Growing a business doesn’t merely involve making more and more money. It involves getting to grips with the tedious stuff—from liquidity levels to inventory management. We’ll be looking at 5 accounting hacks to help you grow your eCommerce business —monitoring cash flows, optimising Cost of Goods Sold, business bank accounts, inventory management, and bookkeeping. 1. Open a business bank account Let’s start with the basics— open a business account with a bank . It sounds simple, but you’d be surprised—plenty of budding businesspeople make this mistake early on, and pay for it in due time. Blending your business banking finances and personal finances sows confusion, costing money and time in the long run. Separating your personal expenses from your business—drawing a firm line in the sand between the two—makes it far easier to keep track of things. It’ll make tax time a breeze (well, it’ll make it less of a hassle) and improve your c...
Many kinds of companies rely on sending employers out in company-owned vehicles to visit clients, generate new business, carry out jobs or transport goods and materials. If your company has more than one car, van or other vehicles that are used primarily for business use, fleet insurance can protect them all together under one policy. It’s a legal requirement to have insurance for any road vehicle in the UK. Keeping track of the renewal dates and policy features of a high number of company-owned vehicles can be an administrative nightmare, particularly when you factor in all the employees who could be driving them. This is where a fleet insurance policy can protect your vehicles/drivers and save on administration, this guide will get you up to speed on fleet insurance in the following sections: What is fleet insurance? What is covered by fleet insurance? Types of fleet insurance Do I need fleet insurance? How much cover do I need? How much does fleet insurance cost? How to find a...