The thought of being investigated by HMRC leaves many business owners with a sense of dread. But it doesn’t have to be that way. Often, that fear comes from not understanding the process. So in this article, we explain what you can expect from an HMRC tax inspection and share pointers on how you can minimise the risk of being investigated with the help of an accountant. That way, you’ll feel confident in your ability to deal with an inspection if it ever does come up. After all, no business is immune from a tax inspection. Here’s what we cover: What is an HMRC tax inspection? HMRC tax inspec ..read more

From humble beginnings in her one-bed council flat, to pitching her business to the successful investors on Dragons’ Den, Zoë Chapman has overcome every obstacle that has stood in her way. After noticing a huge gap in the market during the pandemic, the 39-year-old mum of one took a huge financial risk to start a business and manufacture a toilet solution aptly named the Whizzer. She has single-handedly turned her idea into an award-winning, eco-friendly solution that parents simply can’t leave the house without and even gained the financial backing of two Dragons. With authenticity and resili ..read more

Understanding the fundamentals of your business’ financial health starts with mastering the basics of revenue calculation. Revenue, often referred to as sales, is the total amount of money generated by a company through its business activities, such as selling goods or services before any expenses are subtracted. In this article, we explore here what revenue is, its significance, and how to calculate it, including the differences between sales revenue and total revenue. Here’s what we cover: What is revenue? The value of accurate revenue figures How to calculate revenue Sales revenue versus t ..read more

An Employee Net Promoter Score (eNPS) is an important tool in the role of recruiting and retaining talent. As businesses manage the continuing effects of what has been called the Great Resignation, and working from home suits many but leaves others feeling disconnected, understanding employee sentiment is particularly valuable for business leaders. According to recent research, almost two thirds (64%) of small and medium-sized enterprises (SMEs) are finding it difficult to retain staff, so anything that enables business leaders to get a sense of how their teams feel about their jobs is useful ..read more

You browse a website or app, and up pops a little chat window in the corner. “How can I help you today?” You type in your question, and an answer comes back instantaneously, a sure sign of the chatbot at work. But instead of a detailed explanation, you get a generic response directing you to FAQ pages you’ve already scoured. No context. No insight. It’s just a cold, scripted reply that leaves you no wiser than before. Once hailed as a revolutionary customer service tool for businesses, chatbots, though widely adopted, fall short of becoming the panacea many hoped for. Chatbots are computer pro ..read more

The recruitment process may be the first time a prospective employee interacts with your business. Does your hiring process make a great first impression? Unfortunately the current market stats leave a lot to be desired. A recent study by talent insight company SHL reported the number of negative hiring experiences shared on platforms such as LinkedIn or Glassdoor have doubled since 2020 and 42% of candidates in the study declined job offers as a result of a bad experience. The good news is you can stand out from the crowd by differentiating your business with a robust recruitment strategy. In ..read more

Every entrepreneur could use a bit of extra support, and artificial intelligence (AI) is an impactful and effective way to get it. Despite some of the talk we’ve heard lately, AI isn’t going to be running businesses single-handedly anytime soon. In this article, we talk about how AI can save you time as you build your business. Here’s what we cover: How generative AI tools can help entrepreneurs The very human benefits of AI for entrepreneurs How to save time with AI tools Creating content Providing customer service Carrying out market research Arranging appointments and meetings Analysing ..read more

The culture of your company has a profound effect on how successful it is. Not easily understood and often overlooked, this essential aspect of running a successful business is becoming increasingly important. More people are working from home (WFH) where they might feel a bit more disconnected and undervalued. Concerns about the cost of living, rising prices and the worldwide economic situation can hit company morale. An organisation that appears to recognise these worries and provides a supportive environment where people feel valued is one that is more likely to thrive, even in these diffic ..read more

People are any business’s greatest asset and that’s why employee development is so important. And it’s becoming more so. Since the great resignation, as it’s sometimes known, staff are even less likely to be loyal to their employer. With tightening labour markets, they know they’re in a good position to find a new job. So why are they leaving? There are a number of reasons, but career development is high up the list. According to one recent survey, nearly two thirds (60%) said their reason for wanting to leave their current job was to seek better career prospects. Research by the MIT Sloan Sch ..read more

Accountants and bookkeepers were back in force for Digital Accountancy Show 2024 in London. With more than 3,000 attendees, 100 speakers, and 160 vendors, it was the largest the event has ever been. As anticipated, the integration of artificial intelligence (AI) in accounting processes was a crucial part of the discussions happening on the stalls and in speaker sessions given its rapidly expanding role in the industry. Speakers at the event highlighted how AI could positively impact the accounting profession by streamlining routine tasks. This shift promises to free up valuable time, allowing ..read more