Five simple techniques to understand the language of market

Everyone wants to become a profitable trader in the Forex market. In the past, trading the live asset was not possible for the retail traders as no leverage was provided by the brokerage firm. But things have changed dramatically and people can easily trade with the high leverage trading account. For instance, if you open a trading account with the reputed broker like ETX capital you can easily trade with big lot despite having a small amount of deposit. But having access to the online trading industry doesn’t mean you will become a profitable trader. You need to understand the language of the market. Many expert traders in the United Kingdom often says knowing the language of the price movement is mastering the art of trading. But how do we develop such skills? We will give you five simple tips which will help you to do the perfect market analysis.

Try to understand the nature of market

Most novice traders are always fascinated with the profit factor in the Forex market. They are always looking to secure bigger profit from this market. But do you really spent any quality time in understanding the price movement? If you closely observe the price movement you will find some sort pattern. There is a saying in Forex market. History repeat itself. You need to trade this market based on the support and resistance level. Never trade this market with a complex trading system as it will ruin your trading career.

Learn price action trading

Price action trading will help you to understand the price movement with an extreme level of accuracy. Most of the successful traders in the UK financial spread betting industry use the price action trading system to place a trade. But learning the price action trading system is really hard for the novice traders. But there is nothing to worry. You need to understand the psychology behind the formation of each candlestick. Instead of memorizing all the Japanese candlestick pattern try to focus on the most reliable price action confirmation signal. Make sure that you use them with proper risk management factors.

Do the fundamental analysis

If you truly want to become a successful trader, you need to understand the fundamental factors of the Forex market. At times you will see that the long-term existing trend of the market has changed due to high impact news release. So if you don’t learn fundamental analysis you will have to lose a significant portion of your investment. Never trade this market based on technical analysis. You need to develop a balanced trading system based on the three major form of market analysis.

Trade the higher time frame

Some retail traders say that they don’t understand the price movement. This is because they only trade the lower time frame data. In lower time frame trading you will always have to face lots of false trading signals. But if you do the technical analysis in the higher time frame you will see significant improvement in your trading career. At times, higher time frame trading might get boring but you need to remember that most of the professional UK traders do nothing 99% of the time. So never trade this market with aggression.

Use your rational logic

To understand the price movement of the market you must use your intellect. Some retail traders often say that they have precise knowledge about the trading industry but when it comes to real life trading they lose a significant portion of their investment. You can cheat yourself. Ask yourself whether you truly understand the nature of this market. You need to have a solid foundation about the trading industry or else you will never be able to find the profitable trades. Never take too much risk in any trade even though you have the perfect trade setup. Always follow the conservative method of trading.

What is an identity management solution?

Identity management solutions allow an organisation to recognise, verify and approve a person or people in a country, company or network, allowing them access to a particular system. The level of authorization or denial may differ from one user to another according to the type of roles they have.

The administrators in charge of these systems can use them to:

Change an individual’s task.

As tasks are assigned and reassigned in a growing enterprise an administrator may give or deny access to an individual.

Track user activities and create reports on those activities.

Knowing what activities are going in the system can enhance productivity in an enterprise. For example most businesses give access to their internal systems to suppliers, partners and customers. This gives them a competitive edge against their competitors. It is also cost effective in the long run.

Productivity is also enhanced when outsiders cooperate with the employees through these systems.

This team work if geared to attaining the goals of the enterprise ultimately enable growth and employee satisfaction.

Research and development on what areas can be improved in the enterprise is also one of the key benefits of giving outsiders the access to the internal systems.

The above examples can easily be tracked and a report given by an administrator.

Enforce the system’s security.

In some enterprises users are granted access to more information than they need to complete their tasks. Attackers who are able to have access to these credentials can use them to attack a system. An enterprise internal system is under threat from hacking, phishing, malware, and any other software which can be used to damage or disrupt an enterprises system.

.If a user tries to gain entry into a particular part of the system that they are not authorised, an alarm can be activated to call attention to the illegal entry.


In order for this system to be effective, clear objectives on the reasons of using it must be understood by all stakeholders. Planning and collaborating with different departments including IT, Security, Human resource is key.

One major challenge is the management of passwords. Updating, creating, and deleting passwords is not only time consuming but also costly to an enterprise. Administrators should come up with ways of managing the password issues in these enterprises.


Managing its supplier’s, customer, and partner’s access to a company’s internal systems is one major benefit. This enables the company to deliver their services efficiently and they are able to handle any crisis within a short period of time. Being able to manage the employees is also an added advantage. Apart from being able to gauge their output, security is also enhanced.

Enterprises that have some features of their data and networks automated are able to relieve IT of repetitive but essential task and help them adhere to government regulations. An enterprise can lose revenue amounting to billions for not complying with relevant regulations. These benefits are critical to any enterprise considering that an IT position is a key security post.


If there is collaboration from all stakeholders in a company on the system setup, usage, and management it is overall very beneficial in its positive growth.

Banks Close In On £30 Billion Mark for PPI Repayments

The Financial Conduct Authority (FCA) updates its website with the monthly sums paid out by the banks for mis-sold payment protection insurance. Since 2011, the amount repaid to customers is close to a staggering £30 billion. With no data released yet of repayments made in 2018, the first wave of repayments is likely to take the amount comfortably over the £30 billion threshold.

The past three months of 2017 showed a noticeable increase in the amount repaid to customers — perhaps an indication that more people are finally being convinced to take action with a deadline looming. The deadline for consumers to make PPI claim has been set by the FCA for 29th August 2019. To reclaim PPI before that date, consumers can contact the bank directly, or use a PPI claims company to assist them throughout the process.

The cut-off date has been imposed to encourage people to make a claim, or at least find out if they can, rather than put it off. To promote the deadline, the FCA hired Arnold Schwarzenegger to use in the advertising campaign, which has been funded by the banks involved in the mis-selling scandal.

With just over a year left to reclaim PPI, the banks are braced for handing out even more cash to customers. Lloyds Banking Group has suffered the most by shelling out over £18 billion for the mis-sold insurance. The bank is expecting 15,000 PPI claims a week before the cut-off date, though Lloyds isn’t the only bank that keeps having to up its PPI provisions pot. RBS, Barclays and HSBC are all still setting aside further amounts of money for PPI claims.

But, as the banks prepare to pay out more money, they are not the only party in the PPI scandal under heavy scrutiny. Speculation is currently surrounding the Financial Ombudsman (FOS) and how they handle PPI claims.

The FOS Handling Claims

Earlier this year, Channel 4’s Dispatches programme discovered that employees at the FOS believed they weren’t trained well and felt pressured to fill certain quotas. This often meant that PPI claims weren’t fairly resolved — which is the entire role of the FOS. It doesn’t appear to be just an in-house problem, either. Based on reviews, consumers are feeling unhappy with the service they are receiving.

The FOS will undertake a review of the concerns raised. However, many people who referred their claim to the FOS are now feeling dubious and let down. Unfortunately, it’s unlikely that any cases will be re-opened unless new evidence is available for each case.

What Will Happen After the Deadline?

After August 2019, the banks won’t automatically be free of PPI claims. It will take a number of months to finish resolving all the claims that were in progress before the deadline arrived. The FOS still has a backlog of claims which could take two years to resolve, meaning the banks will still be paying out more money for a while yet. Of course, even more people are expected to reclaim PPI as the 2019 deadline encroaches nearer, so expect the debacle to rumble on for a little while longer.

The PPI deadline won’t stop people from making claims against the bank. In fact, many customers are still making claims for other products, such as packaged bank accounts and mis-sold mortgages. There is concern that PPI will simply be replaced; some believe that  GDPR will be the “new PPI”. PPI claims companies may turn their business to other forms of compensation for customers.

Some predict that after the PPI deadline, there could be a slump in consumer spending. With many consumers having received thousands of pounds in compensation, the impact has been positive on the economy. But, without the extra cash boost, people might be more wary of how much they spend.

7 Financial Benefits of Getting Involved with Cryptocurrencies

Cryptocurrency is disrupting a lot of industries, and it is going to disrupt more. A lot of investors are investing less in traditional markets and investing more in Bitcoin and other cryptocurrencies.

Some investors have graduated from earning a little side income from cryptocurrency to earning a complete livelihood from it. Some investors bought Bitcoin in 2015 for about £143 per coin. By December 2017, the value of Bitcoin was about £14,289. That’s a profit of about £14,146 per coin! How many investments can give that level of returns? Very few. Some analysts even predict that the value of Bitcoin could become as high as £71,445 in the future.

Other cryptocurrencies like Electroneum, Ripple, and Ethereum have also performed well, and those that invested in them have had massive returns. You should seriously look at investing in cryptocurrency as it provides a lot of incredible benefits that you can’t get from other investments.  Here are some investment approaches to cryptocurrency.

1. Buy low and sell high:

You can buy cryptocurrency at low prices and sell them at high prices. There are a lot of ICO (initial coin offering) that you can partake of. You can buy cryptocurrency at low prices and sell them when their prices get high. But you should be wary as there are a lot of scam ICOs. You should only buy cryptocurrency that is backed by reputable people. Listen to your guts, and you can make a killing.

2. Cryptocurrency mining:

You might have heard of this. You can go from small-scale mining to owning large mining firms. You need to purchase high-end GPUs with good cooling systems, download the respective apps for the cryptocurrency and start mining. Mining involves the use of powerful computers to solve complex calculations that fuel the blockchain. You get rewarded in cryptocurrency for using your computer system as a cryptocurrency miner.   

3. Cryptocurrency cloud mining:

This is a unique approach to cryptocurrency mining. Instead of buying the hardware yourself and paying for energy bills., you can pay to engage in cryptocurrency cloud mining. With this approach, you rent mining hardware from cloud mining operators for a small fee. This is a good way of earning money passively. You don’t need to buy any equipment, and you don’t need to monitor anything. You invest in a mining contract that lasts for a period of time, and you get your rewards.  

4. Bitcoin peer-to-peer lending:

One good way of investing in cryptocurrency is peer-to-peer lending. You lend individuals, startups and businesses money and you then get your money back with high interest rates. You can get as much as 20% returns on your investment. Cryptocurrency passive income is highly possible with this investment approach.

5. Create an ICO:

Do you know that you can create your own Initial Coin Offering? If you have a great idea and you can think about a new problem that cryptocurrency can solve, you can create an ICO. You need to come up with a great idea, create a whitepaper, publicize your ICO and get other investors to invest in your idea. Platforms like Ethereum are good for creating your own ICO.

6. Create a cryptocurrency exchange platform:

Cryptocurrency is changing a lot of things, but there are some areas that it has yet to touch. A lot of cryptocurrency exchange platforms have issues that need to be resolved. Some do not trade in certain currencies, and some are plagued with long transaction times and other things. You can create a cryptocurrency exchange platform that can solve a lot of issues. Probably, your local currency is not included by some exchangers. Work with good computer programmers and developers. Come up with something secure and unique, and you will see a lot of people using your platform. You can make a lot of money from transaction fees.

7. Hold NEO and earn GAS:

NEO is a blockchain platform that allows investors to create smart contracts. NEO is one of the most promising blockchain projects in the market. If you hold your cryptocurrency in an official NEO wallet, you will receive free Gas tokes for helping to run the network.


There is a lot of money to be made from cryptocurrency. If you are a smart investor, you can enter the market now and make a lot of money. But you need to be careful, so you don’t lose your hard-earned money. Take your time and study the investment thoroughly before putting your money in it.   

The Changing Landscape of Medical Negligence Claims

The UK has garnered a reputation in recent years for supposedly nurturing a compensation culture that is considered on par with that of the United States. It is true that compensation claim statistics have been steadily rising over recent years, while TV and radio are increasingly featuring commercials advertising the services of legal firms that specialise in securing  compensation, covering everything from flight delays to accidents at work. However, compensation claims have become so prevalent that the Government recently ordered a review into them, which could be the beginning of a very different perspective on claiming compensation. Here, the team from offer their expertise on the changing landscape of medical negligence claims.

Governmental Review

This year, Health Secretary Jeremy Hunt decided that the supposed ‘claims culture’ in the UK had become so prevalent that it needed examining and potentially reforming. Following the controversial issue of Dr Hadiza Bawa-Garba being struck off following the death by sepsis of a young child in her care, greater governmental attention is being given to drawing a line between what is considered legally as medical negligence and what is human error.

Among the concerns relating to compensation claims, are that of the ever-increasing budgetary pressures being felt by the NHS, and the shortage of qualified staff and proper resources having a direct impact on the quality of care given to patients. Hunt has expressed fears that constant funding cuts, staff shortages and excessive working hours are backing NHS staff into a corner, in which they are simply trying to make the best of a bad situation. This, of course, is causing professional help to be spread very thinly, giving more scope for preventable mistakes and negligence to occur..

Hunt also expressed concern that the prospect of increasing the devastating consequences for medical professionals accused of negligence – such as being struck off – to providing inadequate care will stop medical professionals from seeking pastoral care when they need it, or from critiquing their own performance honestly. He insisted to the House of Commons that it should be a priority for them to  “ensure there is clarity about where the line is drawn between gross negligence manslaughter and ordinary human error in medical practice so that doctors and other health professionals know where they stand with respect to criminal liability or professional misconduct.”

The Numbers

The population seems to believe that ‘claims culture’ is on the rise, and meanwhile, independent statistics have verified this. According to research, the period from  2008 to 2013 saw an increase of 80% of compensation claims, with the 2012-2013 period alone seeing a 20% rise in claims of medical negligence. Such figures show that compensation claims of all kinds are indeed on the rise.

The latest statistics collected by NHS Litigation Authority found that between 2015 to 2016, the highest cumulative amount ever had been awarded to successful compensation claimants, seeing the NHS lose a huge £1.4 billion in compensation alone. The year prior had seen another £1 billion go down the drain in the form of compensation claims, lending support to the idea that the amounts being awarded have indeed been rising.

The 2016-17 financial year saw Northern Ireland’s health trusts shelling out £94 million to claimants over medical negligence cases, consisting of £70 million in damages, and the remaining £24 million being associated legal costs. Experts have expressed concern that the NHS could actually end up bankrupted by claims for medical negligence compensation alone, with the latest such bill adding up to £65 billion.

Impact on Claims

Industry experts and organisations are increasingly worried about the longevity of the medical services in the UK, and how much longer it can last under so many pressures. It has been agreed that the NHS’s ability to provide quality medical care is being severely damaged by the ever-increasing flow of compensation claims draining funds. The applicable authorities are not looking to completely do away with compensation awards, but simply to apply controls to it; the British Medical Association, the NHS Confederation and the Academy of Medical Royal Colleges are rallying for the Lord Chancellor and Justice Secretary to reform policies before it is too late.  

These parties have joined in an effort to save the NHS, and their written appeal to the Government explains, “The rising cost of clinical negligence is unsustainable and means that vast amounts of resources, which could be used more effectively, have to be diverted elsewhere. We fully accept that there must be reasonable compensation for patients harmed through clinical negligence, but this needs to be balanced against society’s ability to pay. This money could be spent on frontline care. Given the wider pressures on the healthcare system, the rising cost of clinical negligence is already having an impact on what the NHS can provide.”

If approved, a reform could see restrictions placed on the amounts awarded by those who make a hospital medical negligence compensation claim. Another topical overhaul is that of the legislation surrounding whiplash claims, prompted by the impact mass claims have had on insurance premiums. Amounts awarded to whiplash claimants have now been capped, and industry experts are hoping a similar approach can be taken in a last ditch effort to save the NHS before it sustains irreparable damage.

What Now?

This issue has caused a union of forces – legal, medical, governmental and public – and the matter is coming to a head. With a huge amount of prospective change approaching, this is a crucial and volatile time for the NHS and its surrounding powers, and as of now, there is little set in stone. Legal experts should be prepared for significant changes being implemented to the compensation sector in the near future, and give thought to what impact this might have on their services and the way they work. As of now, the ball is in the Government’s court, and their space should be watched closely for their next move.

Nobel Upstream Completes Risk Service Agreement with SOCAR Over Azerbaijan Umid-Babek Gas Condensate Field In Caspian Sea

27th March 2018 – London

An announcement has been released by Nobel Upstream, an independent oil and gas exploration and production company with its base in the UK, that it will be entering into a Risk Service Agreement (RSA) with SOCAR (the State Oil Company of the Azerbaijan Republic) to govern the exploration, appraisal, development of and production from the Umid-Babek gas condensate field in Azerbaijan’s Caspian Sea sector. This RSA has been ratified by the Azerbaijan parliament, or Milli Majlis, and passed as a law on 2nd May 2017 by the Azerbaijan Republic’s President.

This innovative production-sharing arrangement represents a landmark for Azerbaijan, since it will be the first RSA in which the republic’s State Oil Company will play a key role. The RSA will also retain all of the vital commercial and legal features of an industry-standard PSA (production sharing agreement) model, which is in operation over the ACG fields (operated by BP), the Absheron development (operated by Total) and the Shah Deniz project (also operated by BP). Investors’ rights have been protected by the stability of Azerbaijan PSAs, thus ensuring that all stakeholders receive robust financial returns from their investment.

The Umid Babek Exploration and Production company has now been established by SOCAR and Nobel Upstream, with the latter holding a 20% interest in the company, which will act as the contractor under the RSA.

Nobel Upstream’s CEO, Larry Bates, is delighted that the milestone RSA has been achieved with SOCAR and has expressed his interest in continuing the development and appraisal of the Umid-Babek gas field with a view to providing a long term stable gas supply both for Azerbaijan itself and for wider markets across Europe.

The gas reserves in the Umid-Babek gas condensate field are believed to contain in excess of 800 million barrels of condensate together with over 600 BCM (Billion Cubic Meters) of gas resources and reserves. The expectation is that it will supply approximately 3 to 4 billion cubic meters every year into the Azerbaijani market at first, and then to markets throughout Europe via the SCP, TANAP and TAP gas pipeline network (otherwise known as the Southern Gas Corridor), which extends into Italy from Azerbaijan through Georgia and Turkey.

Nobel Upstream and SOCAR have worked together in a joint venture for over ten years with a discovery of the Umid field in 2010, and since that time, appraisal drilling has been carried out on the field’s Umid portion, with 3D seismic acquisition having been undertaken over Babek before any drilling commences.

Nobel Upstream is an independent upstream oil and gas exploration and production company, which is engaged in projects over its three primary markets:West Texas Permian Basin in the US, the North Sea in the UK and Azerbaijan. Having been incorporated in 2014 in the UK, Nobel Upstream’s headquarters are located in London with its additional commercial and technical teams being based in Houston, Texas and Baku, Azerbaijan. The company is continuing to seek out further non-operated and operated investment opportunities within its three main markets.

Survey Shows UK Industries Struggling to Hire Skilled Workers. Here’s Why?

As preposterous as it may sound, many Industries in the UK are struggling to hire Skilled workers. The situation is “critical” according to the British Chambers of Commerce. But just how critical is it?

In a research it carried out, the British Chambers of Commerce, 71% of businesses in the services sector, about 75% of manufacturing firms are struggling to hire workers with the right skill set. The same applies to Health and social work, Construction, Transport & Communication and other sectors. The situation is dire.

Hard-to-fill posts

Proportion of vacancies cited as ‘hard-to-fill’ in 2011, 2013 and 2015. Illustration: EEF using UKCES Employers Skills Survey 2011, 2013 and 2015

Why the struggle?

A word that immediately comes to mind for the struggle is Brexit.

Since the EU referendum in 2016, there has been a sharp drop of migration. Thousands of EU citizens are leaving the UK – with their skills – and many thousand more refusing to migrate to the UK, the economy is already suffering a brain drain amid uncertainty over immigration and trade rules. This is even before the full exit has occurred.

Ordinarily this should mean more jobs for British nationals, but when there are no workers with the necessary skills then there will be no one to take them. According to the Local Government Association (LGA), by 2024 there will be more than four million too few highly skilled workers to meet demand, and more than six million too many low skilled.

In the short term, this has ironically meant more cost running. Companies are having to spend longer time and more resources recruiting, with the cost of paying recruitment agencies and hiring temporary staff rising sharply.

Many are also finding that in order to attract the requisite skills, they have to inflate salaries on offer to well above market rate. More than half of employers said that they were unable to find a candidate that met their required skills, and that they were having to rely on further training to get them up to speed, at a increased cost.

Quality and quantity of candidates lacking

Proportion of companies reporting reasons for their recruitment difficulties. Illustration: EEF Skills Survey 2015-16 and 2012

Another Brexit-related reason companies struggle to hire the requisite number of Skilled workers is due to the weakened value of the pound.

Head of economics at the BCC, Suren Thiru, states that “the rising cost of imported raw materials, resulting from the weakness of the pound since the Brexit vote, had also squeezed business spending.” This has resulted in increased running cost for businesses. As a result, they have found it difficult to get the much-needed skilled workers to effectively run their businesses.

What is the way forward?

Brexit as with every transitional procedure is experiencing initial misgivings. However, we cannot fold our arms wait for things to somehow work themselves out. We have to look for solutions.

Director General of BCC, Dr Adam Marshall said: “Business itself must do more, by training and investing wherever possible in people, but Government must also give firms the confidence to put their livelihoods on the line and go for growth.

“This must be the year employers act rather than just complain on skills, and the year Government delivers clarity, leadership and investment in people and infrastructure. Kick-starting growth, and boosting wages and prosperity for all, depends on this.”

While UK wait for the outside world to adjust to Brexit, UK must adjust from within first. Businesses must take it upon themselves to train workers to get the needed skills, or they could outsource to other local companies who specialise in this. Several companies, such as Gabbioneta, are doing this already. With more companies doing same, the gloomy 2024 skilled workers dearth forecast may never fulfil.

Are IVAs too Good to be True, or do They Really Help?

An Individual Voluntary Agreement (IVA) comes with many benefits when it comes to solving debt trouble. For one, you will have a considerable sum of your debt written off. Another notable plus is that – if you are a home owner – you will have your home protected by law from creditors seeking to exploit that.

Many consumers ask the question: “what is an IVA?” Surprisingly, there are a number of people who are simply unaware that they have this option. We take a look at the common pros and cons below, in order to build a solid picture of what entails.

The pros of an IVA:

  • Affordable monthly payments to creditors
  • There is no requirement to give up your house. There may be a requirement to release some equity, however
  • Interest and charges are frozen, which means no further debt accumulates
  • 50% to 60% of your original debt will be written off, if it is deemed unaffordable
  • Creditors cannot pursue you once the agreement is in place, meaning that they cannot push for bankruptcy
  • It helps you get back to a level of financial certainty, removing the stresses generally associated with being in debt

The cons of an IVA:

  • It is a strict agreement which requires you to keep up payments for up to five years
  • Your details will be recorded on the Insolvency Register
  • Your credit file will also show details of the IVA for six years
  • Your ability to get credit will be affected, as your credit rating will be affected by you entering into the agreement. Your chances of obtaining loans, credit cards, and mobile phone contracts may be considerably lowered
  • If your IVA is not successful, any fees paid will not be returned to you
  • If you work in law or finance, there is a chance that you may not be allowed to practice as part of your IVA

If your IVA Fails

Providing your IVA has started – and you have demonstrated willingness to see it through – there may be some chance of applying for lower payment terms. This is never guaranteed, however, and if you are unable to stick with the original agreement if you have been rejected, then you may be required to terminate the agreement. The danger of doing this within the first 18 months is that you may be back to where you started. As payments are targeted at fees and not debt in this period, it is important not know this.

Those who are homeowners and have properties with equity should also be made aware that, should the IVA fail, you may be forced to register for bankruptcy which can lead to you releasing equity from your house.

In this case, it is crucial not to enter into an IVA unless you are absolutely confident that you have the means to make payments. The aim of an IVA is to get you out of debt over a slow period of time – make sure, that if you enter into one, it stays that way.

5 Accounting Tips for Startups and SMEs

New business owners are often so focused on marketing and getting their operations up and running that looking after the accounts can take a back seat. However, without careful management, it’s easy for small businesses to lose track of their finances and end up in trouble. To help, here are five essential accounting tips that startups and SMEs can benefit from.

  1. Open a separate business bank account

If you’re self-employed, it is very easy to use your personal bank account to pay your business bills and deposit your takings. However, when you do this, you create a complicated mix of personal and business transactions that, over the course of a financial year, will become very hard to separate.

At the end of the year, when it is time to prepare your accounts, working out which transactions are personal and which are business can become a challenging and long-winded process. Until the finances are untangled, it is impossible to prepare accurate accounts on which to calculate how much tax you need to pay.

To prevent this happening, you should open a business bank account so that your business transactions are kept completely separate. Ideally, this should be done at the launch of your business so that the money spent on essential items before you begin trading can be accounted for. If you have started trading and are still using a personal account, open a business account as soon as possible.

Separating personal and business finances will make bookkeeping and completing tax returns much easier. It will also enable you to have a better overview of cashflow and overall financial performance.

  1. Stay on top of your bookkeeping

Looking after the accounts can be one of the most tedious aspects of running your own business but it’s also one of the most essential. The key to making this task easier and less stressful is to be organised.

To achieve this, keep together all the invoices you send and put them in chronological order. Do the same with the invoices you receive as well as all receipts for things you have purchased. You should also make sure you fill in the stubs on your cheque book and keep your bank statements. Finally, keep copies of any wage slips and records of payments for PAYE, VAT, National Insurance, pension contributions, etc.

Together, these items should provide a complete record of all the money that has come in and gone out of the business, either via the bank account or by cash. Keeping your records in chronological order will make bookkeeping easier and quicker.

If you find bookkeeping a challenge, you can hire the services of an accountant, a professional bookkeeper or even use one of the new online bookkeeping applications.

  1. Take advantage of technology

Accounting software has been around for a long time, with UK company, Sage, being one of the world’s leading providers. Today, much of this accounting is done online, often on apps, making it accessible to a much wider range of users.

There are a lot of advantages to using these applications. They can be used for invoicing, bookkeeping, payroll and even for pension payments. They are able to connect directly to your bank account and can be used to manage VAT, send online returns and for many other useful purposes. Accounting software automates many of the tasks that small businesses find a burden and makes the preparation of accounts much simpler. They can also provide you with a real-time data about your business’s financial standing.

Perhaps one of the biggest advantages of using online accounting applications is that they enable you to share data with your accountant. This makes it easier for them and less expensive for you when it comes to checking accounts, filling in forms and paying tax.

  1. Don’t miss tax deadlines

HMRC are quick off the mark at punishing those who don’t meet their tax deadlines. Late returns and late payments result in fines and charges that can have a real impact on a small business or the self-employed.

Luckily, HMRC allows plenty of time after the end of the accounting year to get your accounts in order. However, it is down to you to make sure that you know when the accounting year ends and the final dates for submitting forms and paying taxes. It is also your responsibility to meet those deadlines. If you have a small business accountant, however, they will ensure that all paperwork is accurately completed and that deadlines are met.

  1. Hire a specialist small business accountant

Many new and smaller business shy away from accountancy companies because they believe them to be expensive. Tax, however, is a complicated matter and small businesses can benefit significantly from seeking professional advice, frequently saving money over the long term.

There are some accountancy companies, such as Champion Accountants, that specialise in helping SMEs and entrepreneurs throughout the UK launch and grow their businesses. Accountants like these can do far more than prepare your end of year accounts: they provide services such as business support and advice, accounts preparation, audits and tax compliance. They can even take the burden of payroll off your hands.

Using a specialist small business accountant can provide you with the financial expertise you need to keep your business growing whilst taking away the hard work and worry of doing your own accounts.

Summing Up

Taking care of your business accounts can be stressful, especially if you are just starting out. However, organising your finances better, keeping to deadlines, making use of technology and seeking the advice of a specialist small business accountant will make it easier to manage your finances and help your venture become even more successful.

Why 94% of businesses are seeing success with IoT investments

While machines have long been exchanging data for the betterment of business and mankind, the Internet of Things – or, as it is often abbreviated, IoT – differs in letting a wide range of devices transmit data to any other part of their network. Electronic machines, devices and sensors can all be connected to this network – and the corporate benefits of such technology have been substantial…

As reported in a white paper published by the corporate support solutions provider CSG, 94% of all businesses have benefitted from IoT investments. This is truly staggering, as are the forecasts that, by 2020, the world will have 75 billion connected devices. For a detailed insight into why so many companies are thriving on the back of IoT, we need to look closer at the technology itself.

A single IoT network can have various elements

The range of “things” which can form an IoT network is already huge. Unsurprisingly, these items include smartphones, tablets and smart meters, the functionality of each of which heavily depends on Internet connectivity.  However, other “things” which can join such a network include databases, applications and, in fact, any connected “smart” object.

In light of this, we might not be so startled by market intelligence firm IDC’s prediction – as reported by Intel – that, by 2020, a tenth of all of the world’s data will originate from machines conversing with each other. The network technology company Cisco and engineering titan GE have even estimated that IoT will, by 2034, grow global GDP by $10 trillion to $15 trillion.

Make IoT to make it in the manufacturing sector

However, it’s worth us drawing our attention away from predictions about IoT’s future to carefully consider its place in the here and now. ZDNet lists various examples of industries that are especially strongly fuelling the IoT revolution. IDC has cited manufacturing as the industry responsible for the largest IoT investments, which totalled $178 billion in expenditure during 2016.

IoT already has a long history of use in manufacturing. The investments tend to be either inward facing – in other words, focused on optimising systems and trimming costs – or outward facing, where the aim is to improve customer usage. Internal investments have helped manufacturers maintain equipment, while outward spending has helped them understand how products are used.

Good for your health… and that of IoT

IoT has also been put to very broad applications in the healthcare space. The technology can, for example, underpin the ability of medical machines to share images with caregivers, the troubleshooting of issues with equipment, and the real-time tracking of the locations of equipment, medicine, staff and patients. IoT can also send medical providers data about new health technology.

Valorie King, program chair of the University of Maryland University College’s undergraduate cyber security management and policy program, has particularly hailed the beneficial effect of IoT in healthcare. She has observed how IoT-connected medical devices, including pacemakers, have reduced errors and given doctors data with which they can enhance the quality of care.

Home is where the IoT is

Manufacturers of consumer electronics have been particularly high-profile beneficiaries of IoT, having embedded the technology into various consumer devices. “Smart speakers” like Amazon Alexa and Google Home have shown us the possibilities for controlling a range of home appliances simply through issuing orders by voice.

Nonetheless, this is a particular industry which still clearly has room to grow. William Webb, CEO of the non-profit Weightless SIG responsible for open standard IoT connectivity technology, points out the “inertia” of needing to purchase a new home appliance featuring these capabilities.

He explains: “We don’t tend to think, ‘Let me get a new refrigerator that’s Internet-connected,’ unless the old one breaks. It’s a slow process of introduction in that space.”

Specific instances of benefits from IoT

You can more thoroughly understand the potential benefits of IoT by looking at some specific examples of Internet of Things projects. Insurance companies can use IoT to calculate premiums that more accurately reflect the risks posed by their customers. These firms can learn from telemetry sourced from connected cars to discern how safely or dangerously those cars are driven.

Meanwhile, the rise of smartwatches has enabled the substantial collection of data about the wearers’ health. One of Europe’s most prominent cloud solutions providers, RedPixie, has used its website to highlight a case study where the company developed a solution which takes health data before placing it into a workflow which can assist in preventing illnesses.