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  • Business tips: Review your pricing and avoid discounting
    that dropping your prices will bring a flood of new customers Do you think that either will make your profits soar The truth is reality can be very different For example a 10 price increase on a gross profit margin of 30 will mean that you could afford to lose up to a quarter of your customers without damaging your profitability The fact is the larger your gross margin the less likely your business profits will fall if you increase your prices Too many business owners fail to understand how many customers they can afford to lose In a similar way decreasing prices or providing discounts will have a severely detrimental effect on your profits unless you dramatically increase the number of new customers at the same time For example a 10 discount on a gross profit of 30 will mean you would need to increase your number of customers or sales volume by 50 in order not to damage your profitability In the next tip I ll be looking at how to keep an eye on where your cash is going on a monthly basis For a free analysis of cash movements in your business please email me at

    Original URL path: http://www.welsbyassociates.co.uk/?p=245 (2016-02-15)
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  • Business tips: Understand where the cash in your business is going
    tells them their business is profitable Very few business owners have a clear understanding of whether their business is generating cash or just consuming it It s crucial that you know the sources of the cash coming into your business and how these funds are being applied This information is not available from a cashflow statement yet is one of the easiest parts of a business to analyse if it produces regular profit and loss accounts and balance sheets Virtually all businesses need money continually revolving in their business to buy their stocks and fund their work in progress debtors and creditors These items are referred to as the working capital of a business If the stocks WIP and debtors increase then they will need to be funded from your bank account If they fall that will mean that money is coming into your account The opposite is the case with creditors if your creditors are rising this means that you are using your creditors funds if they are falling you are paying more out of your account In the next tip I ll be looking your debtors and how to see the wood from the trees For a free

    Original URL path: http://www.welsbyassociates.co.uk/?p=247 (2016-02-15)
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  • Business tips: How to collect your customer debts
    example if your annual sales are 2 4m with debtors at 800k all this tells you is that you are owed 800k From these figures it is impossible to ascertain if this is good or bad news It does show that on average your debtors are taking four months to pay you However that may not be very useful information because your debtors may be high because you ve just had the best monthly sales performance of the year Therefore it is imperative to know the level of your debtors in the light of the actual sales you have made in recent months The best way to measure this is to calculate how many days of your actual sales are equal to the total of your debtors at the end of each month This is known as the Days Sales Outstanding Simply if the DSO is growing then your debtors are taking longer to pay and vice versa When businesses have a large number of debtors not all of whom are paying slowly it is helpful to analyse only those who are taking over say three months to pay An aged debtor listing can help establish the real position and enable those responsible for collection to become more focussed on the task in hand In one recent experience the aged debtor listing eventually revealed that virtually all the slow payers had been offered extended terms by the sales team in return for new orders Armed with this new information not only did the MD rule that in future extended credit could only be authorised by him but the sales team bonus structure was changed to be based on sales made less debts owed After all a sale isn t a sale until it s been paid In the next tip

    Original URL path: http://www.welsbyassociates.co.uk/?p=249 (2016-02-15)
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  • Business tips: How to get the best out of your bank manager
    via loans or overdrafts It is my view that in the past banks have been reckless in advancing funds to businesses with little or no consideration of whether they had any prospect of repayment Today banks are understandably far more cautious Bank managers need to understand their customers businesses In part this can be achieved by visiting and talking with their customers In reality however this only gives them a partial view Many business owners fail to regularly and adequately update their bank manager how the business is performing against budget They don t therefore share their aspirations for the business and those that do don t quantify or periodically update those aspirations Without this information bank managers will have a very hard time supporting a business They need information from their customers not data In challenging times that may inevitably lead to cashflow problems If so then talk to your bank manager at the earliest opportunity The sooner you talk to the bank the more likely they will be able to help Talk also to suppliers If you don t take action in good time you risk affecting your relationships with your bank suppliers and customers Tip Invite your bank manager for a quick meeting to update him on business progress Tell him your plans show him your latest monthly accounts but do this when you don t need anything from him Bank manager s are well connected and like to be kept up to date on progress and when they see a business that s organised and doing well they will often go out of their way to help sometimes sending new customers your way Help your bank manager to help your business In the next tip I ll reveal how to get the best out of your

    Original URL path: http://www.welsbyassociates.co.uk/?p=251 (2016-02-15)
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  • Business tips: How to get the best out of your bookkeeper.
    basis and can often be an outsourced resource Remember the old adage garbage in garbage out It can often be the case that people are employed and given the title bookkeeper when in fact they are merely input clerks A bookkeeper will not only understand how to correctly enter data into accounting software but also how it affects the consequential entries in the profit and loss account balance sheet and trial balance In addition a bookkeeper fully understands the whole concept of double entry knows how to reconcile all the balances that make up each balance sheet account and how to create an appropriate coding structure within the accounting software Input clerks may enter data in a particular way because they may have always done it that way and may not realise they have unwittingly created a problem within the accounts Bookkeepers must therefore have a full understanding of how the business operates and know the context in which separate analyses and reports are used In the final tip I ll be revealing how to get the information you REALLY need to see in you business For a free analysis of cash movements in your business please email me at

    Original URL path: http://www.welsbyassociates.co.uk/?p=253 (2016-02-15)
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  • Business tips: How to control your cash
    prices you need to find a lot of new customers Tip 3 How to make your accounts something you want to read Published on 19 09 2011 by admin in Tips for Business 0 The problem for many business people is the sheer volume of numbers they receive from accountants and bookkeepers As a business owner you need to know which numbers are important and what they reveal In other words you need information and not data presented in a way that makes sense for your business There are a number of key measures often called Key Performance Indicators you need to know and they will vary depending on the type of business They may include 1 Stock turn important for business holding resale stock 2 Days sales outstanding important if you offer credit to customers 3 Occupancy rates important for hotels restaurants Ideally this information should be produced at least monthly All too often businesses only gleam information in their annual accounts often produced nine months AFTER year end At this stage the information is historic and of little use for effective planning Limited companies are required to prepare and file annual statutory accounts However monthly management accounts will give you real information about how your business performed over the last month and indeed every month in your financial year These should be checked back against the annual budget to see if the business is on track to achieve its objectives Your management accounts should be customised to reflect how your business works for example 1 Are there types of sales than need to be shown separately 2 Do you know the cost of sales for these sales analyses 3 Are overheads shown by your departments or locations In addition to monitoring financial criteria there are other non financial measures to consider Numbers alone can t give you the full picture Performance graphs over time will show trends month by month which are particularly useful if the business is seasonal or has predictably different months for trading in for example August and December In the next tip I ll be looking at the eight simple steps you can take to boost the cash in your business For a free analysis of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts I can t increase my prices can I Published on 23 09 2011 by admin in Tips for Business 0 Many business owners face the dilemma of whether their business would be better off with an across the board price increase to their customers After all won t their customers all go elsewhere to by the products or services that they sell In fact this is the only case with commodities where you are selling the identical product or service to your customers Maybe your product service comes with extra such as quality speed of delivery expertise or other intangible but very important benefits All businesses must make a gross profit or margin when they make a sale This margin is expressed as a percentage of the selling price If you sell for 100 and buy for 70 then your gross profit is 30 and you have a 30 margin out of which you need to pay your overheads The effect of a price increase made by a business will depend upon what margin it makes when it trades The following table will clarify this This table shows a business what proportion of its customers it can afford to lose if it increases its prices If we assume that a business is operating at a gross margin of 30 and wishes to increase it prices by 10 Then it could afford to lose 25 of its customers without a detrimental effect on the business Remember when you increase your prices all your customers don t go away Tip 4 How to successfully manage your cashflow part 1 Published on 26 09 2011 by admin in Tips for Business 0 Many people assume businesses collapse because they are loss making However the reality is businesses go bust because they run out of Cash Always remember CASH IS KING The primary purpose of a business is to attract maximise and retain customers Everything that contributes to this is an investment anything which doesn t is a cost If cash is tight in your business here are the first four of my eight simple steps to boost your cashflow Aim to Invest rather than Spend When you buy a product or service from a supplier think about whether you are making an investment in the business or just spending money Being aware of the difference should make it easier to eliminate non essential purchases Choose your fixed assets carefully Many businesses need fixed assets in order to operate for example premises machinery vehicles etc Before making a purchase find out if you can buy it second hand and save money However ensure you are not just deferring spending on repairs and maintenance to a future date Consider financing fixed assets through leasing to avoid the heavy initial outlay Measure your stocks and work in progress Stocks Do you have too much stock in your business How much is slow moving even worse obsolete Do you know what the stock turn of your business is If not start measuring it now Remember for every 1 000 of stock you have that is 1 000 less cash in your bank account Work in progress in service based businesses If the service is provided over a period of time then before the invoice is raised for the work there will be uninvoiced work that has been done work in progress The smaller the value of work in progress then the more cash there will be in your bank Consider asking for deposits in advance or payments on account Curb bad debts quickly collect money due from customers Before you make a sale to anyone try to get payment up front or on delivery If you have to offer credit terms ensure you run a credit check on your customer Ensure your credit terms are written down clearly and signed by both parties Gain understanding that these are the terms on which both parties are prepared to do business In the second part of successfully managing your cashflow I ll look at four more simple steps to help boost cashflow For a free analysis of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts Tip 4a How to successfully manage your cashflow part two Published on 03 10 2011 by admin in Tips for Business 0 Continuing on from part one last week here are the remaining tips on how to manage your cashflow in business 5 Always find out what the credit terms are for each of your suppliers If a supplier is expecting to be paid at the end of the month after the invoice was raised then don t pay it until then Your supplier isn t expecting it until then For every 1 000 that is paid early that is 1 000 that is not in your bank account Delay payments if you can try to negotiate with your supplier however certain creditors should always be paid on time HMRC being the most obvious PAYE NI and VAT 6 Get the best return for your cash If you have money in the bank you need to ensure you are getting the best return possible If you are operating an overdraft you will be charged interest by your bank for every day you are overdrawn Following the above steps will ensure that your overdraft is kept as low as possible 7 Monitor monitor monitor When you drive a car you regularly monitor all the information displayed on the dashboard and in the mirrors You should operate your business in the same way by regularly monitoring the important Key Performance Indicators in your business By developing your business dashboard you will remain in the driving seat of your business 8 Don t stick your head in the sand Don t be a financial ostrich If you are in any sort of financial crisis find out what is causing it It may not be the obvious answer Prioritise the steps you need to take by speaking to key customers you may be able to negotiate more favourable terms for a while When a supplier does not get answers from an overdue creditor they are far more likely to stop supplying In addition ensure your business chases all the overdue debtors In the next tip I ll be looking at the dramatic effect pricing can have on your business For a free analysis of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts Tip 5 How to decide whether to increase or decrease prices or offer discounts Published on 10 10 2011 by admin in Tips for Business 0 Do you believe that raising prices will turn customers away Do you think that dropping your prices will bring a flood of new customers Do you think that either will make your profits soar The truth is reality can be very different For example a 10 price increase on a gross profit margin of 30 will mean that you could afford to lose up to a quarter of your customers without damaging your profitability The fact is the larger your gross margin the less likely your business profits will fall if you increase your prices Too many business owners fail to understand how many customers they can afford to lose In a similar way decreasing prices or providing discounts will have a severely detrimental effect on your profits unless you dramatically increase the number of new customers at the same time For example a 10 discount on a gross profit of 30 will mean you would need to increase your number of customers or sales volume by 50 in order not to damage your profitability In the next tip I ll be looking at how to keep an eye on where your cash is going on a monthly basis For a free analysis of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts Tip 6 How to know where your cash has gone Published on 17 10 2011 by admin in Tips for Business 0 Businesses can be aware of the profits or losses they are making during the year However many business owners do not understand why their bank balance may have reduced even though their accountant tells them their business is profitable Very few business owners have a clear understanding of whether their business is generating cash or just consuming it It s crucial that you know the sources of the cash coming into your business and how these funds are being applied This information is not available from a cashflow statement yet is one of the easiest parts of a business to analyse if it produces regular profit and loss accounts and balance sheets Virtually all businesses need money continually revolving in their business to buy their stocks and fund their work in progress debtors and creditors These items are referred to as the working capital of a business If the stocks WIP and debtors increase then they will need to be funded from your bank account If they fall that will mean that money is coming into your account The opposite is the case with creditors if your creditors are rising this means that you are using your creditors funds if they are falling you are paying more out of your account In the next tip I ll be looking your debtors and how to see the wood from the trees For a free analysis of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts Tip 7 How to see the wood from the trees customer s debts Published on 24 10 2011 by admin in Tips for Business 0 Everyone knows that the longer it takes your customers to pay you the worse your cash position will become However just because your debtors are high at the end of the month doesn t necessarily mean your debtors are taking longer to pay For example if your annual sales are 2 4m with debtors at 800k all this tells you is that you are owed 800k From these figures it is impossible to ascertain if this is good or bad news It does show that on average your debtors are taking four months to pay you However that may not be very useful information because your debtors may be high because you ve just had the best monthly sales performance of the year Therefore it is imperative to know the level of your debtors in the light of the actual sales you have made in recent months The best way to measure this is to calculate how many days of your actual sales are equal to the total of your debtors at the end of each month This is known as the Days Sales Outstanding Simply if the DSO is growing then your debtors are taking longer to pay and vice versa When businesses have a large number of debtors not all of whom are paying slowly it is helpful to analyse only those who are taking over say three months to pay An aged debtor listing can help establish the real position and enable those responsible for collection to become more focussed on the task in hand In one recent experience the aged debtor listing eventually revealed that virtually all the slow payers had been offered extended terms by the sales team in return for new orders Armed with this new information not only did the MD rule that in future extended credit could only be authorised by him but the sales team bonus structure was changed to be based on sales made less debts owed After all a sale isn t a sale until it s been paid In the next tip I ll be showing you how to get the best from your bank manager For a free analysis of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts Tip 8 How to get the best from your bank manager Published on 31 10 2011 by admin in Tips for Business 0 In recent times banks have been on the receiving end of some very bad press coverage Amongst other things banks have come in for criticism over their failure to advance funds to independent businesses either via loans or overdrafts It is my view that in the past banks have been reckless in advancing funds to businesses with little or no consideration of whether they had any prospect of repayment Today banks are understandably far more cautious Bank managers need to understand their customers businesses In part this can be achieved by visiting and talking with their customers In reality however this only gives them a partial view Many business owners fail to regularly and adequately update their bank manager how the business is performing against budget They don t therefore share their aspirations for the business and those that do don t quantify or periodically update those aspirations Without this information bank managers will have a very hard time supporting a business They need information from their customers not data In challenging times that may inevitably lead to cashflow problems If so then talk to your bank manager at the earliest opportunity The sooner you talk to the bank the more likely they will be able to help Talk also to suppliers If you don t take action in good time you risk affecting your relationships with your bank suppliers and customers Tip Invite your bank manager for a quick meeting to update him on business progress Tell him your plans show him your latest monthly accounts but do this when you don t need anything from him Bank manager s are well connected and like to be kept up to date on progress and when they see a business that s organised and doing well they will often go out of their way to help sometimes sending new customers your way Help your bank manager to help your business In the next tip I ll reveal how to get the best out of your bookkeeper For a free analysi s of cash movements in your business please email me at gordon welsbyassociates co uk and let me help you take the first step to understanding your accounts Tip 9 How to get the best out of your bookkeeper Published on 07 11 2011 by admin in Tips for Business 0 Bookkeepers are the key to maintaining an accurate set of accounts They may be employed on a part time basis and can often be an outsourced resource Remember the old adage garbage in garbage out It can often be the case that people are employed and given the title bookkeeper when in fact they are merely input clerks A bookkeeper will not only understand how to correctly enter data into accounting software but also how it affects the consequential entries in the profit and loss account balance sheet and trial balance In addition a bookkeeper fully understands the whole concept of double entry knows how to reconcile all the balances that make up each balance sheet account and how to create an appropriate coding structure

    Original URL path: http://www.welsbyassociates.co.uk/?p=269 (2016-02-15)
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  • 10 questions to ask a potential part-time Finance Director
    for some years It is not enough to have been employed as an FD by a company and assume that they can work with a portfolio of clients What relevant experience do you have This could be with the same trade sector or size of business What experience do the candidates have supervising staff As a minimum your business probably has a bookkeeper The part time Finance Director would need to oversee the work of all those in the finance team Describe the differences you the candidates have made to their client businesses What will it cost me to have you on board This is asked assuming you like the answers provided to question 1 You could be charged for a particular piece of work by the hour or by the day I am seeing some other candidates for this position why should I choose you This is their final opportunity to sell themselves to you It doesn t matter what the other candidates have to offer When looking to recruit a part time Finance Director ensure that you see more than one potential candidate Assuming that you have met your candidates you will hopefully have a view on how they react and answer your questions Now it is time to ask yourself a couple of questions Have the candidates proactively made suggestions of how they can make improvements to your business The successful candidate needs to take the initiative of how to meet the challenges that your business faces Can I work with him her It is critical that whoever you choose you are very comfortable that you will be able to and look forward to working with this person as a member of your team Why might I want to have a part time Finance Director Small and

    Original URL path: http://www.welsbyassociates.co.uk/?p=459 (2016-02-15)
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  • Booklet Request – PDF | Part time Finance Director
    Company Software Company Charities Professional Services Interim Useful Info Breakeven Analysis Jargon Buster Blog Contact Booklet Request PDF Booklet Request Paper Copy You are here Home Contact Booklet Request PDF Request our FREE booklet here To request a PDF copy of our FREE booklet please complete the form below and we will email it to you First Name required Last Name required Email Address required Company optional Please enter in

    Original URL path: http://www.welsbyassociates.co.uk/?page_id=493#wpcf7-f492-p493-o1 (2016-02-15)
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