Chartwell News
How often do you get to the end of a working day and wonder where the time went? Perhaps you never got to item 3 (or even item 1!!) on your to-do list. How can you solve this problem without working longer hours? The answer is very simple, but the art in the solution is where the gold is. The answer to free up time is to delegate more – either to existing team members, new people you recruit, or externally to outside contractors. However, if delegation were that easy, everyone would be doing it now, right?
The average business owner needs an additional four hours in their working day to complete their admin, according to research by OnePoll. If your people are spending 20 hours per week wading through tedious and unproductive admin, that’s bad for the business and for your efficiency. Fortunately, technology and software automation can go a long way towards automating these low-level admin tasks.
“Q: I’ve heard there are some upcoming amendments to Statutory Sick Pay. What are the major changes I should be aware of?” One of several changes introduced by the Employment Rights Act 2025 was an amendment to the way that Statutory Sick Pay will function for UK employers. “A: In short, SSP will be available for more employees and will also be available from day one of sickness absence.”
As a small business owner, do you need a bookkeeper, an accountant, or both? Bookkeepers can seem a little mysterious. In fact, they deal with the organisation, the recording and the reporting of financial transactions of a small business. A well-run business is likely to make use of both accountants and bookkeepers. Simply put, a bookkeeper clears the way for the accountant to work with your business strategically. This means: keeping track of daily transactions, sending and managing invoices, handling the accounts payable ledger, keeping an eye on cash flow, and preparing the books for the accountant. When you’re hiring, make sure you ask whether a bookkeeper has an area of specialisation. Some bookkeepers may be able to help train staff in using online accounting or POS systems or give you advice on business processes. Want help setting up bookkeeping for your business? Get in touch for help from us.
In a business environment that's currently highly volatile and changeable, it pays to scenario-plan for all eventualities. What is scenario planning? Scenario planning is the process of using your existing business data to project and forecast the future path of your finances, sales and growth as a small business. By running various scenarios, you get an overview of the potential opportunities, threats and financial pitfalls that lie ahead, giving you time to plan for these eventualities.
“Many small businesses are now operating under pressures comparable to those experienced during the Covid pandemic, but this time without an emergency support framework in place.” “SMEs are facing late payments, rising energy costs, increasing crime, a complex tax system and barriers to growth that are compounding rather than easing.” Rt Hon Liam Byrne MP, Chair of the Business and Trade Committee.
The new financial year is a new beginning. As a business owner this a great time for you to reflect on where you are at and think about your business goals for the financial year ahead. Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses or bigger things like automation of processes and new markets. You may be looking to expand your business or create more time for yourself.
The 2025/26 income tax year began on 6 April 2025 and will end on 5 April 2026.With only a couple of weeks left, make sure that you’ve taken steps to improve your tax position, and prepare for key tax changes coming in 2026/27.
Chances are you’ve heard of the accounting term ‘balance sheet’. But what is a balance sheet? And what does it tell you about your finances? Your balance sheet is a financial statement that provides a snapshot of your company’s financial position at a specific point in time. It’s an overview of your finances that details three key elements of your accounting.
A Bank reconciliation involves a comparison of your sales and expense records against the record your bank has. It is a critical financial process to identify and rectify any discrepancies or errors between your internal financial records with the transactions recorded in your bank statement. Bank reconciliations keep your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. They are essential for several reasons: Firstly, they help detect and prevent fraudulent activities or errors, such as unauthorized transactions or bank fees. Secondly, they provide a clear picture of your actual cash position, allowing for better cash flow management and informed financial decision-making. Thirdly, by reconciling regularly, you can also identify any outstanding checks or deposits that haven't cleared, ensuring that you have an up-to-date understanding of your financial health. It can take a lot of time to do it manually, but there is plenty of software to make the process easier. It's important to do it regularly so you recall the correct details. To learn more about how to perform a bank reconciliation and its importance, you can read this guide from Xero. If you need further assistance please talk to us, we can help.