Blog | Accounting

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.

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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13th April 2018

Do I need Accounting software?

The accounting software industry has flourished over the last decade with start-up companies and SME’s investing in online, easy to use accountancy tools that can be accessed on the go. But, is this something your business needs? With the introduction of the Making Tax Digital initiative by Government, all companies will ultimately be required to […]

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Choosing the right accounting software for your business

A business partner recently asked me why I use Xero, Quickbooks and Sage (amongst others) to run my clients accounts, instead of picking one and moving everyone onto that system. A good question and from a purely selfish practical perspective moving to a single system would be heaven, but it’s not that simple. As I […]

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26th October 2015

Chasing the penny – why different systems add up VAT differently

For businesses providing goods or services to people, one of the most important tasks is the calculation of VAT values. This allows you to put a fitting pricing strategy into action or to reclaim the accurate amount of VAT.  A business may choose to use software which provides one of two calculating systems to add […]

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16th October 2015

Stick to what you’re good at!

It’s rare to see a business owner without a fantastic skill set; be it a creative eye, a knack for numbers or the ability to talk pretty much anyone into doing anything. Yet, (no matter how much we try and convince ourselves!) we can’t be good at everything. Keeping accurate financial records is a legal […]

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29th September 2015

Why your PAYE changes throughout the year

One of the reasons many small businesses set up a PAYE scheme is to have better control over their outgoings each month. They know their staff will be paid and they know what’s going out of the bank account. One of the questions I often get asked by my clients is: with so much certainty […]

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