Optima News

Have you ever wondered about the best ways to protect you and your business? In this series, we’ll look at the key ways to use trusts, insurance and risk-management techniques to protect both your personal assets and the future of the company. In this article, we’ll look at how you can use a trust to shelter your assets. What is a trust? Before we go any further, let’s explain exactly what a trust is and how they can be used. A trust is a legal arrangement where a person (the

Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position.  But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finan

Cost of Sales (sometimes called Cost of Goods Sold) is one of those metrics you’ll hear a lot when reviewing your operating costs and the overall profitability of your business model. But what does ‘Cost of Sales’ actually mean? And how does understanding this key metric help you get a handle on the financial efficiency of your operations. What is ‘Cost of Sales’? The Cost of Sales (CoS) metric measures the direct costs involved in producing or acquiring the goods or services

Making good business decisions is easier to do when you have excellent information at your fingertips – and that’s the value of having great reporting at the heart of your startup. Any cloud accounting software worth its salt will offer you straightforward ways to run your financial reports and track your important metrics. That’s standard in the new digital world. And this level of reporting gives you real, tangible data on which to base your decision-making. But good decisi

Without your customers, you have no business. It’s their engagement, loyalty and sales that power your cashflow and drive the business to new heights. But when was the last time you reviewed your customer service levels?  And how often are you talking to your customers to find out if they’re happy, satisfied and still true advocates for the business? Let’s dive into the power of great customer service and asking for honest feedback. Why is customer service so important? We li

Keeping on top of the financial management of your business can be hard work. It's possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have positive cash flow but are not turning a profit, particularly if you are scaling. Turning a profit is at the heart of running any successful company But without an even and predictable flow of cash into the company, you can't cover your overheads, you can't p

Making Tax Digital for Income Tax  (MTD for IT) is being introduced from 6 April 2026.  If you’re a sole trader or landlord, this will mean complying with the new rules around keeping digital records and submitting quarterly digital updates to HM Revenue & Customs (HMRC). However, there are potential exemptions to the new MTD for IT rules. So, it may be that you can, for the moment, escape the mandatory move to digital tax returns. Let’s see who will have to use MTD for IT, a

In a world where evolving political events can change the market in an instant, and economic instability is still the norm, finding certainty in your business strategy is a rarity. Business plans and your overriding strategy are no longer written in stone. This means being flexible about your next steps and regularly reviewing your business strategy. Let’s see how frequent strategic business reviews can help you reduce the uncertainty. 1. Get proactive with your financial for

Understanding your finances is a vital part of running your business. But getting down into the nitty gritty of the company accounts isn’t every entrepreneur’s top skill. If you are new to company accounting, or simply want to expand your knowledge, we can help explain the foundational reports. The profit and loss report and the balance sheet are both key reports when it comes to getting in control of your company’s financial health. What’s a profit and loss statement? Your p

Founding, managing and growing a business is a BIG commitment. For most business owners, it will take years to build a customer...

Hiding in the HM Revenue & Customs (HMRC) announcements published on 26 March was a technical note entitled ‘Modernising the tax system...

Looking around at the business landscape, it’s evident that  Artificial intelligence (AI)  is starting to make meaningful changes to the...

A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows...

Uncertainty can be a major threat to your strategic financial planning. Being unsure of what lies around the corner makes it difficult to...

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard....

If you’re a small business with straightforward accounts, you may well be using HM Revenue & Customs’ (HMRC)  Corporation Tax online...

Artificial intelligence (AI)  has been a catalyst for a huge amount of change in the small business arena. AI apps, tools and solutions...

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be...

Making your business a success story may be what drives you to get out of bed every morning. But your business also needs to deliver on...

You may find a brown letter from HM Revenue & Customs (HMRC) dropping onto your doormat soon, with details of the soon-to-be-mandatory...