In a world where digitalisation is advancing rapidly, the European Union and the United Kingdom are taking a decisive step: making electronic invoicing mandatory for all businesses. This isn’t just another regulatory change. With estimated loss…
Running a business in the UK means dealing with taxation, financial reporting, and regulatory compliance. One of the most essential identifiers for tax purposes is the Unique Taxpayer Reference (UTR) number. Issued by HM Revenue and Customs (HMRC), t…
Creating an effective budget is essential for running a successful business. Companies often need to decide between bottom-up and top-down budgeting when planning their financial strategy. These two methods influence how organizations distribute reso…
Understanding how paper-based payments work remains important for many people and businesses in the UK. While electronic transactions dominate modern banking, this traditional payment method continues to serve as a valid form of transaction for speci…
Understanding the difference between allowable and disallowable expenses is important for UK businesses and self-employed individuals. This knowledge directly impacts how much tax you pay and helps you maintain accurate financial records. Whether you…
PCI compliance protects payment card data from theft and misuse by setting clear security standards for businesses that process, store, or transmit such information. These standards help minimize risks associated with data breaches and fraud. PCI DSS…
Managing company expenses can become complex when contract employees are involved. Traditional methods, such as reimbursements, often cause delays, lead to paperwork overload, and create issues with tracking business spending. An expense card specifi…
Finance teams are frequently slowed down by obstacles that delay period closings and create ongoing frustration. With Wallester Business, you turn these challenges into strategic opportunities by automating, integrating, and optimising your processes…
What is a business budget? A business budget is a plan that outlines estimated income and expenditures over a specific period. It assists companies to track cash flow, allocate resources effectively, and avoid budgetary setbacks. Without one, it’s ea…
Sundries are small and random costs that occasionally appear in your profit and loss statement. But what is a sundry expense exactly? We can help you with that. This guide will aid you in determining and classifying sundry expenses in accounting. Con…
Companies lose an average of 5% of annual revenue to fraud. That’s not a typo. Five percent—gone. And a significant chunk of that loss comes straight from within: nearly a quarter of employees admit to inflating or falsifying expenses on their claims…
Business decisions depend mainly on calculation accuracy. If a company sells goods and services, knowing the ultimate cost of a unit is crucial. Dealing with the value-added tax (VAT) or goods and services tax (GST) in your business implies using its…
The opening balance is a basic idea in accounting that shows the starting amount brought over from the last accounting period. It serves as the initial point for recording financial transactions and activities in the new accounting period. A correct…
Have you ever wondered why there aren’t more entrepreneurs revolutionising the financial sector? The answer lies in the barriers to entry. In a fintech market already worth $78.97 billion (€73.14 billion) globally and growing at an impressive 2…
Manual expense reports are a tedious way to spend your time and a financial drain on your business. While companies celebrate the “savings” of not investing in digital tools, they fail to realise that every physical receipt, every row in Excel, and e…
Embedded finance integrates financial services, such as payments and lending money, directly into widely used platforms. This approach simplifies transactions by keeping everything in one place, saving time and effort for users. Companies in various…
Virtual cards are an essential tool for businesses managing Google Ads campaigns. These digital payment solutions offer flexibility, security, and control, allowing companies to allocate specific budgets, monitor spending, and prevent unauthorized tr…
Managing business expenses should be simple, yet it’s anything but for many companies. Outdated, manual expense reimbursement workflows are slow, error-prone, and often frustrating for finance teams and employees alike. For accountants an…
