Whether you’re an aspiring business owner or an established entrepreneur, you need to be able to determine your company’s financial health. You can do this by calculating your business’s revenue and profit. Although these two financial indicator terms are often used interchangeably, they are not the same. This comprehensive guide covers the difference between revenue and…
The United Kingdom (UK) trades with many other European countries. This developed and industrialised economy was previously well-known for its established manufacturing and agriculture sectors. However, changes in production industries, the introduction of new government schemes and technological advancements have resulted in significant growth in the service industry. With a high purchasing power parity among the…
Dealing with difficult customers is an inevitable part of business. No matter whether you’re a business owner or an employee, challenging situations, unhappy customers, and customer complaints are likely to arise at some point. The good news is that there are proven strategies that you can implement to boost customer satisfaction and bring down negative reviews to a minimum. These…
Without a doubt, planning your production, marketing strategies, and customer service are fundamental for growing a successful business. However, financial planning – an often neglected part of running a company – is equally important. No matter if you’re a small startup or an established corporation, having insights on how to predict financial performance can be a true game changer. …
Handling EU VAT rules can be complex, especially for businesses operating across multiple borders. Each member state sets its own VAT rates according to the guidelines of the EuropeanCommission. There are various exceptions and reduced rates for specific sectors such as medicalequipment, restaurantandcateringservices, and socialservices. It’s crucial to understand how these rates apply and stay updated on…
Have you ever wondered what’s enabling your competitors to achieve such impressive results? Do you sometimes feel there’s something stopping your business from reaching that success spot? The truth is that there’s a powerful and insightful tool that costs nothing, yet can help you gain an overview of your company and improve your performance – the…
If you’re a small business owner and you’ve registered your company as a sole proprietorship, you fall under the category of sole traders or self-employed businesses. As a self-employed sole trader, the invoice is one of the most important tax documents as it allows you to: Bill clients; Keep accurate records of products and services rendered…
If you’re looking for trending products to sell, no matter whether through your own eCommerce store or by managing physical inventory in physical stores, we’ve got some valuable information for you. Regardless of whether you plan to work globally or would rather serve your local area, identifying the top trending products to sell is key…
Understanding UK VAT compliance is important for businesses operating in cross-border and high-risk sectors. One of the mechanisms designed to streamline VAT reporting and reduce fraud is the reversechargeVATsystem. This procedure shifts the responsibility for reporting VAT from the seller to the buyer, introducing a different set of obligations and opportunities. In this guide, we’ll explore howVATreversechargeworks,…
Every eCommerce business owner invests heavily in marketing their products or services online. The best measure of success is a strong repeat customer rate. Repeat customers bring eCommerce businesses many advantages, including a loyal customer base and higher profitability. Measuring this key performance indicator or metric requires that you know how to calculate the repeat purchase rate….
How can you unlock the full potential of your business and grow it to new heights? One of the most fundamental areas to focus on is leveraging data with the help of business analytics tools. Although often underestimated, business analytics tools can help you access critical insights into different business systems, manage massive data volumes, and make data-driven…
Without an automated system, submitting invoices, paying vendors, and staying on track with a company’s payments can turn into an unbearable challenge. Luckily, today, businesses can automate accounts payable and the entire payment process thanks to the availability of advanced and reliable payment automation solutions. In the following sections, we explain what payment automation is and…
Modern consumers increasingly prefer digital channels for making purchases and completing payments. This trend has made businesses turn to contemporary solutions, whether selling products online or in-store. Cash and traditional paper receipts are quickly becoming outdated. Instead, digital receipts, which offer a convenient and eco-friendly alternative, are gaining momentum. Rather than storing paper receipts in cluttered wallets,…
Teaching yoga is a highly fulfilling activity. Yoga teachers help spread the yoga philosophy of unity to others while helping them achieve their physical and mental health goals. If this sounds like your calling, the good news is that you can become a registered yoga teacher and profit from it at the same time. If…
The contactless limit in the UK changed from £45 to £100 on 15 October 2021. This was decided by the HM Treasury and the Financial Conduct Authority (FCA) after public consultations with the retail and banking sectors. But what does the new contactless payment limit mean for consumers and merchants alike? These are the questions we explore…
