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.
7th August 2020
2020 may be the first time that your business has recorded financial losses. But assuming that recovery is possible, you have to consider this as a single step on a longer journey. For many businesses and self-employed individuals, keeping track of accounting procedures during the Covid crisis will have been a challenge. Whether managing increased […]
14th January 2020
In recent years we have had numerous legislative changes around tax reporting, beginning with RTI (Real Time Information) on payroll and then more recently MTD (Making Tax Digital) for VAT. These have been introduced gradually, marking a creeping change to an automated reporting system between businesses and HMRC. The long-term ambition of these measures is […]
15th October 2019
It may be because I work with figures all day or it may be because I have a head for numbers, but I find that when I am reviewing sets of figures or running an at-a-glance estimation process, I find a series of accounting quick calcs help me out. They help me to make rapid […]
31st July 2019
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 […]
13th November 2018
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 […]
18th June 2018
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 […]
12th August 2015
I am often asked for help with reducing overheads in order to brighten monthly forecasts but in truth, there is no definitive solution. Whilst you can take steps to reduce some of your overhead spend, the nature of running a business means there is only so far you can go! Here are a few key […]
24th June 2015
I am often asked what my key priorities are when running a business and for me, its knowing my break even point ranks alongside cost prices, current stock holdings and most importantly, the bank balance! Why is it important? It is important to know what your break even point is for planning purposes as it […]
30th July 2014
Congratulations – you have decided to start your own business! According to Start Up Britain, 502,068 new business were created in 2014 alone: the largest number in recent years, and so it is fair to say that, with this number, only a proportion will have previous experience of starting or running a business. This means […]
13th June 2014
“More detail, please!” Is this a regular response to the monthly management accounts in your business? Having worked with lots of different organisations, it is interesting to see the detail to which they all report or interrogate their accounts. In much larger organisations the management accounts form a summary which sits atop a hierarchy of individual […]