Kyra McKay

How Do Business Bank Accounts Work?: Everything you need to know as a business owner

Leave a Comment / Miscellaneous

What are business bank accounts? Business bank accounts are a type of current account that is only available to businesses. It enables you to separate your business transactions from your personal ones. It can be used for day-to-day transactions related to your business, such as purchasing goods or services. Having a business bank account is …

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How to improve your cash flow for your small business

Leave a Comment / Expanding a Business, Running a Business, Starting a Business

Cash flow is the total amount of money that enters and leaves a business. It is an essential measure of your business ’ finances. A consistent, positive cash flow can help pay bills, invest in new prospects, and grow your business. Knowing how to improve your cash flow can be a little difficult as there …

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How And When To Send Estimates: An Entrepreneurs Complete Guide To Estimates

Leave a Comment / Invoicing & Payments, Running a Business

A business estimate is a document that describes how much you intend to charge a customer for a product or service. It assists you in outlining the scope of a project and how much it will cost you. The final bill may be more or lower than the predicted sum. You can send estimates to …

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UK Inflation 2022: How to protect your small business against inflation

Leave a Comment / Running a Business

This decision-making process might be problematic for long-term planning since you may be more concerned with decreasing inflation risks than your business objectives. Rising prices have forced business owners and everyday workers to make difficult decisions. In January 2022, inflation reached 7.5 per cent, the highest level in 40 years.  Raw resources, inventories, and equipment …

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Budgeting Advice for Small Businesses: How to keep track of your finances

Leave a Comment / Running a Business

Budgeting is a spending plan for your company based on its revenue and expenses. It determines your available cash, estimates your spending, and assists you in forecasting revenue.  Making a budget allows you to see: The amount of money you currently have  how much money you have spent how much money you will need in …

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Pricing strategies: which strategy is best for your business?

Leave a Comment / Running a Business

Too many businesses establish their prices without conducting proper research. They often analyse the cost of their products (COGS) alongside the rates of their competitors, then adjust their selling price by a few pounds. Taking the effort to improve product pricing can be a significant growth factor for expanding thebusiness. Pricing strategies consider:  Demographics Ability …

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UK Corporation Tax: A Simple Guide for Small Business Owners

Leave a Comment / Bookkeeping & Taxes, Running a Business

Miscellaneous / By Kyra McKay UK Corporation Tax is calculated based on a business’s annual profits. It’s done in the same way that income tax is calculated for individuals. Unlike individuals, all business earnings are taxed as they do not get any form of tax-free allowance. There are, however, a variety of charges and deductions …

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ACH Payments And ACH Transaction Fees: What Are They And who they Can Be Useful For

Leave a Comment / Invoicing & Payments, Running a Business

ACH transaction fees are electronic transfers between banks over the Automated Clearing House network. Examples of ACH transfers are;  External cash transfers Person-to-person payments Bill payments Direct deposits from companies and government benefit programmes (better known as business-to-business payments) Many transfer providers, including banks, Zelle, and third-party apps like PayPal and Venmo, use the ACH …

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