April 2018 Newsletter

Are you making business decisions in the dark?

Many business owners look at management accounts as an additional cost that can be avoided. However, in reality they can be of huge importance to any business.

Most business owners are making regular decisions during the course of running their business. Many of these decisions can have a big impact on profitability and cash flow. The more you understand about your business the more effectively you’ll be able to make informed decisions.

Management accounts give you the most up to date and relevant information, ensuring you can constantly assess how your business is performing, manage your cash flow and help you become that proactive decision maker you’ve always wanted to be.

Management accounts go further than just providing you with a simple profit and loss and balance sheet, they can track any aspect of the business that can be quantified. By tracking Key Performance Indicators (KPI’s) specific to your business, areas of strength and weakness can be identified and developed further or improved.

So turn on the light and contact us today to discuss how management accounts can help your business.

What is “Making Tax Digital”?

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the end of paper accounting for millions across Britain.

From April 2019, legislation will require businesses above the VAT threshold to set up a digital tax account and file quarterly VAT returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.

Currently, only 11% of VAT returns are filed using software, which means many businesses will need to adopt one before April 2019. At MJH Accountants, we provide in house training for the best software on the market – “Xero”. We will transition your business on to the software, show you how to use it and even file your VAT returns for you. If you’re still keeping your records on paper, consider giving us a call and see how we can help get your business online before the deadline.

Lancashire Business Expo 2018 – By Henry Pearson

On the 2^nd March 2018 I was part of the MJH Accountants team that exhibited at the Lancashire Business Expo 2018.

After weeks of planning and setting up the day before, the big day had arrived. The MJH ‘LetsGrabEm’ box was ready to go. I thoroughly enjoyed the whole event, with lots of exciting things to do as well as promote MJH Accountants the best way I could.

I set about taking pictures of the Expo visitors and exhibitors when they passed or partook in our game. I also placed business cards in other exhibitor’s stalls in order to get MJH’s brand out there.

Overall it was a great first experience of the Lancashire Business Expo and one I thought was beneficial for myself and the company.

Newman College Expo – By Henry Pearson

Newman College on the 22nd March 2018 hosted businesses from the Lancashire area and Universities from all around the UK to exhibit for their year 12 students. After coming up with an unbeatable plan of bringing chocolate to attract students to our stand we set about answering questions the students had about a potential career in Accountancy.

We signed up over 30 students to do work experience with us over the forthcoming months giving them valuable contact time within our industry.

It was a hugely productive day and one in which we would like to do again.