Finance

As more UK companies focus on exports, the amount of time it takes to get paid remains a real barrier to wider participation.

For too long, late payments have been seen as an inevitable issue that small and medium-sized enterprises face. These owners will often feel uncomfortable about raising it as an issue, for fear of repercussions by being perceived as ‘difficult’, or even jeopardising future work by complaining.

It is vital for any business to have a continuous cash flow, which is why you need to keep a close eye on your finances. After all, you may need to invest some of your profits back into the business or keep a cash reserve in case an unexpected debt arises.

Many self-employed workers could miss the deadline for filing their first digital VAT returns, due to a last-minute rush for professional advice, according to tax specialists at accountancy firm, Menzies LLP.

For management teams today a company’s balance sheets and income statements do not reveal all the key drivers that they need to manage the risks and opportunities in their business.

In a time when productivity and efficiency are vital, mileage claims are particularly relevant, especially when employees spend a lot of their work time driving for business purposes.

As an SME or an inspiring business owner, there are plenty of things to think about. Premises, insurance, wages and stock are all vital. But so is paying business rates.

If you run a business, you know about risk taking.

Regardless of the size of your business, it’s crucial to keep on top of your finances, as doing so can save you considerable amounts of time and money in the long run.