Are you OK for us to use cookies?

We use cookies, including those from our trusted partners, to enhance and personalise your browsing experience, as well as for analytics, security, and marketing purposes. Read our Cookie Policy.

Privacy Preference Center

When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer. More Information.

Manage Consent Preferences

Updating Preferences

Please wait whilst we update your preferences...

Compare The Best Accountancy Services Now

You could save yourself & your business £1000s

Which service are you most interested in?
 
Complete our short form. It only takes a minute
Our Partners
  • Brookson Group Ltd
  • Clever Accounts Limited
  • Contrast (Accrue) Accounting limited
  • SKS Business Services Limited
  • Unbiased Limited
Our Products
  • Business Accountancy
  • Business Epos Systems
  • Business Telephone Systems
  • Commercial Waste Collection
  • Digital Marketing
  • Fleet Tracking
  • Invoice Finance
  • Merchant Accounts
  • Website Design

April 2024 Newsletter: Your Round-Up of the Latest Business News

Price of Oil Turbulent Following Middle East Uncertainty 

Petrol prices across the UK hit an average of 150.1p a litre, the highest level since last November, according to the AA. Data also showed that average diesel prices rose as well, to 158.3p a litre on Monday.

 

Experts said the rise was because of tensions in the Middle East, as well as a weaker pound compared to the dollar.

 

A worsening conflict in the Middle East could, according to experts, disrupt oil supplies soon and send the cost of fuel and goods up across the world. This is because many countries, including the UK, get at least some of their oil from the Middle East, so a price rise could have a knock-on effect.  

 

Fuel and energy prices have seen major increases in the last year, and there are fears that the uncertainty in the Middle East will make them more volatile in the coming weeks, putting more financial pressure on struggling businesses. 

Rate of Inflation Continued to Drop

April saw inflation fall to its lowest level in two-and-a-half years, a drop that has been driven by slowing food price rises.

 

According to official figures, inflation, the rate at which prices rise, was 3.2% in the year to March, which was down slightly from 3.4% the previous month. 

 

The drop in inflation was spurred on by falling costs of items including meat, crumpets, chocolate and household items. However, the price of both petrol and diesel prices rose.

 

Remember, a low rate of inflation does not mean that prices are coming down. It just means that they are rising less quickly than they were. The actual price of things is still getting higher, and the cost of goods is still much higher than it was two years ago.

UK Economy Showing Early Signs of Growth

Official statistics showed the UK economy to have grown slightly in February, which fueled hopes the country is on its way out of recession.

 

The latest data, which comes from the Office for National Statistics, revealed that the economy grew by 0.1%. The slight rise was boosted by production and manufacturing in areas like the car industry, which has bounced back in recent weeks. 

 

This is an early estimate, but it does signal how the UK, which entered a recession at the end of 2023, is weathering the current global economic storm. 

 

Liz McKeown, director of economic statistics at the ONS, told the BBC that the economy grew as a whole in the three months to February, which is the first time it grew since last summer. This is good news for both businesses and their employees.

Compare The Best Accountancy Services Now

You could save yourself & your business £1000s

Which service are you most interested in?
 
Complete our short form. It only takes a minute
Our Partners
  • Brookson Group Ltd
  • Clever Accounts Limited
  • Contrast (Accrue) Accounting limited
  • SKS Business Services Limited
  • Unbiased Limited
Our Products
  • Business Accountancy
  • Business Epos Systems
  • Business Telephone Systems
  • Commercial Waste Collection
  • Digital Marketing
  • Fleet Tracking
  • Invoice Finance
  • Merchant Accounts
  • Website Design
What's Trending?
Read more about how to save your business money
Benefits of Outsourcing Your Accountancy

Outsourcing your accounting can offer numerous benefits for businesses of all sizes. It involves paying an external accounting firm that specialises in doing the accounting on behalf of businesses like yours.  This means that you don't have to hire an internal accountant as a permanent staff member. Small businesses on a tighter budget often find that outsourcing their accounting services can prove particularly helpful, as it saves money in the long run. Benefits of Using Outsourced AccountantsWhen compared to the cost of maintaining an in-house accounting team, outsourcing your accountancy can significantly reduce expenses within your business. You'll avoid the costs associated with hiring and training a permanent member of staff, you'll also save on the costs of office space, equipment, and software. The expertise provided by accounting firms is often difficult or expensive to find in-house, especially for smaller businesses. Additionally, the firm you choose can scale its resources up or down based on your business's needs. This ensures your business has access to support as and when it needs it. Outsourcing accounting tasks also relieves your business of the burden of managing payroll, handling invoices, preparing financial statements, and staying up-to-date with tax regulations. All of this is handled by the accounting firm you choose, so time is freed up and you and your staff can focus on other things. How to Choose an Accounting Firm for Your BusinessIf you do want to outsource your business's accountancy, there are a few things you should consider when choosing a firm. The firm should be able to make informed decisions on your behalf and be comfortable with the complexities of your specific industry.  Chiefly, you should be looking for security. One of the things that puts people off using an outsourced accountant is the security risk posed by providing an accountant with sensitive financial data. These concerns are justified; you should take data protection seriously as you need to do so to avoid problems within your business. This is why using an accounting firm with a proven record of good security is important.  If you're looking for an external accountant to save money on hiring a full-time member of staff, then the cost of the accountant you use will be a factor in your decision-making. Take time to understand what your business needs and make your decision carefully. Outsource Your Accounts TodayOutsourcing can save a lot of time and resources for your business and also offer an easy way of relieving the strain that bookkeeping can put on smaller businesses. As a result, many businesses opt for outsourcing.  Picking the right accountant for you might seem difficult, but it doesn't have to be. Answer the question below, then a few more quick questions about your business, and you'll get a range of free quotes tailored to your specific business needs.

The Different Types of Accounting

What is Financial Accounting?The purpose of financial accounting, also known as bookkeeping, is to track, record, and report on financial transactions by generating financial statements. These statements are then used to determine several things, like how your business is doing, how it's likely to do in the future, and how much tax it should be paying.  Financial accounting provides an accurate look at business performance over a specified period and is often provided to outside stakeholders such as investors and financial institutions.The Importance of Good BookkeepingGood bookkeeping isn't just about numbers and taxes; it's the bedrock of a healthy financial life. Imagine your finances as a house - strong, organised bookkeeping lays the foundation, ensuring everything runs smoothly. Bad bookkeeping means your business could stumble upon unexpected tax bills, struggle to make crucial decisions, or lose financial certainty.  Good bookkeeping equips you with the power to make informed choices, plan for the future, and weather any financial storm your business may be forced to encounter. Remember to consider the importance of good bookkeeping; it's the key to building a solid financial future.What Are the Different Types of Accounting?There are several types of financial accounting, each with a different purpose. Business valuation accounting, for example, aims to gain an understanding of how much a business is worth, while tax accounting helps businesses determine how much tax they owe.  Financial accounting ensures transparency and accuracy in reporting your company's financial health. A financial report should paint a clear picture of your business's financial performance from the balance sheet to the income statement. Though most types of financial accounting concern the past performance of your business, it can sometimes be used to make predictions. Management accounting revolves around using financial data to inform strategic decisions within a company; analysing costs, performance, and budgets to help your organisation use its resources most effectively. Similarly, cost accounting delves into the granular details of expenses, analysing the costs associated with the products and services you provide.  

Five Benefits of Business Accounting

What Is an Outsourced Accounting Service?They're accounting firms that specialise in providing accounting services to businesses. This means that you don't have to hire an internal accountant as a permanent staff member, or even worse, do it yourself.  Due to this, smaller businesses that are on a tighter budget may find outsourcing their accounting services particularly helpful. Read on to learn everything you need to know about having your accounting tasks outsourced and how it can benefit your business in numerous different ways. Five Benefits of Using External Business Accountants1. Save Time and Improve Efficiency  On average, small business owners spend 10 hours per month on bookkeeping. This is wasted time that could be spent focusing on improving other areas of your business.  2. Save moneyOutsourcing your accounts is far more cost-effective than hiring a full-time member of staff, as you're not paying a salary, sick leave, holiday pay, or any other benefits your business may offer.  3. Avoid HMRC Penalties If you submit your VAT returns via paper without authorisation, HMRC will fine you £400.  This is just one of many baffling fines that you could end up paying if you don't truly understand how to navigate HMRC.  4. Record Keeping It doesn't matter if you're a limited company or a sole trader; you need to keep your financial records for at least six years if you're a limited company and five years if you're a sole trader. Failing to do so could result in a £3000 HMRC fine and being disqualified as a company director.Keeping track of and properly storing these documents can be a time-consuming task that is easily avoidable by using external accountants.  5. Expert Skill SetWith their years of experience, accountants can help with other areas of your business, such as financial strategy and relationship building with banks and solicitors. They will also often have access to specialised accounting software, which will help eliminate any risk of human error.