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Defacto FD - Glasgow Accountants providing tax and business advice

Businesses are benefiting from BPPS

HMRC have reported that over 60,000 business have agreed time to pay tax arrangements, totalling more than one billion pounds.

The Business Payment Support Service (BPPS) provides a fast track service that offers support to businesses who need more time to pay their tax bills.

The service covers:

  • Corporation Tax.
  • PAYE.
  • VAT
  • Income Tax and,
  • National Insurance

If as a business you are finding that cash flow is tight as a result of the recent downturn, then the BPPS provides a potential way to alleviate cash pressures, without having to take on additional short term loans or financing from the bank.

BPPS can be contacted on 0845 3021432 from 8am to 8pm Monday to Friday and from 8am to 4pm at the weekends. Further information is available at HMRC - BPPS info

    -- Fiona, Tuesday 17/03/09

If cash flow is tight you may want to look at our Free business Healthcheck it only takes 5 minutes to complete and provides you with an instant report on what you could be doing to increase the " health of your business".

Tips for surviving the credit crunch!

For all of you who know me, you will know that I have for the last few month been refusing to participate in the recession!

While I appreciate that this is rather a bold statement to make it comes on the back of some sound business judgments that I have put in place. It is some of these that I would like to share with your today.

  • Get Paid sooner - Cash is truly King in these times.
  • Know your most profitable service/ product and make sure this is prominent in your marketing.
  • Look at your costs - I mean REALLY look at them, you will be surprised at how many hidden ones you find that could be reduced or eliminated...
  • Again on costs - Before you order ask yourself " Do I WANT it, or Do I NEED it?
  • Go back to previous years and contact all customers that have not bought from you recently.
  • Go back to previous years and contact all prospects that did not result in a sale at the time.
  • Keep marketing... The phone and the post are two way things, compensate for a lack of incoming with an increase in outgoing.
  • Partner up with other vendors for joint sales. e.g. The strawberry seller and the cream seller.
  • Look at your staffing levels. This is a difficult thing to do for small businesses, as the relationship with staff in usually close. But, remember you are running a business, and better to address the issue if you have to have to, rather than incurring costs that could jeopardise the business in the future.

    -- Fiona, Tuesday 18/11/08

If you would like a Free business Healthcheck click here.

Customer testimonials - Use them!

Testimonials are almost as powerful as personal recommendations for selling your product or service. They give you credibility and help assure prospects that others who have bought what you sell have been happy with their purchase.

If you've been in business a while, you may already have a file of letters praising your product or service. But if all you've done is stuff the letters of praise in a file drawer or left them in your email inbox, they're not doing anything other than stroking your ego.

Don't let them go to waste. Put those testimonials to work for you.

Contact each customer who has praised you and ask for permission to include their comments in advertisements and sales literature or on your web site. If you don't have any testimonials, ask your customers for them. Encourage your employees to ask for testimonials too by offering them some type of incentive for each testimonial they bring in on customer letterhead. Be sure your rules include getting the customer to agree to let you use the testimonial in your advertising.

At defacto fd we always believe in practising what we preach and if you would like to see what our clients say about us then you can find these in the Testimonials section of our web site

    -- Fiona, Friday 31/10/08

     Defacto Fd - Small Business Accountants Glasgow

Can I make this a business?

This is probably a question that many people ask when they have a eureka moment and in some instances the answer is "ABSOLUTELY".

BUT unfortunately in other instances the answer is " DEFINTELY NOT!"

If you have had an idea that you think can be turned into a business then you should be asking the following questions?

  • Is this a product or service that people need?
  • How big is the market?
  • How much will I have to spend on developing the product or service?
  • How long will it take to recoup those costs to get to break even?
  • How much will it cost to produce the product? (Remember to factor your time into this)
  • How much can I sell it for?
  • Will customers reorder the product or service?
  • Is there anybody out there in the market selling a similar product or service?
  • Can I get enough of the market share to generate a profit?

If, after answering all these questions, the answer is still "ABSOLUTELY" then that would be the time to consider building the idea into a business.

(and of course we do know of a good accountant, to assist you with the financials of your new venture...)

     Fiona, Wednesday 27/08/08

     Defacto Fd - Simple Straightforward business advice

Cash is King...

As I start another day with more news headlines on the credit crunch and the general slow down, my thoughts turn to what this can mean for businesses in terms of their cash flow. The general mood at the moment is such that people are slower to make buying decisions and more worryingly are holding onto their cash and extending payment terms where ever they can. As a business owner here are a few things to think about to help with cash flow:

  • Where you can, ask for a deposit against work to be carried out.
  • If the job is a larger job then invoice in installments.
  • If you provide an ongoing service which is only invoiced once a year, then think about setting up monthly standing orders from clients.
  • Ask for monies when they are due. (simple I know, but you will be amazed at how many businesses shy away from asking clients for monies to be paid promptly.

     Fiona, Thursday 21/08/08

     Defacto Fd - Real time accounting with the support of Real people

Welcome to Thoughts for the day.

We recently added "Thoughts for the day" to our home page, and we hope that you enjoy this new addition. As each new Thought is posted on the home page, the older ones will be stored in our archive section.

The format will be informal, a " blog" if you will where I dump the current topics that are floating around the old grey matter.

The idea is to provide you with some thoughts and idea that may be useful to you as you run your business. We will advise of any new tax developments and also comment on items in the news that are note worthy.

If there are any topics that you would like to hear our thought on then please feel free to send us an e-mail, and we will try to include them.

     Fiona, Wednesday 20/08/08

     Defacto FD - Glasgow Accountants offering Accounting and Tax Advice

Top 5 reasons to choose defacto-fd Chartered Accountants

Reason number 1 to choose defacto-fd Chartered Accountants

advice given to you in simple terms

Reason number 2 to choose defacto-fd Chartered Accountants

free access to simple, time saving, accounts system

Reason number 3 to choose defacto-fd Chartered Accountants

a choice of payment methods to ease your cash flow

Reason number 4 to choose defacto-fd Chartered Accountants

more time to focus on your business

Reason number 5 to choose defacto-fd Chartered Accountants

advance notice of deadlines, so you avoid penalties

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