Accounting tips for small businesses – Phebys – Accountants in Huntingdon

Accounting tips for small businesses – Phebys – Accountants in Huntingdon

Business is all about numbers, but unfortunately, many small business owners focus more on the day-to-day running of the business instead of the number side of it. Focusing on the day-to-day running of your business can be essential to making sure your business performs to the best of its ability, but sometimes you need to take a step back and look at the whole picture.

Here at Phebys, we have put together a couple of tips to help you stay on top of your finances:

Keeping Good Records

It’s important to trace elements of company spending as all business transactions should be recorded, no matter how big or small they are. When it comes to possible tax dedications and expenses calculations, having this information could help a company save money as well as remove the risk of potential fines and penalties.

At Phebys we are Xero gold partners, Xero is a cloud accounting software that allows you to keep up to date with your finances on the move. We also use Receipt Bank which allows you to take pictures of your receipts and then send them into the ‘cloud’, meaning there is no reason to keep all your receipts and then end up rummaging through a box of them to find the right one, saving you a lot of time!

While storing receipts can be helpful, having an automates process removes the chance of any paperwork getting lost. Keeping records is also important as it allows you to track payments from customers. Xero allows you to track all your invoices, allowing you to see if they have been paid or if they are overdue.

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Meeting Legal Requirements – Phebys – Accountants in Huntingdon

All business are required to meet a number of financial and legal issues and company directors need to be aware of them. Knowing how to extract profits from the business as far as the tax liabilities are concerned is incredibly important and failing to do so can result in massive fines

Dealing wit the administration side of a business can help it be more cost effective as unnecessary expenditure can be minimised.

Meeting Deadlines

Tax liabilities including tax returns and paying any associated bills should be seen as priorities for a company and this process can be made a lot easier as long as all accounts are kept in good order.

For a business that has a turnover of £81,000 or more, keeping quarterly VAT returns n file is a must as this can help to make sure paints of any liabilities are met.

Hire A Professional -Phebys – Accountants in Huntingdon

Here at Phebys, we offer a variety of different packages for our clients to ensure we can offer you the best possible service, no matter how big or small or business. For more information on any of our packages, visit our packages page or contact us today

Why Small Businesses Should Use Xero – Phebys – Xero Accountants

Why Small Businesses Should Use Xero – Phebys – Xero Accountants

Technology has changed the way we work and it will continue to do so in the next few years. Nowadays, technology plays a vital role in the day to day running of most small businesses. Using Xero technology can help you achieve your business goals, using a more streamlined process.

We’ve highlighted a number reasons why small businesses should us Xero software.

Work wherever

Xero software is able to run on a number of different systems, so whether you want to use your laptop, computer, smartphone or tablet. Xero lets you keep on top of your finances wherever you are! Xero also ensures you and anyone else who needs to access your finances, are working off the same data.

Better cash flow

Small businesses can often run into cash flow problems, not getting paid on time is one of the biggest problems start up businesses face, Xero can help improve your cash flow and get paid faster.

Xero allows you to go beyond using ‘traditional’ paper printed invoices, you can start using online invoices. The advantages? Not only is it faster, you can also track whether they have opened it, and they have the ability to pay you online through your invoices, the quicker the process, the quicker you get paid!

Xero saves you time

Xero’s smart and easy to use software helps you save times. Xero can perform this tedious, repetitive tasks that take you away from doing the things that can add more value to your business.

Xero’s automated invoice reminders can do the chasing for you. If your customer is taking some time to pay you, or you are spending far too much of your day chasing overdue invoices, then invoke invoice reminders is a must have. It will automatically send an email to your customers if an invoice is overdue, or about to become overdue.

Xero grows with you

Whether you’re a brand new business, or already using a number of systems, Xero’s ecosystem can help you. Xero is able to work with more than 500 products so you can craft the perfect solution that meets your needs.

Xero’s add-on marketplace gives you the flexibility to create a mix that meets your business’s specific needs, allowing the software to grow with you and when you need it to.

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Phebys are XERO Gold Partners

Phebys – Xero Accountants in Cambridgeshire

We’re proud to be Xero gold partners. For more information on our services, and how Xero could help your business, contact us today.

Weetabix Company to be Sold – Phebys – Accountants in Cambridgeshire

Weetabix Company to be Sold – Phebys – Accountants in Cambridgeshire

The UK Cereal company Weetabix is to be sold to US firm Post Holdings for around £1.4bn.

Weetabix has been made in the UK since the 1930s but was put up for sale in January by China’s Bright Food, which bought a 60% stake back in 2012.

At the time, Bright’s acquisition of Weetabix was the largest by a Chinese firm, they took over Weetabix as they looked to break into the cereal market over in China. But it is believed Weetabix struggled to gain a significant share in the market as Chinese consumers prefer a hot, rice-based breakfast, rather than cold cereal.

Although Weetabix more than doubled there sales over in China in 2016, the UK still accounts for the majority of its sales. Having said that, a spokesman for Bright Food, insisted that the sale of Weetabix did not mean they were abandoning its global ambitions.

Expansion – Phebys – Accountants in Cambridgeshire

Weetabix, which is currently based in Northamptonshire, has a royal warrant and was family owned up until 2004, when it was bough by private equity firm, Lion Capital. Its main factory in Kettering produces more than three billion Weetabix biscuits every year.

Currently, Weetabix is the latest producer of breakfast cereals in the UK, and employ over 2,000 people.

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Weetabix Sold – Phebys – Accountants in Cambridgeshire

Weetabix have a range of products which are exported to around 80 countries, while it also has factories in east Africa, Europe and North America.

The current director of marketing at Weetabix, Sally Abbott, will now become managing director of Weetabix UK and Ireland. While the current chief executive, Giles Turrell, will become the firm’s chairman.

In a statement Mr Turrell said: “Post is a leader within its markets and shares our commitment to providing great tasting nutritious products for the whole family. I’m confident they will help us open doors for continued expansion.”

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Tesco Fined £129m – Phebys – Accountants in Cambridgeshire

Tesco Fined £129m – Phebys – Accountants in Cambridgeshire

Tesco has agreed to pay £129m to avoid prosecution for overstating profits back in 2014.

Tesco’s subsidiary, Tesco Stores Ltd, reaches what’s known as a deferred prosecution agreement with the Serious Fraud Office, after a two-year investigation.

Tesco released a statement saying that there was ‘regret’ over the issues in 2014 and that they have been working hard to ‘restore trust’.

On top of the fine, Tesco also agreed to pay another £85m on compensation for investors which was ordered by the Financial Conduct Authority (FCA). This money will go to anyone who bought bonds or shares between 29 August and 19 September in 2014.

Misled Investors – Phebys – Accountants in Cambridgeshire

Those who will be compensated would have had misleading information from a trading statement on 29th August, which could have influenced their decision to buy shares or bonds due to the rosier assessment of its performance than actually was the case.

Tesco issued a corrected statement before the markets opened on Monday 22 September, which estimated it had overstates its profits by a quarter of a billion pounds, this figure later went up to around £325 million, after two internal investigations were launched.

Regret

The compensation order from the FCA is the first of its kind, although it has not imposed its own penalty, and Tesco accepted the regulator’s finding of “market abuse”.

Dave Lewis, Tesco’s current CEO, said: “Over the last two-and-a-half years, we have fully co-operated with this investigation into historic accounting practices, while at the same time fundamentally transforming our business.

“We sincerely regret the issues which occurred in 2014 and we are committed to doing everything we can to continue to restore trust in our business and brand.”

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Phebys – Accountants in Huntingdon

Phebys – Accountants in Cambridgeshire

Thank you for reading the latest news from Phebys, we are accountants in Cambridgeshire. For more information on our services, contact us today.

Vodafone to create thousands of jobs – Phebys – Accountants in Huntingdon

Vodafone to create thousands of jobs – Phebys – Accountants in Huntingdon

Vodafone is attempting to repair its poor customer service reputation of its UK arm by creating thousands of call centre jobs in the UK, when they were previously overseas.

Vodafone will create over 3,000 new jobs across the UK, by looking to create call centres in Manchester, Newcastle and Scotland.

Customer Service Issues – Phebys – Accountants in Huntingdon

The move follows a recent trend of onshoring in the telecoms industry, which is where a business will bring back operations from overseas. A number of telecoms companies have opted to do this in an attempt to improve their customer service, after the telecoms industry had a record number of complaints last year.

The issue is a particular concern for Vodafone UK, which has been losing market share to their competitors after a botched IT overhaul that caused huge billing errors and a huge increase in complaints. Ofcom, the industry regulator, hit Vodafone with a large fine of £4.6 million last October for ‘serious and sustained’ failings.

The new call centres will take on work that is currently carried out in India, Egypt and South Arfica. Vodafone have said that the move will enhance the quality of its customer service operation as part of an overall £2 billion investment on its home ground over three years. It is also injecting cash into its network to improve the coverage and capacity, after a slow upgrade to 4G relative to the company’s other European markets.

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The new chief executive at Vodafone UK, Nick Jeffery, had this to say: “These new, skilled roles will make a real difference to our customers and a real difference to the communities that are the focus of our customer services investment.”

Vodafone stated that the move underlined its long-term commitment to the UK.

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New Pound Coin – Phebys – Startup Accountants in Cambridgeshire

New Pound Coin – Phebys – Startup Accountants in Cambridgeshire

Towards the end of this month, 28th March to be exact, 1.5 billion new 12-sided pound coins will enter circulation. There are a number of concerns for SMEs in regards to the change, which is why it is important that business owners are preparing in advance.

There are a number of important points that could you and your business make the switch as smooth as possible.

Collecting Old Coins

The old pound coins will cease to be legal tender on 15th October 2017. Therefore SMEs will have to dig out all of their old pound coins and spend or bank them before the cut off date, as anything kept after this date will have no value.

Adapting Premises & Property

The new coin will be different in shape, as well as weight. Therefore businesses will need to adapt any vending machines, lockers, self-service checkouts and even shopping trolleys. On top of this, local councils will need to update car parking machines.

Further Changes – Phebys – Startup Accountants in Cambridgeshire

A brand new £10 note will be added into circulation in the summer of 2017, following on from the success of the new £5 note. Looking even further ahead, a new £20 note is expected to be introduced in 2020.

Don’t Leave It Too Late

Whatever you’re doing, it is important to plan ahead. Leaving it to the last minute to update your machines or bank your old pound coins as this could result in you and your business losing out financially.

Seek Advice

If business owners are unsure of what they need to do, they should look for advice. The creators of the coin, The Royal Mint, display useful information regarding the change on their website.

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Phebys are XERO Gold Partners – Startup Accountants in Cambridgeshire

Phebys – Startup Accountants in Cambridgeshire

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Economy to Slow Down This Year and Next – Phebys – Startup Accountants in Cambridgeshire

Economy to Slow Down This Year and Next – Phebys – Startup Accountants in Cambridgeshire

The UK economy may slow down in the next couple of years, even while the world economy picks up, according to a new report.

The National Institute of Economic and Social Research (NIESR) revised up its forecasts for UK growth to 1.7% this year and 1.9% in 2018.

However, both would still be a slowdown from last years growth rate of 2%, when the UK was the world’s fastest growing developed country.

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Phebys – Startup Accountants in Cambridgeshire

NIESR predicted that inflation would rise, hitting household spending. Head of macroeconomic modelling and forecasting at NIESR, Simon Kirby said: “Robust consumer spending growth was behind the economic momentum of 2016,”

He said households would see their purchasing power ‘eroded’ this year and in 2018 due to a hike in prices.

Devaluation of the pound – Phebys – Startup Accountants in Cambridgeshire

The NIESR, widely seen as the UK’s oldest independent research body, believe that inflation will jump from an average of 1.2% recorded in 2016 to 3.3% this year and the a slight decrease to 2.9% in 2018.

Prices rises will be stoked, the body argues, by the sharp devaluation of the pound after the referendum last June.

The institute believes the Bank of England will ignore this ‘temporary’ pick up in inflation and keep interest rates unchanged at their current historic low point, until the middle of 2019.

The Bank of England is expected to announce its latest decision on interest rates on Thursday.

World Economy – Phebys – Startup Accountants in Cambridgeshire

All of this will be against the background of a more robust world economy, the NIESR forecasts.

The body believes the world economy will grow at a faster pace in the next couple of years, with the annual growth rate rising from 3% in 2016 to 3.1% this year, and then to 3.5% in the following year.

But the NIESR has also warned that its predictions could be thrown off track by any sudden changed in the economic policy in the US, following the election of Donald Trump.

Phebys – Startup Accountants in Cambridgeshire

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Small Business Confidence Returns – Phebys – Accountants in Huntingdon

Small Business Confidence Returns – Phebys – Accountants in Huntingdon

The confidence levels of the UK’s small business returned to pre-referendum levels in the final quarter of 2016, according to the Federation of Small Business’ (FSB) Small Business Index.

The confidence measure rose from -2.9 in the third quarter to +8.5 in the final quarter. Before the referendum, the confidence measure was +8.6 – which shows the confidence of small business has almost fully recovered.

However, the report provided by the FSB claims that the majority of small business haven’t seen this confidence translate into profits, which dropped for the second quarter in a row, while investment intention has fallen and costs continue to rise.

38% of business now cite the exchange rate as the main cause of inflation, compared to 5.4% last year as the pound remains low against other currencies from around the world.

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Phebys – Accountants in Huntingdon

The proportion of businesses intending to grow over the next year has also dropped, with just over 35% expecting to remain the same side, compared just 27% in the second quarter of 2015. Having said that, job creation is up for the second quarter in a row, with 10% expecting to recruit this quarter.

At the same time, The Bank of England has reported that the number of business operating below capacity has dropped to 44.2%, which says supports the case for leaving interest rates on hold to help businesses expand and bolster their workforce.

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The national chairman at the FSB, Mike Cherry, had this to say: “We are delighted to see confidence bounce back at the end of 2016, effectively wiping out the fall we saw over the course of the year in the run-up to the EU referendum and its immediate fallout.

“Our members tell us they are maximising their opportunities in this current positive economic climate. But with costs rising, they will need support for their confidence to translate into new economic growth and jobs.

“As policy makers prepare for Brexit negotiations and look to small firms to contribute to the UK’s economic success, we would urge them to be ready to act if trading conditions deteriorate.”

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New Year, New Job? – Phebys – Accountants in Huntingdon

New Year, New Job? – Phebys – Accountants in Huntingdon

The first week of the new year saw an increase in people job hunting in search for a new career, a new study reveals.

More than one in five workers in the UK are looking for a new career in the first week of the new year, according to research published by Peakon.

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The study included 3000 UK employees during the first week of January to see what the mood would be like going into the new year.

23 percent of employees were actively looking for a new job during the first week and 10 percent are looking to move jobs within the next six months. However, only 6 percent say that they are likely to change jobs in 6-12 months.

Co-founder of Peakon, Dan Rogers said: ‘Staff will clearly be keeping employers on their toes in 2017’

He went on to say: ‘There is far more confidence in the UK economy than many had anticipated towards the latter stages of last year, and people feel comfortable enough to start actively looking for a new employer.’

‘UK workers have clearly spent some part of the Christmas break considering their options and many have decided on a fresh challenge in the new year. It’s crucial that employers are aware that in January they are at huge risk of losing key performers.’

A New Career Change Is The Motivation – Phebys – Accountants in Huntingdon

24 percent of those asked said a change in career is the primary reason behind looking for a new job.

But other factors included feeling underpaid and undervalued, a lack of faith in the management and feeling overworked by their employer.

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Phebys – Accountants in Huntingdon

Phebys – Accountants in Huntingdon

Thank you for reading the latest news from Phebys, we are accountants in Huntingdon. For more information on how we can help you and your business, get in touch with us today.

Accounting for Tax – Phebys – Accountants in Cambridgeshire

Accounting for Tax – Phebys – Accountants in Cambridgeshire

Does the thought of 31st January give you the sweats? If so, you will be without a doubt, one of many looking to fill out their tax return before the end of the month. Yes, it’s that time of year again.

It can be daunting, papers flying everywhere, excel sheets, calculations, miscalculations of last minute but it doesn’t need as stressful as you may think. However, if you are feeling stressed, this will make you feel a little better in the run up to the deadline.

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Phebys – Accountants in Cambridgeshire

As posted on the Government website, here are some of our favourite picks for the worst excuses people have come up with for not submitting their tax return on time:

  • “I am not a paper orientated person, I always relied on my sister to do my tax return and now we have fallen out.”
  • “I will be abroad on deadline day without access to internet so will be unable to file.”
  • “I had an argument with my wife and went to Italy for 5 years”
  • “My niece had moved in and made the house such a tip that I could not find my log in details for your website.”

Although I’m sure we all have a few excuses up our sleeve that we could use up, the best thing to do is get ahead of the game and submit your tax return before the deadline is up to avoid penalty charges. So, what do you need to know?

Firstly, make sure you have your online account set up. If you haven’t already done this, head over to HMRC’s website and do it asap.

Have all your paperwork to hand 

This may include a P45 if you have left an employed job, a P60 showing income and tax paid as well as other expenses and details of any investments or dividends.

Be organised – Phebys – Accountants in Cambridgeshire 

Make sure you store all paperwork and receipts in one place, this may not need to be sorted until needed but if they are in one place, they will be easily found and ready to go when you need them. At least then, if your niece has in fact moved in and made your house a tip, you will know where to find it.

Don’t be afraid to use an accountant

Here at Phebys, we speak to stressed clients every day who worry about their tax return. They don’t need to be costly and if you use a local accountant that you can trust or that have been recommended to you, they may be able to save you lots of money in the long term.

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Phebys are XERO Gold Partners – Accountants in Cambridgeshire

Phebys – Accountants in Cambridgeshire

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Phebys Business Awards 2016

Phebys Business Awards 2016

It is that time of year again when we announce the finalists for Phebys Client of the Year Award. This award is in recognition of those clients who have had an outstanding year over a range of different criteria. Clients have been judged on the following: 

  • Business performance, particularly as regards financial growth;
  • System improvements;
  • Achieving targets;
  • Development of new business opportunities;
  • Partnership with Phebys Accountants, and the quality and timeliness of information provided; and
  • Client referrals – those clients who have kindly promoted our service resulting in us picking up new clients.

We are pleased to announce the five finalists, in alphabetical order:

1)      Anglia Interiors Ltd

An established family run business selling quality affordable kitchens and bedrooms for over 40 years. The company is run by its directors Peter and Arron Bird, who are both involved in the day to day running of the firm. Over the last 18 months revenue has increased, with the company achieving greater margins than previously due to the continued hard work of the directors and their valued team members.

2)      Local Buzz Marketing Ltd

Specialists in digital marketing in Cambridgeshire, the company were finalists in no less than 3 categories in the Hunts Post Business Awards 2016. The business was formed three years ago by Jon Orchard and Andrew Perryman and has experienced significant growth in that period. Offering a wide range of services, Local Buzz Marketing Ltd, are a firm that listen to their clients specific needs and focus on innovative solutions for their clients. In an ever more digital age we anticipate continued growth for the company.

3)      MJS Express Ltd

A long established haulage and storage company providing services across the UK and Europe. Following a difficult 2015, where turnover declined and costs increased, the team have worked hard to increase the turnover and have improved the profit margin over the last year. Julie Sadler, the director, takes a keen interest in the financial performance of the company on a monthly basis and has benefited from the monthly management accounts produced by Phebys as the company continues to grow heading into a busy 2017.

4)      MSS Professional Smokecloak Ltd

A company formed by Richard Beal in 2015 providing security fog across the UK. Having had previous experience in the industry Richard has used his knowledge and contacts to establish a customer base for the products on offer. Richard has also embraced the cloud technology on offer in terms of XERO and Receipt Bank, enabling him to spend more time on building up his business rather than looking after the books.

5)      TurfTrax Ltd

A world leading, technologically advanced company providing data to enhance sporting events. Headed up by Steve Bird, Michael Maher and Adam Mills the firm provides a number of technology services across the globe. An innovative company that is always searching for improvements and pioneering solutions the company has a bright future. Since becoming a client of Phebys in early 2016, all members of staff at TurfTrax Ltd have co-operated in an exemplary and friendly manner and it has been a pleasure to work with TurfTrax Ltd over this period.

Here are the nominations for Store of the Year:

Bloxwich – For excellent trading performance since opening and an excellent first year financial result.

Stockport – For an exceptionally strong improvement in financial and trading performance over the last six months.

Darlington – For a significant improvement in financial success against the 2015 results.

Leicester – For continued success in retailing, strategic development and management.

Exeter – For all round trading success through maintaining high margins and strong cost controls.

We congratulate all our finalists. A framed certificate is on its way to all of them to proudly mount on their wall! We will also be releasing a number of press statements publicising this award in the coming weeks. The winner will be announced on Friday 27th January 2017 and we will visit the client personally shortly afterwards to hand them the trophy, together with a cash prize of £500! More details will be available shortly on our website.

On behalf of all of us at Phebys, may I take this opportunity to thank you all for your business over the past year and to wish you all a very Merry Christmas and a happy, healthy and prosperous New Year. We look forward to working with you in the year ahead.