2 AskBiz guides on UK accounting, covering Service Outsourcing, Inventory Costing and related operating decisions for SME founders.
Small business paying accountant £2K/year. Accountant spends 40 hours on bookkeeping (data entry, reconciliation). With AskBiz, same business needs 5 hours bookkeeper + software = £1K/year. Savings: £1K/year. Plus: faster reports, better insights.
8 min readInventory costing method (FIFO vs. weighted average) affects taxable profit. Buy widgets at £10, then £12, then £15. Sold 5 at £20. Under FIFO: COGS £50 (first 5 at £10). Under weighted average: COGS £55 (£12 avg cost). Profit difference: £5 = £1 tax difference. On £100K inventory turnover, method difference can be £2K+.
6 min read