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?