Economics Finance

There may be no hope for Excel Airways or US banking giant Lehman Brothers, but many struggling small businesses and sole traders could still survive the oncoming recession – all they need is some good business sense and top quality bookkeeping.

Now that the credit crunch is really digging its heels in, there’s no doubt that things are going to get worse before they get better for the majority of British businesspeople. Recent forecasts warn of a winter recession, while a survey of British workers revealed that many are now experiencing sleepless nights over financial concerns.

Whilst lack of sleep may not be an effective way of safeguarding your livelihood, it is also a very bad idea for business people to ignore the problems they are facing. For those who are struggling in the current economic climate, the most important thing is to monitor the progress of their business with effective bookkeeping and to react swiftly to any warning signs.

Here are five reasons why small businesses need to put even more emphasis on bookkeeping during the recession:

1. Monitor and Control Expenses

Now more than ever, it is important to watch the level of expenditure and not to let it get out of control. Regular accounting will tell you how your expenses are running when compared to your targets, and will also allow you to compare monthly income against monthly expenditure. Continue reading ‘Survive the Recession With Better Bookkeeping’ »

More and more wills are being contested. The number of court cases in relation to will and inheritance disputes rose by 175 per cent in one 12 month period recently. Most disputes are settled without actually getting to the court stage, so the actual figures are very much higher than those published.

The reason for this surge in disputes seems to be a change in the way of living. Family structures are much changed from the old one partner for life and 2.5 children. It’s not unusual for people to be married two or even three times and to have children from each relationship, plus stepchildren. Many people co-habit without any legal partnership and the value of people’s estates is very much higher than in the past, even allowing for the credit crunch in recent times. People are living longer and are also much more likely to get involved in helping with charities and this may lead to charitable giving.

Solicitors report that they see increasing numbers where complaints crop up from previous spouses and partners. Even more complications can be expected where their offspring are involved. The results of the will may have not lived up to their expectations and it’s not uncommon to seek legal advice if they feel their treatment has not been fair.

Where a person has been co-habiting for an appreciable time he or she may regard their partner as the person they should make provision for. The person’s family may look at this in a very different way and may make their objections known. In a similar way, if the family is left the whole estate, the co-habiting person may feel some provision should have been made for them. If there are stepchildren or illegitimate children who have been supported in the past, but left out of a will, there could be grounds for contesting a will that does not continue to provide for them. Continue reading ‘Don’t Leave a Mess – Leave a Valid Will’ »

If you have searched online enough time, you have probably come across many types of credit card companies offering you credit cards that they claim are the best in terms of low interest rates and associated fees. Card companies work online and offline.

You can apply directly through the company’s website. Many people know how this process works, but some do not.

There are 100’s of card companies that can process your internet application in a few minutes. This doesn’t mean you can go shopping straight away as you will need to wait for new card to arrive in the post.

Online credit cards are a brilliant idea as most will give you a yes or no in that very short time frame. And this will save you a tremendous amount of time when you compare this to the old way. Which was make an appointment with the bank manager in person. Not to mention waiting for snail mail for your paperwork. And even worse if there was an error in your paperwork or application form. Continue reading ‘Will the Credit Crunch Stop Credit Cards?’ »