Payment terms

How would you feel if your employer told you they were going to pay your salary in 4 months’ time instead? For the next 3 months, no wage packet. Would you be unable to pay your mortgage? Looking at a bleak Christmas? Feeling powerless? Trust shattered?Welcome to the world of a supplier being told to accept ‘120 days credit terms’. In a digital world where it is possible to pay within days, more big companies are forcing suppliers into waiting 4 months to get paid. Let’s be clear. It’s bullying. And theft. They are taking goods and services, and withholding payment. They are stealing the interest the companies should have earned in those extra 3 months and using it to line their own pockets. For small businesses, often with their own suppliers to pay, and a wage bill, this can be disastrous. And we’re not talking about the Ryanairs and Sports Directs of this world. These are large global companies with huge CSR programmes claiming “fairness”, “community action” and “respect”, and probably running branded “entrepreneurship” programmes. This is truly unethical and shameful, even if legal. If this is your company, please raise a voice against it. Just ask the question…. “Why do we want to bully and steal from the suppliers who contribute to our success?” From Liz Tinlin via LinkedIn Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in...

Top 10 Devon Bookkeepers – we are one

In breaking news, an especially relevant Twitter poll says that Bruton Young Bookkeeping is one of the top ten Devon Bookkeepers. I am therefore going out to buy champagne 🙂 Recognition is wonderful! South West News Top 10 Devon Bookkeepers We offer the very best customer service and client support. It is a massive compliment that Twitter users voted for us. As a result it seems that clients value and appreciate our hard work. I would personally like to thank each and every Twitter user who voted for Bruton Young Bookkeeping in this poll. There are hundreds, if not thousands of bookkeepers in Devon and we are in the top ten! The south west news website is a very useful one for local information. The owners live in Devon and Cornwall so know the area very well. The writing is clear and concise. Local information is presented clearly and is therefore easily digestible. South West News looks great and so it’s easy to read. THere’s a plethora of useful information on numerous topics. I think I’ll need to add it to my list of news sites to keep an eye on.   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Free accounts template spreadsheet

One of the questions we are asked most often is for a cashbook or small business accounts spreadsheet for those businesses who do not need or want to be set up on accounting software. We have created this free accounts template spreadsheet which you can download and use to keep your own records in your business. Small business accounts Please feel free to use this for your own personal bookkeeping but do not distribute, sell or misrepresent our free accounts template spreadsheet. We love creating spreadsheets to make your lives easier and if there is a specific type of document you would like, please use the Contact Us link to tell us what you’d like to see. Please enjoy your free accounts template spreadsheet. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

National Living Wage April 2016

From 1 April 2016 workers aged 25 and over will be legally entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW). As an employer you’ll need to check which staff are eligible for the new rates and update your payroll in time. Do you need help with this process or with running payroll for your staff? HMRC are running a number of free webinars to give you more information about the Living Wage (NLW). For more information see the HMRC living wage website here Bruton Young Bookkeeping can advice you on how to implement this and its impact on your bottom line profits, also how to minimise this impact. Contact us for more information. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Shocking news – ICB bookkeeper jailed for fraud

In a story that will come as a huge shock to the ICB (Institute of Certified Bookkeepers) and its members it has been reported that a well respected member has been jailed for two years for defrauding a client. The full story is here This has some meaning to me personally as I was a friend of hers on Facebook and LinkedIn. We had corresponded about the day to day work of bookkeeping and routinely interacted on bookkeeping forums. I had absolutely no inkling that Sharon was anything but beyond suspicion or reproach in either the way she did the bookkeeping or in her personal integrity. To defraud a client in a calculated and long-term manner is the most shocking behaviour that one can imagine from a person placed in a position of trust within a business. We can speculate about financial difficulties or other mitigating circumstances but there is absolutely no justification for her actions and one must say that the correct punishment has been meted out. Sadly this bookkeeper will never be able to practice again under the banner of the superb professional institute that is the ICB and her lifetime of work and effort has now been proved to be worth nothing. Bookkeeper fraud is something that upsets me greatly as it brings my whole profession and career into disrepute. Although I am positive that 99% of bookkeepers are perfectly honest, perhaps there is a warning within this story to small business owners. No one person should be in a situation where they can defraud your business. To leave yourself open to this kind of abuse...

Employing Staff

As your business expands you may find that you do not have time to do it all yourself, or that there are some tasks that need specialist skills e.g. marketing, finance, sales, admin. You will then likely consider employing staff. It is a big step as a business owner to commit to paying someones wages and knowing that you are responsible for their livelihood. There are also many considerations to take into account, like the cost of recruiting, what to do if they don’t work out, how to train them. There are many articles out there covering the topic of employing staff and so rather than covering all the same material I will simply give you here the links to those. HMRC wised up many years ago to the fact that you may state that someone is self-employed when in actual fact, as far as HMRC are concerned they are an employee. An article that puts it far better than I ever could is published here And this one from business start up experts gives great information and links It’s possible, depending on the nature of your business, that you may just have a one-off task that can be done by a freelancer, for example, setting up a website. In this case you would find a company or sole trader to do it for you. A small business is unlikely to need an IT department (leave that for the future!) As I’ve said in so many posts, your business is unique and only you as the business owner can decide what is right for you. We are not experts...