Everyone who works in a business has accounts. Although everyone knows that they are hugely important, not all business owners and employees can claim to understand the accounts properly.
We’re experts in teaching what's important, so whether it's for yourself or for your business, our online course will teach you how to get on top of the accounts, know your business and make better business decisions.
The vital business information that up-to-date, accurate accounts can provide: keeping on the right side of the taxman
Advantages and disadvantages of each structure, in terms of; simplicity, tax savings, privacy, liability, accessibility of money earned by the business, losses in the early years
When and how to register with HMRC: if, when and how to register with Companies House; what documents must be filed each year with these bodies
How having a business bank account can help save you time and pay the right amount of tax: which businesses most need their own bank account
Where the money to fund your business might come from: yourself, family and friends, the bank, a business angel, crowdfunding, grants: advantages and disadvantages of each source
Creating invoices, with or without VAT: collecting the money from your customers and the different tools to use: bank transfer / cash / cheque / credit card / PayPal / GoCardless: chasing late payments
Keeping track of your costs: separating costs paid for by the business straight away, those the business takes credit on, and those you paid for personally: why it’s important to do this: how tools such as FreeAgent and ReceiptBank can help you
Which costs you can use to pay less tax: key costs such as travel, use of your home for business, and large items of equipment
What records HMRC say you must keep: what records you should keep in order to be able to extract useful information about your business’s finances: how and for how long to keep your business’s paperwork
How often you need to prepare accounts: how often it’s helpful to do them: what management accounts are: different tools to use, including a cashbook, a spreadsheet, a desktop package such as Sage or QuickBooks, and an online package such as FreeAgent
Who has to register for VAT: why register if you don’t have to; when to avoid registering as long as you can; how to register; how to work out how much to pay; invoice vs cash accounting, and the VAT flat rate scheme
The standard rate, reduced rate and zero rate; exempt and out of scope; why these are different and why that matters
How each structure is taxed: payments on account: when tax is due; what to do if your business makes a loss in its first few years
Registering as an employer with HMRC; running a payroll, filling in forms and paying staff; what to do at the end of the tax year
When the taxman doesn’t mind how much you take out; when it could cost you tax to take too much money out of your business; how to take money out for each different structure
Introduction to the profit and loss account; important information it can give you, such as whether your prices are high enough, and whether your costs are too high; how tools such as FreeAgent can help with this
Introduction to the balance sheet; how to track money coming in from customers and paid out to suppliers, and how tools such as FreeAgent can help with this; gauging how healthy your business’s cashflow is
How to calculate useful ratios such as profit margins, break-even point, and liquidity ratios; how these can help you make the best decisions for your business’s welfare
Creating simple forecasts for sales, profit and loss, and cashflow; suggested tools to use, including Float and Excel
Which businesses should have an accountant; how a good accountant can help your business; how to identify a good accountant from the hundreds there are!
Pricing is for 12 months access.
Completion Time: 20 hours (average)
Our Chief Writer, Emily Coltman ACA
Emily Coltman is a very unusual Chartered Accountant. Not only does she not possess a single suit, she speaks fluent plain English!
A graduate of Cambridge University, Emily has spent the last 12 years helping small businesses to lose their fear of “the numbers”, and keep the taxman happy. She is passionate about business systems and believes that using the right accounting system can not only give a business useful timely information but can help you make good decisions about your business’s future.