Here you will find our thoughts and musings about Profit First and a whole range of other accountancy topics.
To maximise the return from Profit First, it’s generally required to set up a number of different bank accounts in order to allocate the cash received. This can present a challenge owing to the monthly fee most UK banks charge for using their accounts. One of the principles of Profit First is frugality, so if a bank charges £5/ month and you have 5 accounts, that’s a bill of £300 a year. Definitely something we’d rather avoid.
Your accountant is hard-working and you appreciate the work they do for you. You like them and don’t want to let them down. However accountants who are not specialists in the training sector can unwittingly put their clients very business at risk if they’re focused on the wrong things.
In light of the Coronavirus pandemic, governments across the world have provided private companies with various levels of support, and the UK government has been no different. This support has been widely welcomed and is the difference between life and death for many companies. However there are hidden issues, some peculiar to the training industry, which mean these support schemes come with a health warning.