Tweak Your Biz » Finance

A winding up petition is a petition presented to the court seeking an order that a company is placed into compulsory liquidation.  A petition is usually a last resort for a creditor when their customer has not paid and they will likely have tried many other options to recover their funds before issuing the petition.  As well as being an expensive procedure (at the time of writing the court fees and petition come to around £1,500) the creditor must also prove to the court that the debt cannot…

Small businesses are a fundamental part of the world of commerce. They see an opportunity and act on it, providing indispensable and valuable goods and services, creating employment and sustaining communities at the same time. There are a number of benefits to be recognised as an owner of a small business. As a small business, it is easier to build personal relationships with customers, suppliers and employees. Such strong relationships can ensure the longevity of a small business. Flexibility…

For many small or medium-sized enterprise directors, personal guarantees will often seem well worth providing if they make the difference in the pursuit of increased funding. However, the provision of personal guarantees to secure business finance can be something which individual directors come to regret when their company’s financial situation changes significantly for the worse. Starting with the upsides, here’s a look at the key pros and cons of providing personal guarantees: Easier…

Running a business can be tough, particularly if you’re running a small business and juggling 100 things at once. It’s understandable how some small business owners allow themselves to fall behind when it comes to filing and payment of taxes. These simple, easy to follow tips will ensure that you keep on top of things. #1. File on Time Ensure that you file VAT and PAYE/PRSI/USC returns accurately and on time. Tax returns filed late can lead the Revenue Commissioners to select your…

A lot of the help out there is for Limited companies or for individuals in financial difficulty.  What happens though if your business is not within a company and it is not personal but partnership debt you are concerned about?  Who can be turned to for help?  Perhaps you are a partnership where the partners are concerned about increasing tax arrears or inability to meet debts as they fall due?  How do you save the business? Could you use a Company Voluntary Arrangement? Why are…

Routinely using an overdraft can seem like an unavoidable option as far as many small businesses are concerned. However, there are alternatives if you’re worried by the costs or potential consequences associated with an overdraft. Here’s 4 of the best: #1. Asset finance Rather than dipping into an overdraft facility to cover payments associated with large purchases, small businesses can establish structured repayment plans to secure access to assets they need. The process is not unlike…

Cash flow concerns keep many a company director awake at night and the process of juggling payments can put huge pressure on any financial situation. There are of course many different methods of solving these issues but it’s no secret that traditional routes to finance have in large part dried up entirely for small businesses in recent years. As a result, alternative finance providers have seen demand for their services rising sharply as companies look to find new ways of accessing the funds…

Technology has given us the necessary tools to make our lives more convenient than ever before. In business, this covers many areas, including accounting software, which has made it easier for entrepreneurs to manage their business and finances. However, some still believe that no machine or equivalent can replace the work of an extraordinary accountant. It has been an ongoing debate between the efficiency of a traditional bookkeeper versus accounting software. The modern advancements in…

There may come a time when you no longer want to be a director of a company. So why would this happen? Here is a list; Inherited company from family and no longer wish to run it. Other commitments Retirement Wish to start up a new company May want to use tax losses in a new company. So how do you go about exiting the business? #1. Business Sale Selling the business is a very popular idea but the realisation value of the business is often much less than you expect. Reason is simply that you…

  The current austere climate has made it imperative for small businesses to tighten their purse strings, cut back on costs and eliminate undue expenses. The suffering sales, endless government red tape requirements and taxes have made small business owners more aware of the need to save money. It is a well-known fact that small businesses cannot depend on anyone for cash. But if played right, business owners can dramatically cut costs, save money and ensure they are getting maximum return…