Andrew Murrell’s Post

You know, a lot of business owners think, "Oh, submitting annual returns and financial statements is just boring paperwork, right?" Well, not so fast. The recent drama with GISB shows exactly why this stuff matters—and why skipping it could burn a hole in your pocket! Here’s what went down: 🔷Big Fines GISB-related companies are now staring at a RM4.4 million fine. Yep, all because they didn’t submit their annual statements. Imagine paying that kind of money just for forgetting to file some reports! 🔷Legal Trouble Not filing those “boring” statements? GISB’s negligence triggered legal investigations, including some pretty serious stuff like forced labour allegations and criminal probes. 🔷Frozen Funds On top of it all, 138 of their bank accounts were frozen. Let’s be real, no business wants to wake up one morning and find out they can’t access their cash because of a paperwork oversight! 🔷Reputation in Tatters Their brand reputation is in the dumps. Trust gone, credibility shattered—all because they didn’t handle compliance properly. Bottom line? Submitting your annual returns and financial statements isn’t just a formality. It’s literally the lifeline of your business. The cost of neglecting it is way higher than hiring a competent company secretary who knows how to keep your business out of hot water. Just ask GISB—they’ve learned that lesson the hard way! Source: https://lnkd.in/gJrgYkQu

Every organization needs to sit down and really nail down what they want to get out of their contracts. For in-house lawyers, it’s too often a time to show legal prowess (either by wasting everybody’s time to show how important we are or by really sticking it to the other side because we are in a position of power) or to minimize all risks. Well guess what? Business deals often need to be done quickly. And business often needs future partners to do multiple deals with over a long time. Sticking it to people doesn’t make them want to work with you later. And business opportunities often require risk. Remove all risk and you lose opportunities. Business needs to figure out what they want legal to do to bring value. Legal can’t just be a stamp. And it can’t grow ever larger for its own sake. It needs to serve the business needs. So what do we want contracts to do? I think part of it is trust. It’s also about clarity. Our contracts needs to be written clearly and simply so finance can execute them. I think we also need to increase reliability. I mean, remove the need for lawyers to argue the meaning of words in front of judges. If one side owes the other it should be defined clearly enough that we can make the payment and get on with business.

Registering a company is a crucial step in establishing your business legally. Here’s a general overview of the process: 1. Choose a Business Structure: Decide on the type of entity (e.g., sole proprietorship, partnership, limited liability company (LLC), corporation) that best suits your needs. 2. Select a Business Name: Choose a unique name that complies with your country or state’s naming regulations. Ensure it’s not already in use by checking with the appropriate government database. 3. Prepare Necessary Documents: Depending on your business structure, you may need to prepare documents like Articles of Incorporation, Operating Agreements, or Partnership Agreements. 4. Register Your Business: File the necessary documents with the relevant government authority (e.g., Secretary of State in the U.S.) and pay the required registration fee. 5. Obtain Licenses and Permits: Depending on your industry and location, you may need specific licenses or permits to operate legally. 6. Get an Employer Identification Number (EIN): If you plan to hire employees or operate as a corporation or partnership, you’ll need an EIN from the IRS (or equivalent in your country). 7. Open a Business Bank Account: Set up a separate bank account for your business to keep personal and business finances distinct. 8. Comply with Ongoing Requirements: Stay informed about any ongoing requirements such as annual reports, taxes, and compliance with local regulations. It’s often helpful to consult with a legal or business professional to ensure you’re following all necessary steps specific to your location and business type. #businessconsultant #companyregistration #business #companyformation

To create personal wealth while you’re still working in your business, your accountant can advise you on the most tax-efficient business structure for your company, whether it's a trust, partnership, Proprietary Limited Company (Pty Ltd), public company, or franchise. The right structure will minimise your taxes and protect your assets from potential liabilities. For more tips on how to create wealth while you’re still working in your business, read our blog here. https://buff.ly/3SjiP25 #Accounting #Accountant #AccountingProfession #AccountingFirms #AccountingProfessional #FinancialPlan #BusinessPlan #Business #Counteractive

Reminder, every small business must file its beneficial ownership information (BOI) report by the end of the year, or earlier if formed this year. Be kind to your lawyers, accountants, staff or whoever is filing for you and respond to their emails. I’d love to avoid a mass filing over Christmas. 🙏 #generalcounsel #smallbusiness #helpalawyerout

It may seem like an accountant is just another cost in your business, but an accountant can save you money in the future.  They will advise what you can claim, keep on top of your deadlines, so you avoid fines and headaches, and while they're doing this you can concentrate on your business. 📲 Call today 0121 235 0315 #smallbusiness #soletrader #accountinguk #jewelleryquarter #birminghambusiness

Congratulations on winning that massive contract! 🎉 Yes, it could turn your business fortunes around. Yes, it could be the gateway to better work in future. But what you do next is critical. No matter how important the client is, always: 💡 Read every page, even the particularly boring bits at the end! An assignment clause or a law & jurisdiction clause worded in your favour could just save your bacon if you need it 💡 Try to renegotiate the scariest risks Just because it states 90-day payment terms as standard, doesn’t mean you have to agree to that. The bigger the client, the bigger their legal team sitting there waiting to hear from you with comments, queries and changes – be kind and give them something to do! 💡 Consider turning it down if it doesn’t work in your favour There’s no point being a busy fool and not getting paid for your hard work – or worse, being left in debt because you couldn’t meet a contractual obligation and you’ve been stung for it. Not every opportunity is the right opportunity. Make sure any risk you do take is with your eyes open. If you’re worried, or if you’ve just not got the time to review it yourself, give us a call. We’ve negotiated contracts on behalf of our clients with some of the largest companies in the world. You’d be amazed what they’ll agree to if they want to work with you.  

Are you aware that the law regarding staff tips changed as of the 1st of October 2024? Businesses are now legally required to ensure that every tip goes directly to the employees who earn them…no exceptions! It is essential for small business owners to review their policies to stay compliant and avoid potential penalties. At KPM Accounts Ltd, we’re here to help you navigate these updates smoothly and keep your business on track. Need guidance on implementing these changes? Reach out to us for expert support! #KentBusiness #KentAccountant #KentAccountancyFirm

Why Every Small Business Needs Two Director's Accounts! One thing that is quite common for small businesses is owners putting money to support the business and withdrawing money from the business from time to time. When all these transactions are not properly accounted for, it can lead to endless arguments between the accountant and the business owner. I will say one very good way to manage such transactions is to have two directors' current accounts in your chart of accounts, One as an asset for money taken out by directors and the other liability for money introduced by the directors. In the case of any dispute, you can easily pull out entries of those accounts. How do you manage director transactions in your business? #SmallBusiness #FinancialManagement #AccountingTips #BusinessOwners #DirectorAccounts

Stop paying avoidable costs! Before they worked with me, a lot of businesses were paying thousands of dollars that they didn’t have to. These hidden costs are in the form of missed deductions, incorrect business classification, fees, penalties, and, perhaps more infuriating, missed opportunities for growth. Don’t let this be you. Click the link in our comments below to see how we can help! #Accountant #BusinessAccounting #BookKeeper #SmallBusinessAccounting #HeartfeltCFO