You are in your first Management role in an organisation but you have no idea how to read management accounts? Or maybe you don’t know what they are exactly? Well, you’ve stumbled upon the article just for you: let me tell you all about what management accounts are, how to read them, and why, as a manager, you should take a keen interest in reviewing and understanding them.
As a Finance Manager myself, I have spent a lot of time explaining management accounts to staff who were newly hired or promoted into managerial positions, who never had to engage with management accounts before. Understanding the information presented in them is not only extremely important if you wish to progress in your career (no matter what role you’re after), but it will teach you so much about how the organisation works, and how managers and senior staff make decisions about its future.
In this article, we’ll delve into the world of management accounts, exploring what they are, what they look like, and most importantly, how to read them. By the end, you’ll gain the knowledge necessary to leverage management accounts to make informed decisions and drive positive change within your organization.
Financial planning for artists: tips for how to nurture your creativity while building stability
Let me tell you all about why if you are an artist or a creative, financial planning should be integrated into the way you manage your work. Being an artist is a fulfilling and rewarding career choice, but it often comes with unique financial challenges. For starters, your income likely changes a lot from month to month, depending on what project you are working on. And also, depending on your speciality, it’s hard to know what your next job will be, how much it will pay, and how long it will last.
As an artist, it’s essential to have a solid financial plan in place to support your creativity and ensure long-term financial stability. In this blog post, I will provide you with valuable tips for effective financial planning specifically tailored to the needs of artists. By implementing these tips, you can gain control over your finances and pursue your artistic passion with confidence.
How to keep a financial journal that will help you achieve your money goals and spend mindfully
Welcome, friends, to a delightful exploration of a simple yet powerful tool for achieving financial mindfulness and empowerment—the money journal. In a world filled with financial complexities, stress, and uncertainty, keeping a money journal can be a beacon of light, guiding us toward a brighter and more secure future.
Who better than myself can vouch for this: I have used a money journal every single day for the past 2.5 years, and this was a catalyst for me and my husband to save £10,000 in under a year on average salaries. Starting a money journal has been illuminating and has radically changed the way I spend and budget for our household. I can’t wait to share everything I know with you, and hopefully steer you towards the path of financial mindfulness.
This blog post aims to help you embark on this joyful journey, unlocking the potential of a money journal to transform your relationship with money and build a solid foundation for financial well-being.
How to create a theatre production budget for theatre shows of any scale
So you want to create your first theatre production budget, eh? You can stop your search now. In this blog post, I will pour out everything I know about budgeting for a theatre production and everything that comes with it.
Creating a budget is a critical part of producing a successful theatre production. Duh. Producing a show without a budget would be like crossing the street with blindfolds and earplugs… high risk, let’s say. A theatre production budget will help you to stay on track, allocate resources effectively, and ensure that you don’t overspend. In this post, we’ll look at a theatrical budget in detail.
After almost two decades of being a contributing member of society, I feel like it’s finally time for me to come out and declare my lifelong secret: hi, I’m Susie, and I am a lazy bitch.
That’s right: I may be perceived by the untrained eye as an enthusiastic worker and keen employee and freelancer, but when no one is looking I am on a continuous pursuit to do less and less… because I like lazing. Loafing. Idling. I love it. My favourite thing to do when I have a day off is nothing. When my work is done, I plop down on my massive bean bag with a book or a TV series, and I am a happy woman. I don’t even want to walk the dog: I am a potato on my potato island and that makes me happy.
Now, hear me out: you may be thinking that I’m being facetious and modest, and perhaps to a degree I am. But the truth is that although I can and do work hard when it’s needed, I would also bet that I am considerably much lazier than my colleagues believe me to be.
Top tips on how to stay on top of your bookkeeping and avoid procrastination
As a freelancer, keeping on top of your bookkeeping can be an overwhelming task, especially when you’re trying to balance it with all the other demands of running a business. I have worked with so many artists and creative types over the span of my career so far, and one of the crucial parts of working with them is helping them manage their anxiety about keeping their books as freelancers.
If you are a freelancer, you must know how crucial it is to stay on top of your bookkeeping, not only for tax purposes but also for your financial health and peace of mind. In this article, I’ll go over my most-used pep talks that I share with my clients to motivate them to not only keep on top of their bookkeeping, but also do it with a sense of self-pride.
All you need to know about closing your financial books.
I am so excited to share my end of year bookkeeping checklist in this article. Preparing your end of year accounts is an important task for any business: I have helped a number of small arts companies inc closing their accounting books and submit their accounts to HMRC, and this makes me familiar with the main questions and knowledge gaps that directors of small businesses have about year end bookkeeping.
As a Director, it’s important to ensure that your company’s financial accounts are prepared correctly and in accordance with best practice, to avoid any penalties or fines from HMRC, and to ensure that the final reports reflect the truthful financial position of the company. In this blog post, we’ll cover the bookkeeping tasks you should make sure are completed, as well as the checks you should carry out to ensure your accounts are in good shape for submission to HMRC.
This article will be most beneficial to small business owners who recently incorporated a limited company, and want to make sure they are following best practice when preparing their year end accounts.
All you need to know about Capital Allowances for the Self Employed
As a self-employed person in the UK, it’s important to understand how you can reduce your tax bill through capital allowances. Capital allowances are a form of tax relief that allows businesses to claim back the cost of certain types of capital assets, including equipment, machinery, and vehicles.
In this post, I have summarised the main information you should know if you are considering purchasing an asset for your business. Although this article is well-researched, you shouldn’t consider it as financial advice: do seek professional advice should you require specific support to understand how to claim this particular type of tax relief.
The best free bank accounts for small businesses in the UK: my personal recommendations
As a small business owner, knowing what the best free bank accounts are that fit your needs is crucial to your financial success. The good news is, there are a number of great free bank accounts available in the UK that do their job just fine, and you can save upwards of £150 per year in bank fees.
In this article, we’ll take a look at what I consider to be the top four free bank accounts for small businesses in the UK, and I’ll share what fees they charge, and the pros and cons for each business bank account.
Pensions for freelancers: how to choose a pension provider for the self-employed in the UK
If you are a freelancer, wrapping your head around pensions for sole traders can be a daunting prospect. Unlike traditional employees, you don’t have access to employer-sponsored pension plans and other retirement benefits. However, it’s never too early or too late to start planning for your future.
Fortunately, there are several pension options available for self-employed individuals that can help you save for retirement and ensure a financially stable future. In this blog post, we’ll explore everything you need to know about pensions for the self-employed, including how pensions work for freelancers, and what to consider when choosing a pension plan.