UK small businesses waste over 100 days on admin each year

New research from technology firm Sage has identified that UK small businesses spend an average of 120 working days per year on administrative tasks. Small business staff spend an average of 5.6% of their time on back-office tasks. If staff could increase efficiency by the same amount, it would generate an estimated £33.9bn in additional GDP each year. Many administrative tasks are unavoidable.…

4 common accounting errors small businesses should avoid

Starting out as a small business owner is hard enough without the worry of rectifying accounting errors. That’s why we’ve prepared this handy list of four common accounting errors to avoid: 1. Confusing cash-flow and profit Mixing these up can jeopardise the development of your business by leaving you unexpectedly short of cash. Cash-flow covers both your incomings and outgoings (overheads, supplier…

What is tax investigation insurance?

Tax investigation insurance protects your business from the costs of a tax investigation. It is one of many means small business owners, contractors, freelancers and landlords should be considering to maintain financial stability. However, it is also an additional expenditure that you will need to assimilate into your overall cash flow. So you need to make sure the outlay will be worth it. What…

3 financial tips for becoming an international freelancer

Becoming an international freelancer is an effective means of diversifying your operations. In today’s digital world, working across borders is easier than ever. Your client can benefit from your specific expertise or local connections, while you can make your services available to a whole new market. But, snapping out of the status quo and setting yourself up…

Holidays for freelancers: Preparing yourself and your finances

Taking holidays for freelancers can be a complex yet rewarding experience. Everyone needs a break every now and again. But, when you’re running your own business, taking a holiday requires additional planning and a healthy attitude towards downtime. Here, we’ll take a look at why holidays are so important for freelancers. And, tell you how to…