Three out of five companies expect to increase their prices in the next three months due to the continuing supply chain disruption, soaring inflation, and rising energy costs The 58% of businesses that reported the price increase in the British Chambers of Commerce’s (BCC) Quarterly Economic Survey (QES) is the highest proportion on record. The…
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Accountants believe that more than one in four UK SMEs have still not returned to pre-Covid-19 levels of productivity or turnover. The latest Association of Chartered Certified Accountant’s (ACCA) SME recovery tracker revealed that four in five UK SMEs are not seeking finance to grow in the next six to 12 months with 30% of…
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A third of UK owner-managed businesses report lower cash reserves now than when going into the pandemic but a worrying percentage do not plan to pay back covid loans. However, on the downside a fifth say they will be unlikely to repay government backed borrowing, finds research from accountancy firm Kreston Reeves. The research published…
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Making sure bills are paid on time is absolutely critical for any business wanting to improve cash flow and strengthen the balance sheet, explains Warwick Haycock, accounting software specialist, Access Group SMEs are the backbone of the UK economy, accounting for three fifths of employment and around half of turnover in the UK private sector.…
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SME businesses remain optimistic about their post-pandemic recovery but staff shortages and concerns around rising inflation threaten future growth. The findings from accountancy and advisory firm BDO reveals that business leaders are concerned about staff shortages derailing their recovery with more than half, 58%, currently have open roles that they cannot fill and more than…
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There’s never been a better time to digitise your small business. The past few years have highlighted the importance of organisational agility and digitisation greatly strengthens this, allowing for rapid innovation and adaptation to market shifts. Furthermore, a Microsoft study of 23 Singaporean companies found that small and medium businesses (SMEs) stand to increase their…
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It’s the age-old debate: cash flow or profit? Whilst the two are undoubtedly related, they are certainly not the same thing and business owners must often sacrifice one at the expense of the other. In the long term, a business needs both positive cash flow and profits to continue operation, but which one should entrepreneurs…
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As a small business owner, you always have a million-and-one things to think about. It can be difficult to stay on top of the numbers and know which ones matter when it comes to the financial health of your business. However, it’s essential that you know whether you’re operating at a profit or not. Burying…
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Not sure why your bottom line isn’t pretty? Sometimes, overspending can hurt your profitability despite your record sales. Profitability doesn’t only come from sales numbers. And a profitable business isn’t always the one with the most customers and the highest sales. The sign of a business profitable depends on what’s left in the account at…
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