The RJF Accounting Blog

As a small business owner it’s only to be expected that you want to take things to the next level. However, before you begin to grow it’s important to make sure that your business is scalable.  Scalability is your ability to grow your business without overwhelming your current structures or running out of resources. Therefore, you […]

There’s nothing quite like being your own boss, but running a small business can be a huge headache at times, too. When you’re first starting out, it can be difficult to decide which goal to tackle first and how to spend your time. We have put together a list of tips to help you better […]

If you want to have the best chance at success as a small business owner, then it’s imperative to take good care of your finances. This doesn’t just mean profit – you need to make it a priority to keep cash in the bank. It’s difficult to grow your small business when you’re continually running out of funds. In this article, we’re going to share five tips to help you manage your cash flow so that you can continue operating smoothly and plot a roadmap for steady growth.

In business, it’s not about the money you make but the money you take. Generating £100,000 in sales sounds great, but if it costs you £90,000 to get there then it’s not quite the impressive figure it initially seems. In order to hang onto more of your hard-earned money, you need to focus not only […]

Talking about money is never easy, especially when you’re a small business owner. But, unfortunately, there’s no avoiding it! There will come a time where you get a client or two who disputes an invoice, and you will have to manage it in a way that doesn’t damage your relationship. If you want to prevent […]

Building a company alone can be daunting when you consider the funding needed, work and general effort required to get a business off the ground.  Many entrepreneurs sit there thinking “hmm I’d probably get there quicker with a business partner” That may well be true but before you decide on working with a partner, and […]

Credit control is the process by which businesses extend credit to customers in order to make it easier for them to purchase a good or service. This could be by delaying payment or breaking down the total purchase amount into more manageable instalments. This strategy drives up sales but it’s important to be careful about […]

A healthy cash flow is essential to the survival of your small business. It’s like food; without it, your business will starve. You need cash to be able to fund your operations, so it’s crucial to keep a close eye on how much money is flowing in and out of your business. Smaller and younger […]

You have three options: a salary, dividends or both. The answer depends on how much you intend to withdraw from the business and if you have other income, but in general, a combination of a small salary and dividends is optimum.  What salary should I pay? We’ve outlined some common scenarios and the salary/dividend mixes […]

Firstly, what are director’s loan accounts? The Director’s Loan Account records the non-dividend transactions that occur between a company and its director(s). At the end of the company’s financial year, the director would either be owed money or they will owe the company money. This account contains any cash withdrawals made by director as well […]

The Information Commissioner’s Office (ICO) is the UK’s data protection regulator. Essentially the ICO’s responsibility is to ensure that businesses in the UK are compliant with strict data protection rules. They investigate organisations that go against these principles and impose penalties where appropriate.  ‍ What is Data Protection? Almost every service we use involves the […]

Most entrepreneurs are all too familiar with the rather depressing failure rate of start-up businesses; research by Investopedia found that 50% fail by their fifth year. The same study found that one of the top reasons for this was that money simply ran out. In order to protect your start-up, you need to keep a […]