The scourge of late payments

Outstanding invoices compromise your business’s cashflow. When you supply goods and services, you expect to be paid, and promptly, but Britain has a deeply embedded culture of late payments. Indeed, for some businesses, delaying payment is an essential part of the business model. Outstanding payments are problematic for various reasons. First, there’s the basic problem… Continue reading The scourge of late payments

CBI: ‘Unsustainable’ business rates system in need of reform

The business rates system has become “uneconomical” and “unsustainable”, and should be reviewed, the Confederation of British Industry (CBI) has said. Business rates are a tax on most properties used for business purposes, and are calculated based on an estimate of the property’s open market rental value. The CBI argues that long gaps between rate… Continue reading CBI: ‘Unsustainable’ business rates system in need of reform

Accounting for charities

An overview of accountancy issues in the third sector. If you’re in charge of running a charity, you will know how it differs from operating a business and how its motives and goals vary. Non-profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a… Continue reading Accounting for charities