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  • Your guide to financial jargon ¦ Welsby Associates
    P L account as an expense of the business Factoring This is a useful method for improving your cash situation but it may be expensive It involves selling your trade debtors to a company who will typically advance 60 80 of your sales invoices when raised and 40 20 less their costs when the invoices are paid by your customer Financials or Financial Statements Otherwise known as the Accounts or Report and Accounts of the business These are the statutory annual accounts for the year The term Financial Statements is increasingly being used and is another unwelcome use of American business vocabulary Fixed assets This describes the assets that are required by the business in order to operate on a continuing basis There are three types of fixed assets Tangible assets e g plant machinery equipment vehicles and buildings Intangible assets e g goodwill and intellectual property such as patents or trade marks Investments these would be held for long term gain e g equities shares Forecast After say six months into the financial year and with the benefit of the results of the first six months trading a forecast revised budget can be made to show the expected out turn for the year Invoice discounting This is very similar to factoring see above but with one major difference Your company and not the third party company will collect the debt In this way your customers are unaware that this arrangement is in place However the longer the debt remains overdue the more interest you will have to pay against the monies advanced on it Ledgers Otherwise known as the â Booksâ of account see above There are three main ledgers Sales ledger records the details of the transactions with each of the customers debtors who purchase goods or services from the business on credit terms Purchase or Bought ledger records the details of the transactions with each of the suppliers creditors who supply goods or services to the business on credit terms Nominal or General ledger can be viewed as the â masterâ ledger Within this ledger are the nominal accounts see below for all of the income expenditure assets and liabilities of the business For every transaction there are two entries â a debit and a credit Therefore when recorded correctly the nominal ledger should always be â in balanceâ i e the total of the debit balances equals the total of the credit balances Marketing v sales selling Marketing is the process of matching the resources of the business with customer needs It identifies customer needs and wants and finds ways of satisfying them Whereas sales selling is the disposal at a price of what you have in stock or in the pipeline or the providing of a service Nominals or nominal accounts These are the headings contained within the nominal ledger see above There will for example be nominal accounts for sales purchases for resale payroll costs by department rent telephone all other overheads and for

    Original URL path: http://www.welsbyassociates.co.uk/useful_info.html (2016-02-15)
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  • Breakeven example ¦ Welsby Associates
    000  350 000 Net Profit  50 000  50 000 Breakeven Point 80 87 5 Breakeven Date 18th October 15th November The above example demonstrates why Company A is in a better position than Company B although both are making a profit of  50 000 on sales of  1 million Assuming a calendar accounting year Company A will breakeven by 18 October whereas Company B will

    Original URL path: http://www.welsbyassociates.co.uk/breakeven_example.html (2016-02-15)
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  • About Gordon Welsby ¦ Welsby Associates
    significant experience as a Finance Director of small and medium sized rapidly developing commercial businesses He was Finance Director of a top 30 UK charity His track record includes Financial controls Management information systems Business turnarounds Flotation of a company on the Stock Exchange Establishing new teams Start ups Creating new financial procedures Backed by the resources of the IIB Gordon is one of more than 5 000 Accredited Associates of the Independent Business IIB The IIB is a training and accreditation organisation set up in 1984 to address the fundamental needs of independent businesses This is done by providing access to highly skilled and highly experienced business people who have been trained and accredited in advising and helping small and medium sized businesses This exclusive network allows Associates to work together on assignments to ensure that supported businesses receive the highest quality service and that practically every issue that a business could encounter can be addressed If required Welsby Associates will source IIB Accredited Associates to provide skills and support in other disciplines thus ensuring that your business receives a consistent level of service quality and support To find about more about the IIB please click on the following

    Original URL path: http://www.welsbyassociates.co.uk/about.html (2016-02-15)
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