Troy Accounting Ltd

We all love it when our hard work and effort is recognised by others. This is never truer than when a client takes the time to share their positive thoughts and feelings, just like Henri Ghijben of HRG Tree Surgeons Limited did. Here's what he had to say about our services at Troy Accounting. "When asked how much I pay to Troy Accounting my response is that it is the only line on my profit and loss account that I don't check. That's because the value I receive and the support I get is priceless compared to the fee that I pay." In less than 50 words he has summed up exactly what we aim to do for our clients! Thank you Henri, your generous feedback means a lot.

And just like that we're in September! It’s hard to believe that we’re almost heading into the final quarter of the year. 🍂 While it might feel like the year has flown by, now is the perfect time to take a step back and evaluate your business’s financial health before the holiday rush begins. Here are a few things to consider as we enter the last stretch of 2024: 🔎 Review Your Year-to-Date Performance: How are you tracking against your goals? Are there areas where you’re ahead, or maybe falling behind? Now’s the time to make adjustments and refocus your efforts to finish the year strong. 📊 Update Your Cash Flow Forecast: With potential changes in spending patterns and revenue streams as the year closes out, make sure your cash flow forecast reflects the latest information. This will help you stay prepared and avoid any surprises. 🎯 Set Q4 Priorities: Whether it’s increasing sales, reducing costs, or improving efficiency, identify the key priorities for your business in the final quarter. Clear goals will help keep you and your team focused and motivated. 📅 Plan for 2025: It might seem early, but starting to plan for next year now will put you in a stronger position when January arrives. Consider what investments you’ll need, how you’ll approach budgeting, and any changes you want to make to your business strategy. If you’re feeling overwhelmed or just need a fresh perspective, we’re here to help. Let’s make sure your business is set up for success in Q4 and beyond. Drop us an email at team@troyaccounting.co.uk

Did you know that pension contributions are incredibly tax-efficient? Your company can contribute to your pension on your behalf, which not only helps you save for the future but also brings some great tax benefits. Here’s how it works: Pension contributions are considered an allowable business expense. This means that the contributions your company makes to your pension reduces your Corporation Tax bill. Your company can make pension contributions for all employees, including directors. Directors and employees can be on different pension schemes with more favourbale terms for the business owners/directors. Besides the immediate tax benefits, contributing to your pension is a fantastic way to ensure you’re saving for the future. It’s a win-win! Making pension contributions is a highly effective strategy to save for the future and improve your company’s tax efficiency. It’s a great way to take care of your financial health and that of your employees. If you have any questions about how pension contributions can benefit your business, feel free to reach out to us at Troy Accounting. We’re here to help! Call 0330 134 0282 or email hello@troyaccounting.co.uk

At Troy Accounting, we believe in the power of teamwork and continuous improvement. One of the key practices that nurtures this culture is our weekly team huddle, where we gather to reflect, share, and grow together. This isn’t just any ordinary meeting; it’s a structured and meaningful session following the Thorn, Bud, Rose format. In this article we thought we’d take you inside one of these huddles to show you how it works and why it’s so valuable to our team.

Running a small business is no small feat, and managing the finances can be particularly challenging. We've seen a few common accounting mistakes that small business owners often make, and we wanted to share some insights to help you avoid them! 1. One frequent issue is mixing personal and business finances. It's tempting to use one account for everything, but this can lead to confusion, inaccurate records, and potential tax problems. Setting up a dedicated business bank account can make a world of difference in keeping your finances clear and organised. 2. Another mistake we see is not keeping track of receipts. It’s easy to misplace or forget about them, but receipts are essential for accurate record-keeping and claiming expenses. Utilising apps or digital tools can help you store all your receipts in one place and stay organised. 3. Regular bookkeeping is often neglected because it seems time-consuming. However, setting aside a little time each week to update your books can save you a lot of headaches down the road. It helps you stay on top of your finances and catch any issues early. 4. Cash flow management is another area that small business owners sometimes overlook and underprioritise. While focusing on profit is important, cash flow is the lifeblood of your business. Monitoring it closely ensures that you can cover your expenses and keep your business running smoothly. 5. Misclassifying expenses can also cause trouble. It might seem like a minor issue, but incorrect categorisation can lead to inaccurate financial statements and tax problems. Understanding the different categories and ensuring everything is correctly classified will keep your records accurate. 6. Another pitfall is forgetting to reconcile your accounts regularly. Reconciling your bank statements with your accounting records ensures that everything matches up and helps you spot discrepancies. This step is crucial for maintaining accurate financial data. 7. Missing tax deadlines is a mistake that can have costly consequences. Keeping track of all important tax dates and setting reminders can help you avoid penalties and interest charges. Staying on top of your tax obligations is key to maintaining good financial health. 8. Finally, not seeking professional help can be a big mistake. Accounting can be complex, and sometimes it's best to consult with an expert. An accountant can provide valuable insights, help you avoid mistakes, and ultimately save you time and money. Avoiding these common pitfalls can make a significant difference in the financial health of your business, so if you feel overwhelmed or unsure about your accounting practices, don’t hesitate to reach out to us at Troy Accounting. We’re here to help you navigate these challenges and set your business up for success. Call us on 0330 134 0282 or email hello@troyaccounting.co.uk #Accountingmistakes #smes 

At Troy Accounting, we’ve found a great way to improve our weekly team meetings (our huddles) and make them more engaging and beneficial. In our view regular team meetings are crucial for staying connected, aligned, and motivated. Our simple approach helps us share highlights, spot opportunities, and tackle challenges together. Using this easy to follow framework we have made our meetings more meaningful and productive. Check out our latest newsletter to see how you can bring this practice to your own meetings and see the positive impact it can have. https://loom.ly/N3fsIcM #productivitytips #teamworking

Welcome to this month’s edition of the Empowered Business Owner, where we discuss productivity and share some of our own insights on how we are taking proactive steps to improve our own productivity at Troy Accounting and how you can use the same approach in your business. We hope you enjoy reading it.

How Can Troy Accounting Help Grow Your Business? At Troy Accounting, we believe the right accountant can make all the difference in growing your business. It’s not just about handling your books; it’s about being a trusted partner who truly understands your business and supports your growth journey. Our clients often tell us how our fresh perspective brings new insights. We ask the right questions to really get to know your business, sparking ideas and solutions you might not have considered. One of our clients shared, “Troy Accounting doesn’t just sit on the side-lines. They engage with us, challenge our thinking, and help us see the bigger picture.” This continuous flow of communication ensures we stay aligned with your goals and can offer relevant advice when you need it most. We’re proud of our role as trusted advisors. Our team is inquisitive and dedicated to understanding your business deeply. Another client mentioned, “Their guidance has been invaluable. They don’t just prepare the numbers; they help us make sense of them and use them to make smart decisions.” Experience is key. Whether it’s offering Finance Director services or everyday bookkeeping, our diverse background means we’ve lived and breathed various business challenges. This means we’re not just going through the motions, we’re bringing real, hands-on experience to the table. We also focus on simplifying your business processes. By removing complexity, we help you and your team work more efficiently, paving the way for your business growth. During challenging times, having a supportive accountant can be a game-changer. We’re here to listen, advise, and support you through every twist and turn. At Troy Accounting, our relationship with you evolves as your business grows. It’s an exciting journey, and we’re here to inspire and motivate you every step of the way. Ready to see how we can help your business thrive? Get in touch at hello@troyaccounting.co.uk

We're Hiring a Qualified Bookkeeper! Are you a qualified bookkeeper looking for a new opportunity in a supportive and dynamic team? We might have just the role for you at Troy Accounting! We’re based in Southampton and offer hybrid working options, so you can enjoy a great balance between office and home life. We’re looking for someone with an AAT in Accounting or ICB qualification who’s ready to dive in and make a real difference for our clients. What You’ll Be Doing: You'll be building relationships with a growing portfolio of clients, keeping their financial records up-to-date and accurate. This means everything from weekly bookkeeping and preparing VAT returns to helping out with year-end accounts and personal tax returns. Plus, you’ll be a key contact for clients, ensuring they have the information they need to make smart business decisions. Why You’ll Love It Here: At Troy Accounting, we believe in investing in our team’s personal and professional development. We offer plenty of opportunities for growth and create a work environment that’s all about collaboration and creativity. Perks? Oh, We’ve Got Them: - 20 days holiday plus bank holidays (and your birthday off too!) - Paid sick leave and duvet days for when life gets in the way - Flexible working hours and locations - Regular team meet-ups and one-on-ones to support your development - Travel allowance and, after probation, private medical insurance Is This You? You’re great at communicating clearly and building trust with clients. You can adapt your approach to get the info you need. You’re a whiz with QuickBooks and/or Xero. Attention to detail is your middle name. We’re all about honesty, adaptability, and a genuine curiosity about our business and our clients’ businesses. If this sounds like a good fit, we’d love to hear from you! If so, apply here now https://loom.ly/AVEMrX4

Are you planning on treating your staff to a "shindig" this summer? There are specific rules around business entertainment expenses and it’s important to get it right to avoid any surprises with HMRC. Here’s a run down to help you understand what’s allowed and what’s not when it comes to claiming these expenses. Business Entertaining Costs incurred on business entertaining are generally not allowable for Corporation Tax purposes. This means that taking clients out for meals, providing entertainment at events, or hosting parties for clients or potential clients are not tax-deductible expenses. Annual Staff Events The cost of an annual event, such as a staff Christmas party or summer do, can be claimed as a tax-deductible expense, as long as the cost per head is not more than £150, including VAT over a tax year for all events. This is a great way to reward your team and benefit from tax relief! VAT Considerations You cannot claim VAT back on business entertainment expenses for clients. However, you can claim VAT on staff entertainment, provided it’s for a genuine business purpose and meets the necessary criteria. Remember, while you can’t claim tax relief on client entertainment, treating your staff to an annual event within the £150 per head limit is a great way to boost morale and get a tax benefit. If you need guidance on expenses or anything else business accounting, get in touch at hello@troyaccounting.co.uk or call us on 0330 134 0282