiscal-outlook-march-2020
How can payroll help keep your employees happy & save your business money
Were you aware that payroll can play a strategic role in saving your business money? And it always helps you create happy and motivated employees. Yes, payroll. Many people are unaware that the payroll function is far greater than pushing a button to pay salaries or send information to HMRC: it also processes a whole host of very useful data and it supports your team.
Paying your employees on time and correctly is so important as it shows them that you value all that they do for you. There are a whole range of benefits that you can offer your team – from cycle-to-work schemes, salary sacrifice and eye test cover – most of which are monitored by HR and payroll, that will add to your employee proposition. When your payroll is managed by qualified professionals – either in-house or outsourced to experts – you can be assured that your most important assets are being paid correctly on time and you are complying with all relevant regulations.
How can payroll help with compliance in your business
Payroll also helps by ensuring compliance and managing reporting – so by including these as objectives and measuring their success within this department, you can carefully manage another important aspect of your business.
Strategically, your payroll can also help with strategic planning. Salaries and expenses are likely to be the largest combined costs faced by your business. They show leaders very quickly where their budget is being spent and understand how much money they have to invest in other areas. This is particularly important for companies with multiple departments or where employees are scattered across the country or even the world, operating in different time zones and subject to different tax regimes.
From happier employees who can enjoy a range of benefits that boost morale – to unique insights into your business expenditure that can be used as part of your strategic decision making, payroll clearly has a very important role to play in your business and it may be worth taking another look at what is currently in place.
Payroll: tax & legislative requirements
If payroll fills you with dread due to the ever-changing tax and legislative requirements, consider outsourcing your payroll for considerable cost savings, efficiency and enjoy happy loyal employees. It allows you to concentrate on your business without this additional administrative burden.
HB Accountants’ very own Payroll Manager Jane could be the answer to your problems – do get in touch to see how we can work with you – directors@hbaccountants.co.uk
Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.
Visit our COVID19 Business Hub for more information
For financial and accounting guidance and support, please contact Keith or Karen. We’re still working hard to help you make the right decisions.
Or call 01992 444466 or email directors@hbaccountants.co.uk for help. We look forward to hearing from you.
Latest Blogs from HB Accountants
- The benefits of cloud-based accounting systems for SMEs
- Furlough (CJRS) is changing – Dates for Your Diary
- JUST ONE REASON – The Power of Professional Relationships
- Quarantine Team Members – Know the Facts
- Grants available for SMEs impacted by Covid pandemic
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
How payroll can strategically boost business and help employees save money
It was estimated earlier this year that £4.46 billion* would be collected through income tax and National Insurance (pre-Covid, of course!). Payroll is integral to the workings of your business and the country. This week has been nominated National Payroll Week, and we’re giving a big shout out to all payroll managers, especially our own, very special, Payroll Jane. *https://obr.uk/efo/economic-and-fiscal-outlook-march-2020
Continue readingThe benefits of cloud-based accounting systems for SMEs
A cloud-based accounting system is a package of software that you purchase the right to use but it is stored off-site on a remote server – the cloud – rather than on your desktop. It’s cost-effective, can be simple to use, is secure, and provides all the relevant financial information you need at a click of a button. It has been said that small and medium-sized businesses are the biggest beneficiaries of cloud accounting for all of these reasons but cloud computing is not for every business. If you have minimal transactions, for example, or you are the type of person that just isn’t tech savvy, then we would strongly recommend retaining your manual spreadsheet as it is possible to get in an accounting pickle. However, if you’re a SME with manually intensive bookkeeping requirements, you can gain real benefits from implementing a cloud accounting system. Here are a few.
Continue readingGrants available for SMEs impacted by Covid pandemic
Great news for SMEs that need some financial help after the recent (and ongoing) business disruption caused by the pandemic. Grants, launching today, are available for between £1,000 – £5,000 to be used to access new technology and other equipment, as well as professional, legal, or financial advice to help get back on track.
Continue readingWhat have businesses learned from Covid19?
This is the question we were discussing in the office recently. What have we learned from Covid19? Apart from the realisation that a tiny virus – about 0.12 microns in size – can cause extreme distress to the population and the economy, we’ve also learned a lot about how we as a business can deal with uncertainty. From flexible working to virtual networking – this is what we’ve learned from living and working with Covid19.
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