Setting cash collection targets for your business

Having targets in place is a great way to motivate your finance team and give them a clear goal to aim for. Using the reporting capabilities of Xero, you can pull together numbers for the cash you collect from each customer on a monthly basis. And with these numbers in the bag, it’s easy to set achievable targets for future cash collection, based on the empirical data you already have in your accounts.

Are you prepared for a costly tax investigation into your business?

Cracking down on tax avoidance has become a clear focus for HM Revenue & Customs (HMRC) in recent years. And with the creation of 27 new HMRC taskforces for specific industry sectors, the chances of your business going through the process of a detailed tax investigation are higher than ever.

How to gently remind your customers to pay

It’s annoying when a customer doesn’t pay on time, especially if you’ve made your payment terms clear on the invoice and sent it to their finance team in plenty of time.

But there’s no point in taking out that frustration on the poor accounts payable clerk at the other end of the phone line. There’s an old adage in credit control that’s as true as it is effective:

‘Polite persistence pays!’

7 reasons you need a good IFA

We’ve all heard the term ‘Making your money work harder’. And that’s exactly what a good independent financial adviser (IFA) does for you. At Tyrrell & Company, the IFAs in our Wealth Management team have a clear focus on helping you and your business make the right funding and investment choices.

Why we hate the term ‘proactive accountant’

Take a look around most accountant’s websites or marketing materials and you’ll no doubt come across the term ‘proactive accountant’ lurking somewhere in the copy describing their practice services.

But what do they mean by ‘proactive accountant’ exactly?

At Tyrrell, it’s a term we’ve come to dislike, mainly because it infers that there are accountants that aren’t proactive. And we know that proactivity is something that’s the absolute bedrock of our services – and always has been.