Heading into the third quarter of the year, you’ve probably come across NFTs, the Non-fungible Tokens. The NFT space has taken the world by storm as i…
Monthly Archives: June 2021
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What is an Immediate Annuity
by Peter Daisyme • • 0 Comments
Last week I turned on the air conditioner for the first time this year. Much to my chagrin, it wasn’t working properly. So, I had to have someone come…
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The Science-Proven Benefits You Get When You Share Your Time and Resources With Others
by Nathalie Virem • • 0 Comments
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Etsy is expanding and is looking for employees in Mexico City
by Entrepreneur en Español • • 0 Comments
The buying and selling company will seek to contract positions within the product and engineering areas.
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Tesla's China "Recall" Can Be Fixed With Software Update
by Emily Rella • • 0 Comments
There is a potential system malfunction in certain vehicles that can be fixed with a software update.
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Social Media Seems Like the 'Holy Grail,' But This Marketing Strategy Is Even More Important
by Laura Perkes • • 0 Comments
The often overlooked tactic enhances reach, raises brand awareness and drives new customers and clients to your business.
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The 5 car brands that depreciate the least over time
by Entrepreneur en Español • • 0 Comments
According to a study, there are five automotive brands that depreciate the most and another five that do not lose as much value and it is more advisable to acquire.
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Are purchase orders legally binding?
by Paul Barnes • • 0 Comments
Originally written by Paul Barnes on Small Business
Understanding the legal implications of purchase orders is important. After all, if faced with a client refusing to pay an invoice, or you receive an invoice for twice the amount stated on a purchase order (PO), you need to understand your position.
So, is a PO legally binding? And above and beyond the legal ramifications, are there other advantages to raising POs? Here, Paul Barnes, MD of MAP, an outsourced finance function for digital creative agencies, provides his purchase order insights.
Purchase orders are a legal contract
If you issue or receive a PO, it’s a legally binding document once accepted. In essence, it’s a contract between the buyer and the seller. As a supplier, if you raise a PO and send it to your customer, this is notifying them of their legal obligations to pay you the agreed amount. As a customer, you need to be aware that when you receive a PO, this is obliging you to pay the amount on the purchase order. If the amount is incorrect, this must be disputed immediately and a new PO issued. Failure to dispute a PO at the time of issuing will place you in a
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The EU VAT e-commerce package: how accounting can help
by Dan Matthews • • 0 Comments
Originally written by Dan Matthews on Small Business
On 1 July, the European Union will change the way in which VAT is reported and paid, potentially impacting anyone in the UK operating a business selling products & services online to consumers and practicing distance selling.
“The Covid-19 pandemic has caused a big shift in working patterns and, as a result, a lot of people have out of necessity or opportunity taken to start up an e-commerce business or switch to digital selling,”
“The change to EU VAT reporting will help. It’s designed to simplify tax reporting, promote ecommerce and increase online cross-border transactions. It will support small business and remove barriers in a post-Brexit environment.” says Asif Chaudhry, Director, Product Marketing at Sage.
What will change?
The changes are that for sales to consumers (basically anyone without a VAT registration) the VAT is charged based on which country the customer is in, not the country of the seller. Prior to this date there were thresholds, and businesses selling below these thresholds could charge their home VAT rates which avoided needing to know many different VAT rates.
Alongside this change the EU is expanding their one stop shop (OSS) simplifications which optionally allow businesses outside of the
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Basics of small business accounting: tips and tools for beginners
by Alice Feilden • • 0 Comments
Originally written by Alice Feilden on Small Business
Small business accounting can be daunting. But, this handy guide will help in getting your small business accounting right from the very beginning.
Step one: Know what’s required
It’s important to keep financial records from the very beginning of a business, no matter how incidental the expenses or how rudimentary the system. Companies based in the UK must be listed on Companies House and businesses must be registered with HMRC. Make sure to organise a financial record-keeping system too, which is legally required, and set up a business bank account. This will allow your business to take out a loan, use a business credit card and take card and online payments from clients.
Step two: Understand bookkeeping and accounting
Small business bookkeeping and small company accounting are often confused with one another or taken to mean the same thing. But they’re not! Bookkeeping is the process of recording and reporting company finances and acts as a small but crucial part of basic business accounting.
By extension, accounting is the process of analysing and examining financial information to create a business strategy, establish forecasts and make decisions.
As a small business, it’s worth first getting to grips with the fundamentals