As an accountant I often get asked whether it is best to incorporate. Although the advice varies, Ashored explains some of the generic considerations.

Both profit and cashflow are important for a healthy growing business but they are not the same thing.  Just because a business is profitable it doesn't mean that there is sufficient cash in order to sustain itself. It is important to understand and monitor both in order to run a successful business.  

So what are the differences?

Profit

Generally speaking this is the difference between your sales and expenses.  Not all expenses effect profit though, it is only those that are directly related to your trading activity that impact upon your profit.  

Expenses that effect the profit of the business include purchases of materials, staff and premises...

Not only will they allow you to create and send invoices on the go but they also allow you to track your finances and record your business expenses. With so many bookkeeping apps around though it can be difficult to decide which is best for. To help you, Ashored has put together a list of our top 3 mobile bookkeeping apps breaking each of them down into overall experience, mobile capabilities and pricing.

When going self employed it can feel like there are a mountain of things to consider. See Ashored Bookkeeping and Accountancy's simple guide to getting started.

Becca's knowledge and attention to detail have been instrumental in supporting us during this busy period. She provides a professional service always completing tasks ahead of our expectations, she is always cheerful and willing to assist with any task.

Setting up a new business is not only time consuming but can also be expensive so it is important to know what pre-trading expenses you can claim.

With ongoing advances in technology, the cloud has become increasingly popular to businesses in a number of ways.  It provides a safe and secure platform for businesses to manage and store their data whilst also providing opportunities for scalability.

The cloud is tremendously important to modern day businesses and many are now turning to the cloud for their financial reporting because of the following benefits involved:

1.  Convenience and versatility

You can connect to the cloud anytime from anywhere. 

The ease of access allows for greater functionality and allows businesses to operate on a larger scale.  Data can be accessed on any device from any lo...

QuickBooks Online is the number 1 accounting solution for small businesses worldwide. Here are the 5 reasons why Ashored loves QuickBooks Online

The Government plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs through the introduction of a new reporting system called Making Tax Digital. Making Tax Digital shall mean a significant change in the reporting of information to HMRC. Although full details on how the system shall be implemented are still to be decided Ashored believes that there are key benefits of the Making Tax Digital system.

With the help of Ebay, Amazon and an increase in online shopping more businesses are selling overseas however you need to be aware of the tax considerations.