Welcome to the Nicki Paddy & Co. Blog.
We are regularly asked questions by our clients, the answers to which are often pertinent to other clients and SME’s. So in a bid to make useful information freely available, we seek to answer the most regularly asked questions or provide some ideas about managing the perennial issues faced by SME’s and growing companies.
If there is a subject you would like us to consider, please contact us.
14th August 2019
A Day in the Life of a Bookkeeper
It’s Wednesday 16th January and I have decided to keep a track of a bookkeeper’s day. It’s 0620 and this is the week where the period I refer to as self-assessment silly season really kicks in. I have got 12 more working days before the tax return submission deadline but that assumes no weekend working! […]
31st July 2019
Know Your Numbers
What’s the quickest way to identify an issue in your management accounts? Simple – know your numbers…. I work for a number of businesses whereby I manage (nearly) every aspect of their company accounts function. From raising sales invoices to credit control, managing the purchase ledger, payment of suppliers, payroll, VAT, annual/quarterly returns and year-end […]
2nd May 2019
Stock Terms – BOMs, Kits and SKUs
If your business stocks a range of products that are ‘made’ or sold as a combination of multiple items, ensuring you use the correct method of stock management and costing will avoid any accounting issues and ensure your costs, sales, margins and stock valuations remain accurate. Understanding how each different option works and how it […]
14th March 2019
Importing and Exporting – An SME Guide Part 2
Whatever the final Brexit deal looks like the reality is we are likely to see changes in the administrative processes for passing goods across borders. But we are also told that with our newly acquired independence will come great opportunity for the UK to strike out and form new trading relationships with other countries of […]
27th February 2019
Importing and Exporting – An SME Guide Part 1
Whatever the final Brexit deal looks like, the reality is we are likely to see changes in the administrative processes for passing goods across borders. But we are also told that with our newly acquired independence will come great opportunity for the UK to strike out and form new trading relationships with other countries of […]
VAT Threshold Changes – A good thing?
It may have escaped your notice – a lot of these consultations don’t get the promotion I think they should, especially when it can affect so many people/businesses – but the Government carried out a consultation in 2018, on a proposed reduction of the VAT threshold. It is rumoured that the Chancellor was talked out […]
25th January 2019
Making Tax Digital (MTD) – The lowdown
Making Tax Digital (MTD) is all over the business press at the moment and I have even noticed the likes of QuickBooks and Xero advertising on the TV and radio with their core message being ‘MTD compliance’. Like most new pieces of legislation or changes to the business taxation system, MTD has been coming our […]
13th November 2018
Analysis Levels – Making the numbers mean more
If you find yourself sitting looking at the figures at the end of each month with a head full of questions, like who is my most profitable sales person? which department costs the most to run? did we make money on that piece of work? or most importantly, where did we lose money? Then maybe […]
31st August 2018
VAT What you can and can’t claim
It’s not until you’re through the VAT threshold or have taken the proactive decision to register for VAT that you really get a sense of what a complex beast it is. You may be fooled into thinking that VAT is either standard rate, zero rated or as in the case of gas, charged at an […]
18th June 2018
Trading in Foreign Currencies
Whether it’s world events, Brexit votes or just the usual market fluctuation, the profit of any business regularly importing and exporting in different currencies is at the mercy of the prevailing exchange rate. But with global trade increasing and more businesses becoming involved in overseas transactions, maybe it is time for a different perspective on […]