Presents...

Managing Accounting & Bookkeeping Top 5 Tips

Online Business Startup, in conjunction with The Coconut Group, presents..

Tip #1

Total net Corporation Tax receipts in 2014-15 were £43.0 billion. This is an increase of 7% from £40.3 billion in 2013-14. Source: (www.gov.uk, 2015)

Find A Good Accountant

A good accountant will:

• Save you money because they know the tax system inside out

• Save you time which you can spend focusing on other areas of the business

Tip #1

Tip #2 Understand The Basics Of Accounting

Understand the difference between your gross profit, net profit and your turnover

Revenue = Total Income

Gross Profit =Revenue

- Direct Costs

Overheads =Day to day

costs

Net Profit =Revenue

- Direct Costs- Overheads

Users are finding the new method of cloud accounting safer, easier and clearer for both accountants and clients in practice:

Source: http://www.cloudbookkeeper.co.uk/cloud-bookkeeping-growth/

Benefits of using Cloud Tools:• Access anywhere, anytime• Increased security• Increased data accuracy• Automating processes• Look at Xero, Quickbooks,

Quicken & Kashflow

Cloud tools for BookkeepingTip #3

Cloud Tools For Payroll• Save time & make dull tasks

more efficient • Great for automating

processes

Organisations using big data, Cloud and mobility are growing at up to 53% faster than late adopters Source: http://softwarestrategiesblog.com/tag/enterprise-software-2/

Tip #4

Paperwork• Do paperwork in small bursts,

little and often• Be regimental & file

paperwork all year round• Undertake 5-10 minutes of

bookkeeping tasks per day

For more information on the records you need to keep, visit:https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/366523/record-keeping.pdf

Tip #5

ResourcesWatch it on YouTube!

o Software Strategy Blog - http://softwarestrategiesblog.com/

o Cloud Bookkeeper - http://www.cloudbookkeeper.co.uk

o Sage Exchange - https://sage-exchange.co.uk/resources/sage-one/reasons-to-adopt-cloud-accounting

o Business Population Estimates - https://www.gov.uk/government/statistics/business-population-estimates-2015

o Gov.uk - https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/456459/Corporation_Tax_Statistics_August_2015.pdf

o Online Business Startup – www.onlinebusinessstartup.co.uk

is a Business Strategy Expert and Founder of Digital Agency, The

Coconut Group. He specializes in delivering Business and Online Strategy

to established SMEs turning over £500k helping them to achieve scale

and growth.

Robin Waite

Complete Strategy to Starting Up a Business Online

www.onlinebusinessstartup.co.ukOr email me directly

robin@onlinebusinessstartup.co.uk

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