Small Business Guides

Small Business

  • How to Calculate Gross Profit

    Understanding and monitoring your profit is essential to any business, helping to identify areas of growth, aiding decision-making, and contributing to business agility.

  • What is Fair Value Accounting?

    Fair value accounting is the practice of measuring and reporting your businesses assets and liabilities at their current market value.

  • What Is a Credit Note?

    Credit notes have an important role in the invoicing process, helping you correct any mistakes while ensuring your financial records remain accurate.

  • Eight Expense Management Tips for SMBs

    Managing expenses can be a challenge for smaller businesses, fortunately, it doesn't have to be this way, and a few simple tips can help save you time

  • What is a Proforma Invoice?

    A proforma invoice is essentially a provisional bill of sale. It is usually sent when a customer has committed to a purchase but before the final details have been confirmed. 

  • What is a Confirmation Statement?

    A confirmation statement ensures that Companies House has accurate and up-to-date information on a company. It must be filed by all limited companies and LLPs each year.

  • What is a General Ledger?

    ‘Keeping the books’ or ‘maintaining the ledger’ may be common phrases in financial circles, but what does it involve, what is a ledger, and why is it important to a business?

  • How to Calculate the Break-Even Point

    The break-even point is when a business's income is equal to its expenses. Follow our guide to work out how to use it.

  • What is Accounts Payable?

    When a business purchases goods or services on credit that need to be paid back in a short period of time, the accounting entry is known as Accounts Payable.

  • What You Need to Know if You Become an Employer

    Becoming an employer represents a huge milestone in the development of any business. But comes with it's own set of challenges, here what you need to know about becoming an employer

  • What is Cost of Goods Sold?

    Cost of goods sold (COGS) refers to the direct costs and expenses that go into producing goods sold. But how do you calculate it?

  • A Guide to Business Mileage and How to Claim

    With petrol prices at an all-time high, the cost of driving for business reasons can stack up but you can reduce your travel costs with HMRC's business mileage allowance.

  • Debit vs Credit Cards - How They're Used in Business

    What is best to use business debit or business credit cards? There are a number of benefits and drawbacks to using both depending on the situation

  • How to Calculate Gross Margin

    Gross Margin is a key financial metrics that can give you important insight into how efficient that business is and how well it’s performing. But how do you calculate it?

  • What is Cost Accounting?

    Cost accounting is the process of recording, analysing and reporting all of the costs related to the production of a product. But how can it help your business?

  • How to Calculate Net Sales

    Net sales are the total amount of revenue your business has after accounting for any sales returns, allowances and discounts

  • How to Avoid Cash Flow Problems

    Ensuring you have a healthy cash flow is key to being able to pay your costs and invest in your business, so what steps can you take to avoid cash flow concerns?

  • How to Control Your Credit as an SMB

    In order for your small business to grow, you'll likely need to secure credit at some point. Here's how to make the process as smooth as possible and maintain a good credit score.

  • When Does a Contractor Become an Employee?

    Discover how to avoid legal disputes and fines by understanding the difference between employees and contractors

  • How to Do Accounting for Small Businesses

    Running a small business can be overwhelming, but it's important to stay on top of your finances. Here's everything you need to know about accounting for small businesses.

  • How to Calculate Job Costing

    Discover how job costing can help accurately estimate expenses, manage employee scheduling and boost profitability, along with the four-step process.

  • How to Calculate Overhead Costs

    Learn the best methods for calculating and budgeting overhead costs, so your business can stay profitable! Find out how to easily track your expenses and plan for long-term success.