We know that on the long list of jobs you have as a business owner, spending snippets of time on your business finance all adds up. A large portion of your week can be taken where you are not working to get more clients, delivering your best work or managing your team.
1.The full range of our business services
We have mentioned in previous articles the benefits that outsourcing can bring, and many of our clients choose a combination of the following services to suit them:
- Payroll & employers pension services
- Construction Industry Services
- Raising of invoices, sending to clients
- Credit control
- Physical banking
- Paying of staff
- Management accounting (think: updates on your business)
- Business mentoring & strategic planning
…along with the usual end of year accounts and tax/tax advice & planning,
When reviewing costs to carry out the above (or any outsourced function) it always worth considering:
- What could I be doing with my time instead?
- How much income could I generate in the time I have just gained?
- What time could I be spending with my staff?
- How much would it cost me, even for an untrained staff member to do this job?
- Do I enjoy doing paperwork?
The key thing to remember here is you maybe able to do it, but is it the best use of your time in your business? We always come back to the same point, work on your business, not in it.
If you do need to spend time ‘in’ the business, as is the case with small business, then ask yourself:
- What am I ‘on the payroll’ for?
- What can only I do, that when done well, could make the biggest impact on my business?
- We bet the answer isn’t ‘balancing my bank and keying my expenses’.
2. Regular finance meetings to cover everything at once
The majority of our business clients take up services that allow us to regularly (monthly or quarterly) update them on their business. If you are serious about your business success, this is one of the best finance investments you could make.
Some of the benefits clients enjoy through these updates are:
Knowing exactly where they are in relation to tax
Understanding how much money is actually ‘theirs’ after the various taxes are deducted (VAT, Income or corporate tax etc)
Being able to run scenarios to see how a new product, staff hire or service could impact them
Plan and review their profits, and most importantly, plan their cashflow
Being able to look at their own lifestyles and income, and make the business work efficiently for them
3. Cloud based services
You may have seen the term ‘cloud’ around everywhere. If you aren’t familiar with the term from a software point of view, it refers to software being accessible from anywhere with an internet connection. Banks, software firms and many businesses are already moving to cloud based technology, and as a result we are passionate about helping clients get their business finance systems into the cloud.
HM Revenue & Customs are also rolling out their ‘Making Tax Digital’ initiative that will see business having to report quarterly, in a digital format from April 2019 (depending on your circumstances). Even the smallest tax affairs will have to do this from 2020, so now really is the time to be looking into migrating ‘to the cloud’.
Aside from the HMRC pressure, the technology available to businesses now that use cloud products provides so many time saving benefits. You can now take a picture of a receipt on your phone, and the software will read some of the data, saving time. Your bank can transmit your account transactions to the software. You can plug in Amazon, paypal, GoCardless and many other 3rd party applications. For us finance people, this is a very exciting world, that really starts to move towards more ‘real time’ data.
On top of this, we can use further software to help businesses plan and forecast their financial future. Have you actually got the cash to do something you felt you couldn’t, and you just don’t know? Are you wanting to take on that new employee but concerned about your cashflow for example? Let’s plug the numbers in and find out.
4. However you want to interact with us
Technology opens up multiple ways to contact us. Social media, Skype, GoToMeeting and good old fashioned phone conversations and meetings. It doesn’t matter where you are in the world, you can get hold of us and speak to our team.
We also support businesses at lots of different levels, so if you only need to see us at once a year, you can. If you want to see us every week, you can – it’s entirely up to you, we have service plans to best support you and your needs, that can flex up and down as your business and finance needs change.
Our priority is to spend time working with you to ensure you get the best level of service. For some clients, this means they want us just to reconcile the VAT or bank, for some they would rather never handle a piece of paper or see a figure. We love nothing more than getting involved in your business.
5. Business & Personal tax under one roof
For our business clients with limited companies, we manage their personal affairs and that of the business together. This allows us to look at your personal goals and try to manage and plan you getting what you need from the business, whilst making sure you aren’t paying any more tax than you need to.
If you are interested in finding out more about any of the above, and especially the early questions about your time, call us today and see how we can help support your business growth.
Tel: 02392 240040