You can’t know what you don’t know, especially when it’s wrapped up in abbreviations and buzzwords. Start.Biz are decoding the most commonly used jargon words when looking for business finance or a funding.
P&L
Profit and Loss Account – a record of Income and Expenditure within a given 12-month financial period to ultimately determine profitability.
Balance Sheet
A snapshot of the Assets and Liabilities owned/owed by a business at any particular moment in time i.e. Cash Balance or Value of Outstanding Loans. The value between the Assets owned by a Company after deducting the Liabilities it holds equates to its Net Assets.
Cash Flow Statement
A log of monthly cash inflows/outflows often using a combination of retrospective and forecast information. For a small business, this is probably the key document to managing cash flow.
Working Capital
This represents a measure of liquidity on a day-to-day basis within a business and is calculated after deducting liabilities such as supplier invoices/debt/PAYE/VAT from assets such as cash/customers invoices/stock.
MI
Management Information – lenders often require Management Information such as Aged Debtor/Receivable reports and Management Accounts.
Statutory Accounts
Financial year-end accounts as produced by the Directors of a business and filed with Companies House.
Management Accounts
Monthly record of Management Information usually comprising Profit and Loss Account, Balance Sheet and Cash Flow Statement
Aged Debtors
A report of amounts owed by your Customers to the business.
Aged Creditors
A report of amounted owed to Suppliers by the business.
SALIE
Statement of Assets and Liabilities – a form usually completed when looking to borrow money comprised of i) Personal Assets & Liabilities (owned/owing), ii) Monthly/Annual log of income/expenditure.
If you have any questions about financing your business or would like to discuss your personal circumstances, please contact our expert team today.
Access to Finance Consultation Line: 0800 069 9090 (freephone) or email finance@start.biz
CWRT is a FCA accredited organisation committed to supporting individuals, start ups and businesses in Coventry and Warwickshire and through its investment, creating a positive and beneficial impact upon the local community. We are a not-for-profit organisation based in Coventry and we receive funding from various organisations and local councils to enable our support to spread far and wide throughout the region. Our mission is to help people and finance businesses and we understand that obtaining business finance can sometimes be difficult.
We provide pre-start support workshops through our free JumpStart project helping those with a business idea explore entrepreneurship within Warwickshire. We also provide finance to new businesses through the Local Community and Enterprise Fund, funded by Warwickshire County Council and to existing businesses through our loan and grant scheme, our Duplex Investment Fund.
Through our small and friendly team offer a hands-on and personal approach to each business we support, so to explore your options please do get in touch!’
Hayward wright helps clients remain compliant with current tax, business and accounting legislation . They provides advice that helps your business grow and personal wealth flourish. They help minimise the amount of tax individuals and businesses pay, through careful strategic planning and use of the latest tax reliefs.
Thursfields expert teams across an extensive range of legal sectors, will provide you with the advice and legal support to achieve your business objectives – growth, risk and protection. They provide
Stewart Associates aim to assist the development of our clients in all the traditional roles expected of an accountancy practice; accounts preparation, tax planning, tax compliance, audit, VAT and payroll for limited companies, partnerships and sole traders.
Sentio Insurance Brokers provide a range of insurance solutions and policies for their clients ranging from start up businesses to well established firms in the sectors of
Commercial Businesses
Professionals
Real Estate
Charity & Care Organisations
Private Clients
Providing you protection and efficient value of your money
Penny provides Invoice finance includes factoring, invoice discounting and selective invoice finance. Get your invoices paid sooner, reduce bad debt and get tax deductible service with Penny. Unlike other types of invoice finance it allows businesses to pick and choose which invoices they want to raise finance against.
BCRS was established out of a desire to solve a very real access to finance problem for SMEs and, as a lender of social and economic impact, they are committed to creating and protecting jobs for local people. BCRS provide loans from £10,000 to £150,000.
Canoe supports business owners like you, whether you’re day one in your new Start-Up Business, navigating the challenges of running a multi-million-pound business, getting your business ready for a successful and profitable sale, or anything in between. Get Business Owner One to One Growth Coaching at its finest with Canoe
Credit Passport®, the Business Credit Score for SMEs, is a product of CRIF Realtime Ltd., a London-based Fintech regulated by the Financial Conduct Authority, Providing businesses with free and transparent real-time credit score to help maintain or improve their financial health.
With over 10,500 banks, 600 insurance companies and 82,000 business clients in 50 countries, CRIF constantly innovates to harness the power of data and solutions, enabling its clients to streamline decision making and accelerate digital innovation.
Get £50 on us! Open a business current account with Tide and START.BIZ. To get you off to the best start, we’ll give you £50 and 1 year of free bank transfers when you open a business account with us!
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