Bloggertone

So it’s the New Year. I wonder if one of your resolutions was not to leave your accounts until the last minute this year. We’re nearly all guilty of it; even I do sometimes and I’m an accountant. I thought you may like some tips to make your life easier and help you to stop viewing your accounts like an alien. This can also help your accountant for when you give aforementioned “alien” to be completed.  Obviously the more of these tips you follow the better but we aren’t expecting…

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In my previous blog post I introduced the two key accounting documents that you use to manage you business. This post concentrates on the first one of these: The Profit and Loss Account or P&L. The Bottom Line As its name suggests this document tells you how your business performed (profit or loss) throughout a specified time period e.g. month, quarter, year. It is most useful when compared with other figures e.g. budget or last month or last year or a competitor’s numbers. With my…

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OK it’s not the most exciting subject in the world but this is a quick and easy layman’s guide on the big picture of accounting and some of the principles that every business person should be aware of. The accounting system is made up of two parts, the Profit and Loss Account (P&L) and the Balance Sheet (BS). It operates a double entry system so that each transaction creates 2 equal but opposite entries which then balance each other out i.e. the sum of the P&L and BS is always…

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This is a question that we get asked over and over. I have laid out the various pros and cons in mind-map format and hope you can see it clearly. My preference is certainly for a limited company but many go for the simplicity of the sole trader and associated cheaper compliance costs. Certainly if you are a very small trader with little travel, it probably makes sense. You can always incorporate at a later stage. However for the vast majority of businesses I think a company is the appropriate…

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Just when you thought your bank couldn’t make you feel any worse via increases in mortgage rates, account charges, and the stifling of credit; they have the gall to start delivering sermons on the need to start saving for your children’s education with one of their investment policies. It’s all designed to scare the bejaysus out of you: motivation to save through fear. They give the impression that they are doing you a favour by highlighting the issue of education costs and prompt you to…

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Firstly I would like to say hi to all – this is my first post on Bloggertone – I hope to provide you all with some uniques insights on stock market investing and trading over the coming weeks, months and years. I am the MD of Share Navigator and we provide support services to stock market investors in an easy to understand – jargon-free way. In this blog post I want to briefly explain why diversification in the stock market works. Most retail investors have heard that you…

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Income taxes are the single largest expense that a small business owner will encounter. This amount is often larger than their home or the cost of getting their kids through college. It is apparent to me that one can never build any real wealth without first getting their income taxes under control. I am often amazed at the number of business owners looking for ways to reduce expenses. I have seen time and time again many small business owners spending hours fighting over a €200 charge by…

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“There are three classes of people who do not believe the markets work: the Cubans, the North Koreans, and Active Managers.” Rex Sinquefield I came across this quote while reading ‘The Elements of Investing’ by Malkiel & Ellis. The book is concise, to the point, and a good read for anyone who is considering investing in any asset class via pension or other long-term savings accounts. But, do bear in mind that it is directed at the US market and there are some…

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Every year the Revenue estimate there are millions of possible tax refunds left unclaimed. As the average refund is in excess of €500 filing a return is worth following up. In the past when things were good people did not bother lodging returns. However surely in these recessionary times its worth checking if you have you a claim. If there have been any changes in your personal circumstances check out that these have been reflected on your Tax Credit Certificate. The tax deducted by your…

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There is a lot to be said for an owner manager who has the courage of conviction of setting up their own business. A lot of business owners will describe the initial sense of excitement as they work on implementing their usually long held dream of working for themselves. As the potential financial rewards accrue to the owner the long hours that may be required don’t deter. Quite quickly it can become a non-stop whirlwind where you are trying to generate sales, meet new potential customers,…

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