Monthly Archives: February 2017

4 Pricey Mistakes in Small Enterprise Accounting

In the middle of a launch, accounting may take a back seat to day-to-day operations.
Doing minimal bookkeeping may seem like a timesaver, but at some point the business owner will have to go back and account for all transactions while correcting mistakes. To save money and time, the business owner should hire an accountant from The A.C.T. Group and be on the lookout for these mistakes.

Mixing Business and Personal Funds New bank accounts should be set up with the initial business investment. Having a dedicated business account ensures that all corporate transactions are separately accounted for. Moreover, check registers and banking statements can help business owners find small errors before they become unmanageable.

Corporate cash flow can be tracked through checking accounts, and separate bank accounts make tax prep simpler at the end of the year. Failing to Record Expenses and Revenue Once a business account has been established, every transaction should be recorded.
The business owner should decide how much detail is necessary for a good financial analysis, and follow up with the provision of that much data. In cases where customer data is required for invoicing, the business owner should select an accounting firm that can capture such information. By hiring an accountant, a business owner can save all the time that was once wasted on tracking small receipts.

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Professional Business Plans

So, how will you know what to write in your business plan? Do you know the first thing about writing a business plan? It may seem like an overwhelming task to try to figure out what to write for your personal business plan. You may have attempted to take out a few books at the library or even asked a friend to help you.
But, are you satisfied that your business plan will be successful? Remember, you only get one chance to WOW people, so the first business plan they see will be the one they remember. What if it�s just not good enough?

Okay, that�s enough worrying! It is time to act! Your first order of business is to decide what your business goals are. Once you have a basic idea of what you need, you can then do several things to determine what type of business plan you need as well as where to get it.

One of the best things you can do when in need of a business plan is to hire a qualified, experienced business plan service.
Not only will you obtain the best professional business plan available, but you won�t have to struggle over the words yourself. Now, how much better can that be? Using sample business plans from their website, you can see just how well their products can fit your needs.

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What you need to know about airport VAT ‘duty free’ scam

As the government steps into the storm over VAT charges at some airport stores amid a growing passenger rebellion, we answer the key questions in the ongoing row.
Q | What is duty free?
A | The term refers to the old excise duty charged on cigarettes and alcohol and certain other items.
There was no duty due on items bought outside the country – up to certain low limits – which meant holidaymakers could bring home a bottle of booze and a box of fags bought abroad, often at airports, without having to pay UK duty or tax.
That all changed in the 1990s after a number of European nations campaigned for duty-free sales within EU states to be scrapped, which they were in 1999.
Q | What�s happened since then?
A | �Duty-free� now strictly refers to cigarettes, tobacco and some spirits which are bought by British travellers to take to countries outside the EU, and brought in from outside the region. At airports you�ll see that items are labelled �available for non-EU destinations only�.
Holidaymakers shopping at Heathrow terminal 5
Q | So what�s the current row about?
A | It�s around the so-called �tax-free� prices that many airport shops offer. This is the price of an item before VAT has been added at 20 per cent. The problem is that many airport shops offer items for sale at the same price as they do in the high street – despite no VAT being due on any items you pay when travelling outside the EU.
It means that if you pay �6 for a bottle of sun cream, for example, the retailer doesn�t have to pass on the �1 VAT included if you�re heading outside the EU. Yet it charges you the full amount, including what it would normally pay in VAT. In other words, it pockets the tax element to boost its profits.
The total extra tax retained by retailers adds up to tens of millions each year. Campaigners say they should share that effective windfall with consumers, passing on at least some of the tax benefit to shoppers.
Read more:
Travellers refusing to show boarding passes at airport shops
Retailers accused of pocketing millions from duty-free discounts
Q | What are passengers saying?
Ian Harris, 50, is an event planner travelling to Miami
I always thought it was for security reasons. Shops should certainly be more clear. It�s just more information they�re taking from us. Even if they were clear about their reasons, I might still say �no� to showing my boarding pass. It depends if I�m in a good mood or not.
Kendall, 21, is living in the UK on a gap year and was travelling back to Cape Town
I thought duty free just meant �no tax�. I wasn�t aware at all that it wasn�t a legal obligation to show your pass. It�s not actually much cheaper in duty free anyway – it�s a bit of a scam on travellers. I just did it because I thought I had to, but now I�ll refuse.
Agnes, 23, is a medical student on a stopover at Heathrow while travelling on her way back from South-east Asia to Poland
I am shocked right now. I thought this was the law. I had no idea I�m not obliged to show cashiers my boarding pass. In fact, once I didn�t have my pass when I was buying a bottle of water in a duty-free store, and the cashier refused to serve me. I always thought it was about security. Now I know the real reasons, I won�t be showing my pass again. The stores should be much more transparent.

Usually in airports you are bombarded with information, but I knew nothing about this. It�s not just about money, it�s also about privacy. They have access to all your details – your name, your flight, what you�re buying, everything.

Here’s The Secret To Success

Want to know an important secret? The most powerful technique to ensure your immediate and continued success is staying focused on what you want – all aspects of it – and not give in to worry, doubt, or to the temporary circumstances are happening right now in your life.

I know this sounds simple, but most people find it extremely hard to practice.
While everyone understands the importance of goal setting, what usually happens after the excitement wears off is that reality sets in. You may have a goal to earn a certain amount of money, or drive a different type of car, etc, but after you receive a few checks that seem to be about the same, or after you get back into your old car for a few months, have you ever found that you forget about your goal and just start accepting that things are probably going to remain the same?

Or have you ever attended a motivational seminar or read a motivational book and been fired up for a while? Have you even taken some of the advice and written down your new goals or even taken some action and tried a new marketing plan or diet? If you have, then you’ve probably experienced the kind of let down that comes from not making progress fast enough and then laying in bed at night worrying about your income or about your future (again).

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Why You’re Awful At Managing Money

REUTERS/Svitzer/Handout

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