How to Choose the Right...
How to Choose the Right Small Business Accountant Once you have decided it’s time to hire an accountant, the next question is who? Let along how! For any small business, choosing the right accountant is critical. In the…
Everything you need to know...
Everything you need to know about Creditors and Debtors As much as two terms may seem simple and easy to remember, understanding the debtors and creditors concept is a quandary. Ernest & Co Accountants is here to help…
Tax and NIC Thresholds for...
Tax and NIC Thresholds for 2021 As a business owner, I’m sure you have been eagerly waiting for the HMRC news on the 2021/22 thresholds for income tax, statutory payments and national insurance contributions (NIC). They are among…
Benefits of doing Financial Due...
Benefits of doing Financial Due Diligence Whether it is bidding, staffing or procurement, it is wise to seek professional advice before making a critical business decision. As a small business owner, failure to carry out reasonable due diligence…
Crucial aspects of the Budget...
The main aspects of the Budget 2021 The long awaited budget is finally out and the chancellor really knuckled down on it really hard in his desire to recoup all the government expenditure incurred through the pandemic support.…
How Covid-19 Will Further the...
How Covid-19 Will Further the Need for Efficient Accounting From startups to large businesses, no one has been spared from the inevitable wrath of Covid-19. Evidently, most businesses have had their fair share of the roller coaster economic…
MORE HELP FOR SELF EMPLOYED...
The SEISS scheme introduced by the government in 2020 following the lockdown has been extended to September 2021 with a fourth and fifth grant. The self employed who will be eligible for the scheme will be contacted by…
5 Steps of Preventing Expense...
5 Steps of Preventing Expense Fraud Consider the following expense fraud schemes; air ticket fare for a cancelled flight, payment for unsupplied tenders. Shocker! Right? While it’s easy to imagine a few pounds here and there won’t hurt, expense…
Cash-based and Accrual based Accounting
Let’s face it _ accounting should be left for accountants. It often feels like their jargon needs translating. Other than accountants, who else uses accrual? Should your business use cash or accrual-based accounting? These are fair questions. Yet,…
Revenue Recognition and Impact on...
Are you thinking ahead? What next? Revenue recognition standards not only affect publicly traded corporations and large private companies. It could also impact small businesses, especially if they have plans to get more funding. What is Revenue Recognition?…
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