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For some, watching paint dry, or a poke in the eye is better than dealing with their business numbers. I get it, numbers can be scary, confusing, and boring, not what your business is meant to be about. But here’s the thing. If you’re serious about your business, you need to grab hold of your numbers, and connect with them. Falling in love with them may feel weird, but at least be on friendly terms with them if you want your business to survive and thrive. Numbers make you accountable, showi ...
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In this episode of the I Hate Numbers podcast, we explain what depreciation is and its importance in business. Albeit often misunderstood, it is crucial for accurately determining profitability. Essentially, we clarify that it is not merely a reflection of value loss but rather an allocation of the asset's cost over its useful life. Subsequently, w…
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The "I Hate Numbers" podcast explores the accounting matching concept, also known as accrual accounting, in finance and accounting. In this episode, we explore what the matching concept is, how it applies, and why it's essential. We also explore its impact on financial statements, providing practical examples for clarity. What Is the Matching Conce…
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5 Useful Motivation Tips for Solopreneurs that are essential to keep you going when working for yourself. Initially, being your own boss sounds great. However, many solopreneurs discover that giving up their day job is not as glamorous as it seems. Loneliness and a lack of motivation will eventually creep in, and you may even miss your 9-to-5 job m…
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How to cope with Failure in Your Business? Failure is often seen as negative in business. When we hear the term, it sounds bad. The dictionary defines failure as a lack of success, especially in specific activities. However, we need to change this viewpoint. Famous Examples of Overcoming Failure Walt Disney Walt Disney faced rejection 300 times bef…
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Welcome to this week's episode of the I Hate Numbers podcast. We are excited to share four steps to increasing your profits. Accordingly, these steps will help you keep more of the money you make. Moreover, they are designed to ensure your business thrives, despite external challenges. Every business faces numerous challenges, from changing custome…
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To start our journey towards understanding business success, we often overlook a vital tool: the profitability analysis. Yet, this oversight can hinder our ability to grasp our true financial standing. Calculating Margins Firstly, let's delve into the calculation of profit margins through conducting a profitability analysis. By comparing our sales …
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In the realm of business, understanding financial terminology is essential. It unlocks insights, reveals trends, and empowers decision-making At the "I Hate Numbers" podcast, we're committed to demystifying the complex world of numbers. In this episode, we'll delve into the essential concepts of capital and operating expenses, shedding light on the…
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In last week's episode of I Hate Numbers, we emphasized the critical nature of cash flow forecasting for businesses. Now, in Episode 217, we're shifting focus to share five essential cash flow management tips every small business owner needs to know. Calculating Days Cash on Hand To kick things off, it's crucial to determine the number of days cash…
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In the latest episode of the I Hate Numbers podcast, we shed light on the indispensable role of Cash Flow Forecasting in ensuring the success of your business endeavours. Understanding the Ups and Downs Cash Flow Forecasting serves as a beacon, guiding entrepreneurs through the turbulent waters of business finances. Additionally, by providing a cle…
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In our pursuit of simplifying clients' lives and alleviating stress, the "I Hate Numbers" podcast delves into the benefits of cloud accounting this week. Time Saving Benefits Transitioning to cloud accounting not only saves time but also streamlines financial processes, boosting productivity significantly. Additionally, it automates tasks, reducing…
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In today's episode of the I Hate Numbers podcast, we're delving into five compelling reasons why we, as business owners, should consider ignoring cloud accounting. Stick with us until the end for valuable insights. First and foremost, let's clarify what cloud accounting entails. Understanding Cloud Accounting Cloud accounting, also known as digital…
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In this week's episode of the I Hate Numbers podcast, we're exploring the fascinating journey to success. What do Abraham Lincoln, Dr. Seuss, Michael Jordan, and other renowned figures have in common? Contrary to popular belief, their success wasn't an overnight phenomenon. It was the culmination of years of relentless effort, resilience, and a win…
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In this episode, additionally, we delve into the importance of planning in business endeavours. As entrepreneurs, we're often enticed by spontaneity and agility, yet the question remains: is it truly viable to forgo meticulous planning? Let's explore the benefits of having a strategic roadmap and why it's paramount for sustainable success. The Bene…
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Have you paid too much tax? In this week's episode of the I Hate Numbers podcast, we explore the fundamental criteria shaping the UK tax system and why understanding it matters. We delve into the implications for individual taxpayers and businesses, shedding light on key tips to reclaim potentially overpaid taxes. Understanding the UK Tax System Tw…
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How do you describe your business in the business world? In this week's episode of the "I Hate Numbers" podcast, we tackle a topic often overlooked but with significant implications. You might wonder, "What's in the name?" Well, it turns out, quite a lot. Traditionally, we classify ourselves as freelancers, self-employed individuals, charities, pri…
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In today's episode, we explore tax-effective giving strategies for supporting charities in the United Kingdom. We'll delve into various methods individuals can employ to make donations while minimizing tax liabilities and maximizing benefits for both themselves and the charities they support. Exploring Tax-Effective Giving Methods Gift Aid Gift Aid…
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In this episode, we delve into the intricacies of the Gift Aid scheme and its profound impact on charitable giving. Since its inception in 1990 in the UK, Gift Aid has revolutionized the way individuals contribute to charities and Community Amateur Sports Clubs (CASCs), providing essential financial support for various causes. Overview of Gift Aid …
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Moreover, we begin by visualizing the staggering amount collected by the government in taxes every minute. This serves as a reminder of the significant financial contribution businesses and individuals make to the system. Importance of Tax Planning Managing your tax effectively is crucial for financial stability and growth. We delve into why tax pl…
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In today's discussion, we delve into the concept of "Fiscal Drag" and its profound implications for UK taxpayers. This term, though not commonly discussed, holds significant relevance for our financial well-being. Fiscal Drag occurs when inflation drives up prices and wages, yet the government fails to adjust tax thresholds accordingly. Consequentl…
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Welcome back to another episode of "I Hate Numbers," where we aim to guide you through the maze of financial challenges. Today, we're tackling a common concern: "Paying Tax Bill." As your dedicated business finance fixers, we've got your back, offering insights to navigate this stressful situation. The Initial Situation Having filed your personal t…
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In the realm of business financial planning, one indispensable element takes centre stage - sales forecasting. Whether you're part of a theatre company, a dance troupe, or a business involved in manufacturing or retail, understanding what your future income might look like is paramount for success. As freelancers or consultants, the same principle …
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Greetings, everyone! In another episode of I Hate Numbers, your go-to for demystifying business finance, we unravel the intricate web of business costs and operational gearing. Understanding Fixed and Variable Costs: In the business realm, understanding your costs is pivotal for success. We're diving into two fundamental types: fixed and variable c…
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In the world of business, dealing with a financial crisis is not a matter of if, but when. We, as business owners, often take risks, and sometimes these risks don't pan out as expected. The key is to remain calm and composed when the unexpected hits, avoiding the trap of becoming a proverbial rabbit caught in the financial headlights. Staying Calm …
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In today's podcast, we aim to explore and demystify the common misconceptions surrounding tax obligations for Community Interest Companies (CICs). As passionate advocates of business finance, we want to illuminate the intricate relationship between CICs and their tax responsibilities. Understanding Community Interest Companies (CICs) Defining CICs …
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Greetings, savvy listeners! In this episode of I Hate Numbers, we're on a mission to empower business owners and creatives. Our goal is crystal clear: fostering financial growth, reducing stress, and realizing your aspirations. Today, we delve into a game-changer—the "Positive Money Mindset." Understanding Money Mindset To begin, let's comprehend w…
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In the realm of business, we often underestimate the emotional toll it can take. When we confront unexpected challenges—economic downturns, restructurings, or closures—we're not just dealing with logistical hurdles; we're grappling with grief. In this episode, we explore the profound connection between personal loss and the business world, examinin…
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In this week's episode of "I Hate Numbers," we tackle a critical topic that every business is bound to confront sooner or later — the signs of impending financial distress. Last time, we delved into the emotional challenges of making tough decisions, particularly the decision to let go. Today, we shift the spotlight to identify four unmistakable si…
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In the world of business, the journey often feels like an exhilarating roller coaster ride with its highs, lows, and unexpected turns. Consequently, as business owners, we comprehend this emotional impact all too well. Drawing from three decades of personal experience and additionally assisting thousands of fellow entrepreneurs, we've observed the …
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We embark on today's episode of the I Hate Numbers podcast with a mission: to demystify the complexities surrounding the "Higher Income Child Benefit Charge." This financial obligation affects individuals or couples with a combined income exceeding £50,000, leading to a potential clawback of child benefits. Unpacking the £50,000 Limit To comprehend…
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In the dynamic realm of business, whether steering a private enterprise or a non-profit organization aspiring to make a social impact, one constant looms large – taxes. Amidst the myriad of taxes, VAT, or the rather awkwardly named Value Added Tax, emerges as a distinct challenge, particularly when entwined with agency relationships. Today, on the …
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In the dynamic landscape of the gig economy, additionally, we find ourselves at the crossroads of change. The term, a buzzword for many, holds particular relevance for those in the UK. Specifically, this week's episode of I Hate Numbers delves into the impending legislation by HMRC, set to take effect on January 1, 2024. The Gig Economy's Scale Bef…
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Welcome back, everyone! Today, we're tackling a familiar adversary: procrastination. We've all been guilty of putting things off in both our business and personal lives. In our previous episode, we explored the surprising ways procrastination can be a force for good. However, today, we're taking a different approach, focusing on why procrastination…
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In the fast-paced world of business, people often view procrastination with apprehension. They commonly associate it with missed deadlines, incomplete tasks, and unfulfilled promises. We, too, used to perceive procrastination negatively, as it seemed to hinder productivity. But in this episode, we invite you to join us on a journey where we challen…
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In this week's episode, we delve into the Business Model Canvas, a powerful tool for visualizing and describing your business or organization. Understanding the Significance We often hear business owners and organizations talk about business models without fully understanding what a business model entails. Consequently, comprehending your business …
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We believe that your business budget is one of your most valuable allies. It might sound surprising, but the process of budgeting should not be daunting or intimidating. In this episode of "I Hate Numbers," we'll explore the advantages of implementing a budget for arts and creatives. Your Budget as a Valuable Ally Budgets, for example, play a pivot…
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When we discuss artists, creatives, and arts organizations as businesses, it can often lead to puzzled expressions. Nonetheless, it's a concept that deserves attention. Profits with Purpose In this week's "I Hate Numbers" podcast, we delve into the fascinating realm of the arts and creatives as businesses. While their objectives and motivations may…
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In this discussion, we're going to explore the significance of tracking in running your business. Additionally, we'll be talking about the power of project or product tracking and how it unravels profitability. We'll shed light on the financial intricacies that impact your bottom line. The Significance of Project Tracking In the realm of business f…
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One of the fundamental aspects of any business is invoicing. Whether it's billing clients for services rendered or products sold, efficient invoicing is vital. Moreover, if your business offers credit facilities, ensuring timely payment becomes paramount. Creating Invoices with Ease In a cloud-based system like Xero, invoicing becomes remarkably st…
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In today's fast-changing business world, although staying competitive requires embracing innovation, consequently, we find ourselves exploring the realm of Digital Accounting. Benefits of Digital Accounting Before we dive into the practical aspects, let's explore why transitioning to digital accounting is not just a trend but a strategic move that …
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In this episode, we explore the world of modern finance as we talk about the remarkable advantages of cloud accounting. Unlike traditional methods involving spreadsheets or desk-based systems, cloud accounting is a contemporary approach to managing your financial data. It leverages online platforms like Xero, QuickBooks, FreshBooks, Sage, and many …
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In today's episode, we, as dedicated proponents of effective business practices, discuss the paramount significance of planning in the world of business. We firmly believe that planning serves as the compass that guides businesses through turbulent waters, ensuring they not only survive but also thrive. In this discussion, we'll break down the esse…
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In this I Hate Numbers podcast, we want to explore the multifaceted world of company director responsibilities. As business enthusiasts with over 28 years of experience, we've had the privilege of helping countless entrepreneurs reduce stress, boost financial literacy, and achieve their dream business. In this episode, we guide you through the crit…
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Motivation is a potent force that propels both individuals and teams toward success in the business realm. In this week's episode of the "I Hate Numbers" podcast, we delve into four crucial aspects related to motivation. What Exactly is Motivation? At its core, motivation is the dynamic spark that ignites action and, moreover, propels us, as indivi…
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Budgeting often triggers unenthusiastic reactions. But let's debunk these myths. In my experience, budgeting isn't about constraints; it's a potent tool for empowerment. Let's have a look in our podcast as we delve into embracing budgeting and a budgeting mindset. Uncover seven advantages that could reshape your business. 1. Clarity of Purpose and …
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In the world of business, bookkeeping often remains in the shadows, underestimated and undervalued. However, as we delve into this episode of the "I Hate Numbers" podcast, we'll unveil the profound impact of bookkeeping that extends far beyond numbers. Understanding the Basics Before we explore the ten compelling reasons that highlight bookkeeping'…
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In this episode of the I hate numbers podcast, we delve into the crucial topic of business debt. While some might view debt as a risky path, it's not always doom and gloom. We'll explore the ins and outs of business debt, when to consider it, and how to manage it effectively. Why Borrowing Matters for Your Business As a business owner, you might ne…
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In this episode, we explore the crucial topic of holiday pay for employers. As business owners, we bear many responsibilities, and additionally, one of the most significant is towards our staff, our workers. We will explain why honouring this obligation is essential not only for legal compliance but also for the overall success of your business. Wh…
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Retirement planning is crucial, whether it's years away or just around the corner. As we explore the UK state pension in this I Hate Numbers podcast, we aim to provide clarity on the two-state pension types and how to optimize your entitlement. Our team is dedicated to empowering you with financial knowledge, so let's delve into the details. Two Ty…
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In this week's episode of the I Hate Numbers podcast, we continue our exploration of Management Reports, delving specifically into their design, presentation, and content. Setting the Stage Welcome to I Hate Numbers, the podcast that aims to make you and your business more profitable, financially literate, and stress-free. Let's dive right in and d…
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In this episode, we look at designing management reports and their crucial role in helping businesses thrive and make informed decisions. The Importance of Management Reports Management reports go beyond mere documents; they are powerful tools for comprehending your organization's past, present, and future. By analyzing a wide range of information,…
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