COVID19: Disincorporation – what you need to know before dissolving your limited company

The ongoing lockdown may be the catalyst for many limited company owners to change their business model in order to survive or to create a simpler way of working. One option is to disincorporate – in other words, dissolve the limited company and, if the business is still viable, operate as a sole trader instead.

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This is the time to take a Business MOT

We’re part way through the Covid19 lockdown. Easter is over and at the time of writing, we do not know exactly when quarantine will be eased. As the days stretch before us business owners, who may or may not be currently trading, there is time for many to give your company a MOT: to get prepared for the future, whatever this may bring.

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Accounts tools: Aged debtors report

Does your business make use of an Aged Debtors Report? All businesses compile annual accounts as part of their statutory duties. Many also use management accounting tools to improve their business performance, especially if they are mid-sized businesses. This type of financial report is often completed each month and sheds light on the effectiveness of current business strategies. Here we put one such tool, the Aged Debtors Report, into the spotlight.

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We already have Annual Accounts, why do we need Management Accounts?

Annual Accounts are very familiar to business people. Every year statutory reports which comply to specific accounting standards must be filed with HMRC and Companies House. But what about Management Accounts? There is no legal obligation to generate them. Why then, do so many organisations depend on Management Accounts in running their operations and could you be benefitting from them too?

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How to make better decisions with Management Accounts

Better business decisions lead to stronger businesses, with higher turnover, lower costs and greater productivity. Business leaders and owners, including those in medium sized, and small fast-growing businesses, use Management Accounts as a tool to provide them with financial performance information. For charities Management Accounts are often vital to provide Trustees with the information they require to provide good governance for the organisation. Could your organisation benefit from regular Management Accounts?

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