In this episode, we explore the critical importance of investing in your finance function and how it can make or break your business. We discuss why allocating 1.5-2.5% of your turnover to financial management—including bookkeeping, reporting, cash flow, and tax compliance—can significantly impact growth and profitability. Through real-world examples from businesses that faced major financial challenges due to underfunding their finance departments, we illustrate the tangible benefits of proper financial oversight. From resolving VAT issues and correcting bookkeeping errors to saving thousands in tax liabilities, this episode shows why your finance function is essential to success. Don’t wait until it’s too late—learn how to invest wisely and secure the future of your business.Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

In this episode, we dive into the top 10 things every business owner should know when it comes to making sense of their management accounts. These reports are key to understanding the financial health and performance of your business, but often they can feel overwhelming or unclear.We’ll break down:•The importance of accuracy and timely reporting•Why cash flow statements and profit and loss overviews are crucial tools for decision-making•How to leverage KPIs, trend analysis, and variance reporting to steer your business in the right direction•Why clear balance sheets, segmental reporting, and user-friendly formats can make all the differenceWhether you’re running a growing company or just want to understand your numbers better, this episode will help you simplify your financial reporting and make better, data-driven decisions for your business.Tune in for actionable tips and insights that will transform how you view your accounts and help you drive your business forward with confidence!Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

In this episode, we explore the pros and cons of putting a company car through your business. We focus on two main types of vehicles: commercial vehicles and electric vehicles (EVs).Key Points:•Commercial Vehicles:•Offer significant tax benefits, including full tax deductions and VAT recovery (if VAT-registered).•Typically exempt from Benefit-in-Kind (BIK) tax if used exclusively for business.•Electric Vehicles:•Benefit from lower BIK tax rates due to their low emissions.•Eligible for government grants and 100% first-year capital allowances.•Lower running and maintenance costs compared to traditional fuel vehicles.•Enhance your business’s green credentials.Considerations:•Personal use of company cars can lead to additional taxes (BIK).•Weigh the cost vs. benefit of owning the car through your business versus personal purchase.•Choose the right vehicle based on your business needs.This episode helps business owners make informed decisions about whether putting a vehicle through the company is the right move, especially with the rise of commercial and electric vehicles.Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

In this episode, we delve into the crucial topic of choosing the optimal business structure for tax efficiency. We’ll compare and contrast four main types of business structures: sole trader, partnership, Limited Liability Partnership (LLP), and limited company. Here’s what you’ll learn:1.Sole Trader:•Pros: Simplicity and full control.•Cons: Unlimited liability and higher personal income tax rates.2.Partnership:•Pros: Shared responsibility and relatively easy setup.•Cons: Unlimited liability for partners and personal income tax on profits.3.Limited Liability Partnership (LLP):•Pros: Limited liability and tax flexibility.•Cons: More complex to set up and partners still pay personal income tax on profits.4.Limited Company:•Pros: Limited liability, lower corporation tax rates, and tax-efficient profit extraction through dividends.•Cons: More regulatory requirements and administrative costs.We’ll guide you through the pros and cons of each structure, focusing on their tax implications and helping you make an informed decision based on your business’s profit levels, liability concerns, and administrative capacity. Tune in to learn which business structure could save you money and protect your assets while aligning with your long-term business goals.Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Join Ian Morgan as he explores the most efficient ways for UK directors and shareholders to pay themselves in 2024/25. This episode covers the basics of dividends, outlines three key strategies for tax-efficient income, and offers crucial advice on managing higher earnings and additional income sources. Whether you’re optimizing salary and dividends or navigating tax complexities, this episode provides actionable insights to help you maximize income while minimizing tax liabilities. Tune in for practical guidance tailored to your financial success.For more details, visit our website or the MBS Accountants Blog.Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

In this episode of our Facebook Live series, Ian Morgan dives into the essentials of "Effective Expense Tracking" for business owners. Learn why keeping detailed and accurate records is crucial, discover the best tools and apps for tracking expenses, and understand how to categorize your expenses correctly for HMRC compliance. Whether you're a seasoned entrepreneur or just starting out, this session provides practical tips to help you maintain your business's financial health and stay compliant with tax regulations. Tune in for actionable insights and keep your business thriving!Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

In this bonus episode, we reflect on RANK 16: A Journey to Outstanding with Sonia Gill of Heads UpDelving into powerful lessons on navigating difficult conversations and adapting business strategies in times of crisis. Join us as we unpack insights into leadership, adaptability, and achieving goals amid challenges.**1. Mastering Difficult ConversationsAddressing Uncomfortable TruthsAvoiding Common PitfallsEmpowering Through Solutions**2. Adapting Business Strategies in CrisisPandemic-Induced ChallengeInnovation Amid ChaosStrategic Decision-Making**3. Leadership and AdaptabilitLeadership Under PressureContinuous ImprovementAchieving Goals Amid TurmoilReady to glean insights on navigating difficult conversations, adapting to unforeseen challenges, and honing leadership skills in times of crisis? Tune in, share your thoughts using #mbsaccountants and #theleakybucketpodcast, and let's build better businesses together! Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

We are back tracking our Interview Episodes and share some insights from there. This one is from:RANK 12: How to Prepare a Business for Exit with Darryl Bates - Brownsword of Succession PlusReady to dive in? Key topics discussed are:1. Structuring Your Business for Success🏗️ Unlocking Success🔄 Reduced Owner Reliance📈 Multiplying Exit Potential2. Strategic Planning for Business and Exit📝 Plan Like a Pro🚧 Overcome Obstacles🔄 Outcome-Focused Planning3. Thinking Time and Implementation Challenges⏰ Time for Thought🔄 Implementing Strategies🚀 Breakthrough MomentsReady to revolutionise your business structure, strategic planning, and exit strategies? Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

We are back tracking our Interview Episodes and share some insights from there. This one is from:TOP 5: Designing a Plan for Success with Jess Williams of Designs in the Shires Join us as we navigate the challenges highlighted and discuss pivotal solutions for overwhelmed business owners.1. Balancing Time and Money in Business GrowthThe Overwhelm DilemmaPricing PitfallsNavigating Success2. Addressing the Root Cause: Pricing StrategyRoot Cause AnalysisShift in Pricing ParadigmEffective Communication3. Creating a Sustainable Business ModelBeyond Fear-Based PricingPersonal ExperienceTaking ControlTune in for a thought-provoking discussion on balancing success, pricing pitfalls, and creating sustainable business models. Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Hey there, business enthusiasts! 🎙️ We are back tracking our Interview Episodes and share some insights from there. This one is from TOP 1: Are you Fearless in Business? with Robin Waite The Fearless Business CoachIn this bonus episode, we dive into three crucial topics that can transform the way you approach your business. Let's break it down!1. Fearlessness in Business2. Financial Control, Clarity, and Freedom3. Delivering Valuable OutcomesJoin us in this insightful episode where we explore fearlessness, financial empowerment, and delivering outcomes that truly matter for your business. 🚀 Don't forget to share your fearless moments using #mbsaccountants and #theleakybucketpodcast! 🎧Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Robin Waite is a highly sought-after speaker and coach, with a reputation for delivering engaging and inspiring presentations that leave a lasting impact on his audiences. His talks are filled with practical advice and real-life examples, and he is known for his ability to connect with people from all walks of life.His engaging and interactive presentations have inspired and motivated audiences worldwide, and his practical and actionable advice has helped countless individuals and businesses SUCCEED. TODAY WE DISCUSS HIS STRUGGLES AS A STARTING BUSINESS OWNER TO COACHING OTHERS TO BE FEARLESS IN THEIR BUSINESS!-----------------------------------------------If you like to learn more on what ROBIN do, head on to his socials:WebsiteLinkedInSupport the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 1 of The Leaky Bucket Podcast.In this introductory episode, I gave a fascinating glimpse into why I am so passionate about helping secretly struggling entrepreneurs.I'll explain the title of the podcast; why I understand what it is like to have holes in the finances of my own business; and what to expect in future episodes of The Leaky Bucket podcast.Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

James Ashford works exclusively with leading firms of accountants from around the world, helping them to become more profitable and to systemise their firms so they can deliver maximum value and incredible experiences to their clients. James is the founder of http://GoProposal.com, bestselling author of “Selling to Serve” and Director at My Accountancy Place.  He is a sales and marketing expert, helping firms to scale their practice by giving more value to existing clients and converting new prospects at a higher rate for higher fees. He does this through challenging outdated pricing methods and mindsets, implementing powerful pricing and proposal systems and leveraging entire firms to sell more through consultative sales techniques. HE TALKED ABOUT HOW HE ACHIEVED HIS SO-CALLED "OVERNIGHT SUCCESS" THAT TOOK YEARS TO CREATE.-----------------------------------------------------If you like to learn more on what JAMES ASHFORD do, head on to his socials: Youtube ChannelLinkedIn Hello. Welcome to the leaky bucket to podcast. I'm your host in Morgan, and I'm here to make accounting fun and practical. With over 15 years of experience as an accountant and a business owner, I'm excited to share tips and tricks that will help you improve your financial controls and gain the clarity that you need to succeed. So let's plug these financial leaks and take your business to the next level. Stay tuned for some great insights Thanks so much for taking the time to join us for this episode today. We will continue to bring you great tips and tricks in future episodes. But if you can't wait until then, then you can always head over to our Facebook group and join the conversation with fellow business owners and entrepreneurs.  Accounting Tips and Tricks Facebook Group - https://www.facebook.com/groups/accounting.tips.and.tricksUntil Next Time...Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 2 of The Leaky Bucket Podcast.In this episode, I talked about how secretly strugglingentrepreneurs can develop their mindset to help change things for the better.I'll explain how changing one's mindset can form the foundation of success; why the five people you surround yourself with can help cultivate a spirit of positive growth; and why sometimes it is best to switch off from consistently negative news.Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 7 of The Leaky Bucket Podcast.In this episode, I am with a special guest Jess Williams about how she managed to implement a positive transformation within her secretly struggling business, Design in the Shires .We hear Jess explain how herself and her partner, Ben, were thrown in at the deep end without a true understanding of vital business processes; what led them to seek a way to change their company; and how they've managed to go from working in the business to working on it.Enjoy Listening and may your Business KEEP THRIVING!-Ian Morgan-------------------------------------- To get in touch with Design in the Shires, find them here: LinkedInWebsite InstagramFacebookTwitter To get in touch, please find us online here:Want to know your Business Financial Health? Check this Score Card out!Ian Morgan LinkedIn AccountMBS Accountants WebsiteMBS Accountants Youtube Channel to watch the Video of the EpisodeSupport the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 10 of the Leaky Bucket podcast.In this episode, I continue to explain how to carry out effective strategic and financial planning.I went through the eight steps of creating the company budget and financial plan; go into depth about why it's so important to cultivate your mindset for long-lasting success; and discuss how your personal circumstances and goals can affect the financials of the business.Enjoy Listening and may your Business KEEP THRIVING!-Ian Morgan--------------------------------------To get in touch, please find us online here:Want to know your Business Financial Health? Check this Score Card out!Ian Morgan LinkedIn AccountMBS Accountants WebsiteMBS Accountants Youtube Channel to watch the Video of the EpisodeSupport the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 5 of The Leaky Bucket Podcast.Here I discussed about how secretly strugglingentrepreneurs can plug the leaks in their businesses.I touched the definition of plugging the leaks, and how it can be a vital step to help the financial health of the business. I'll take you through the step-by-step process that can save both time and money; and why it could make the difference by adding 10% to your bottom line.Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 3 of The Leaky Bucket Podcast.I talk about how secretly struggling entrepreneurs need to view sales and value propositions.I explained how to transition from the initial start-up phase of sales into a more targeted and effective one for a growing company; I gave a helpful example from a real-life company of how this was put into practice; and how this can be beneficial in your journey to financial freedom.Support the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 6 of The Leaky Bucket Podcast.In this episode, I will take us behind the scenes in our own business to share a recent situation that could have caused a huge issue - but didn't.You'll hear me explain the story behind an employee deciding to leave, throwing a spanner in the works; how we managed to prevent an emotional reaction - all while still being able to healthily vent our frustrations; and how we turned a potential catastrophe into a wonderful opportunity.Enjoy Listening and may your Business KEEP THRIVING!-Ian Morgan-------------------------------------- To get in touch, please find us online here:Want to know your Business Financial Health? Check this Score Card out!Ian Morgan LinkedIn AccountMBS Accountants WebsiteMBS Accountants Youtube Channel to watch the Video of the EpisodeSupport the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website

Welcome to Episode 9 of the Leaky Bucket podcast.In this episode, I talked about the importance of strategic planning for secretly struggling entrepreneurs.I explained why having a clean, clear cut plan for your business is vital - and how it should fit on one or two sides of A4 paper; determining your personal goal and how to work towards it; and challenging your beliefs with a SWOT test for every crucial area.Enjoy Listening and may your Business KEEP THRIVING!-Ian Morgan--------------------------------------To get in touch, please find us online here:Want to know your Business Financial Health? Check this Score Card out!Ian Morgan LinkedIn AccountMBS Accountants WebsiteMBS Accountants Youtube Channel to watch the Video of the EpisodeSupport the showWe hope you enjoyed this episodeYou can find out more about us using the links belowKnow your Business Financial Health? Check this Score CardIan's LinkedIn AccountThe Leaky Bucket Youtube ChannelMBS Accountants Website