Most people can write a business strategy, but how do know when the formula you’ve come up with is a winning one? Usually, this involves employing an expensive business consultant to do the work for you, which can often leave you none the wiser as you try to implement it. The good news is, it doesn’t need to be complicated and getting your business to where you want it to be shouldn’t cost you a fortune.

Your accountant can (and should) be a good source of business advice and guidance. Here’s some tips from our business advice team to help you along the way.

You’d be surprised just how many new clients we encounter who have very little idea just how their business is performing. Of course, that doesn’t last long, because measuring the performance of your business is one of the most important things you can do. It allows you to plot future goals and make a plan for what you need to do propel your company forward. 

With the Xero Business Performance Dashboard, you'll never have to piece together raw information from your accounting system again.

The switch to Making Tax Digital (MTD) is approaching fast. It is essential that you get your accounting software ready in time as there are penalties for those who aren't prepared.

We’ve talked before about the steps to building a successful business strategy. A core part of this strategy involves building strong relationships with clients and customers. 

Developing broader and deeper relationships can improve your long term business prospects by building loyalty and trust. It also costs considerably less to maintain an existing client relationship than to win a new client, so can reap significant longer term rewards.

With the switch to Making Tax Digital (MTD) only months away, as a property investor or landlord you should be keeping an eye on future developments. It is an ideal time to move your accounting online and prepare yourself for the tax changes ahead.

Cloud accounting is perfectly safe and secure when used correctly and can lead to a world of possibilities for your business. That's why here at RWB we are Xero Platinum partners, and the majority of our clients use cloud accounting services. 

However, as well as using a reputable cloud partner, such as Xero, with their own solid internal security procedures. It is also up to the individual organisations to take extra steps to ensure their data security. 

Some business owners see bookkeeping as a necessary evil but hiring a good accountant can make a huge difference to the bottom line of any company. It can often mean the difference between the success and failure of an organisation.

So, as the end of the April tax year looms on the horizon, let's look at just three accounting-based activities any successful entrepreneur should be doing before the year-end deadline.

For businesses over the VAT threshold, HMRC’s Making Tax Digital (MTD) scheme is due to go live early next year (but won't come into effect until at least 2020 for those who are not VAT registered). 

It might seem like a long way off, but it'll be here before you realise and that's why you should start implementing systems now which will stand you in good stead for when the deadline for MTD affects your business.

HMRC has announced significant changes to the Making Tax Digital (MTD) scheme, giving many businesses longer to implement the changes.

The new digitised tax scheme which was originally due to go live from April 2018 has now been delayed until 2020 at the earliest for all taxes other than VAT. 

In a recent report by HMRC, seven out of ten small businesses are uncertainabout Making Tax Digital and what is means for them. 

Despite originally being pencilled in for April 2018, HMRC’s Making Tax Digital (MTD) Scheme isn’t due to go live now until 2019 for businesses over the VAT threshold and then not until at least 2020 for those who are not VAT registered.

This seems to offer plenty of time to implement the changes. However, as every business owner knows, time flies, so it’s best to prepare yourself as soon as possible. 

Here’s what you need to know to get yourself ready for MTD.

The deadline for the introduction of the government's flagship Making Tax Digital (MTD) scheme is fast approaching and if you're not sure what it'll mean for your business, RWB is here to help.

If you're running a small business, invoicing and then chasing for payment can be, at best, a minor irritant or, at worst, lead you to take your eye off the ball when it comes to growing your company.

Timely invoices are the lifeblood of your business and their importance shouldn't be underestimated. When you're starting out and only have a few invoices to track each month, it's a pretty straightforward job to keep on top of everything. But, as your business grows, keeping track of the status of your invoices can quickly take over and, if you're not well-prepared, adversely affect your cashflow.

Whichever way you do your invoicing – whether it’s manually, in spreadsheets, or using online invoicing software such as Xero – these tips will help.

The government has made it clear that, despite initial trepidation from small business owners and sole traders, it is not about to backtrack on its plans for Making Tax Digital (MTD).

MTD is a key part of the government’s plans which it says will make it easier for individuals and businesses to get their tax right and keep on top of their affairs - meaning the end of the annual tax return for millions.

The first tranche of this roll-out will see all VAT information being submitted digitally from April 2019. A year goes very quickly in business, so we can start helping business owners straight away. 

If we said to you, you can have access to one simple piece of software which will streamline your business, get your invoices paid faster, reduce data entry time and improve productivity? What would you think?

We're pretty sure you'd bite our hands off. And, it’s much easier to set up than you think.

Running a business is a numbers game - and not just profit and turnover. Cash is critical for every business so you need a good system in place to keep a record of how much money is coming in as well as going out. 

Your time is best spent developing your business on a day to day basis. Too many people get bogged down in keeping a meticulous record of the figures when they should be concentrating on areas where their business can grow. Is it time for you to outsource your bookkeeping so you can stay focused?

Every day there are stories about the latest business to suffer from a cyber attack. Businesses install quality security software and password protected servers to guard against cyber threats and protect precious data. However, the weakest link in your IT security could be your employees and the strength of the passwords they use to log in to your cloud based systems.

How can you protect yourself and improve password security?

RWB's partnership with cloud accounting platform Xero has been taken to the next level with the news that the company has become the first practice in Nottinghamshire to achieve Xero Platinum Partner status and are now Platinum Champions.

Here's RWB's handy round up of key tax dates to be aware of in January and February 2018.

Here's RWB's handy round up of key tax dates to be aware of in the September and October 2017.

Industry magazine Accountancy Age recently published an article ‘Four reasons tech investment is critical for accountants’. It’s an interesting piece on the need for accountancy practices to embrace the digital age and offer clients the means to manage their affairs online. 

Here at RWB we’ve understood for a long time that it isn’t just accountants who need to be considering a move online to achieve a competitive advantage. 

In recent years we’ve invested significantly in developing our systems, training our team and partnering with Xero accounting software to become the largest independent Xero Champion in Nottinghamshire. The majority of our business clients are already using cloud-based accounting and enjoying the raft of benefits that come from adopting an online approach. 

Not sure if online accounting is right for you?

Here are seven reasons why your business will benefit from cloud accounting: