Category: Software
How to Read a Balance Sheet: A Plain-English Guide for UK Business Owners
Reading your balance sheet isn't just good practice - it's crucial for any business owner. Your balance sheet shows what your business owns (assets) and owes (liabilities) at any given moment. This financial statement ranks among the most important documents that business leaders, regulators, and potential investors need to understand. ...
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The Art of Invoicing
Late payments affect nearly half of all UK invoices, creating major cash flow challenges for businesses. This sobering reality expresses why knowing how to handle invoice management is vital to your company's financial health and sustainability. Becoming skilled at invoice management requires more than asking for payments. UK businesse...
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How to Master Payroll Basics: A Step-by-Step Guide
The concept of payroll is simple, but if not done correctly can lead to big and expensive problems. It can damage business reputation and employee trust. Your business could face serious issues from missed deadlines to calculation errors when you handle payroll without knowing the simple fundamentals. So, what exactly is involved in a ...
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HMRC e-Invoicing
In the Autumn Budget Statement, Chancellor Rachel Reeves announced an exciting development that could have a huge impact on the way businesses handle invoicing. As part of a broader package of reforms, HMRC will be launching a consultation on the implementation of mandatory electronic invoicing (e-Invoicing) across UK businesses and gover...
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Companies House Updates
We wrote previously about planned reforms happening to Companies House, in particular covering new powers and practices. You can read the blog here: https://whittockconsulting.co.uk/changes-to-companies-house/ Following on from these proposals, we can now confirm the following have been implemented: Additional powers Companies Hou...
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Understanding the Difference: Turnover vs Profit
When it comes to evaluating the financial performance of your business, there are several key terms that need to be understood. Among these terms, turnover, gross profit, and net profit are fundamental concepts that provide insights into the health and profitability of a company. In this blog, we will delve into the definitions and calcul...
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Why Management Accounts are a key tool for Business Growth and Success
As a business owner, you may have heard of management accounts and wondered what they are and why they are important. In this blog, we explain what management accounts are, why they are essential for business growth and success, the benefits of management accounts, the key components of management accounts, how to use management accounts ...
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Changes to Companies House
It’s not often that rules and regulations relating to Companies House change. However, we’re about to experience multiple changes, starting in 2024. The reason being that the Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023. The ECCTA is a key part of the Government's ongoing legislat...
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Expanding Our Services
At WCL we’re always looking for ways to better serve our clients, whether this be improvements to our current services, or offering additional services. To allow us to identify where we can improve or what additional support is required, the best source of information is feedback from our clients. And based on feedback we’re excite...
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