The September Blog: Time to tidy
Three months to the end of the year, how has it been for you so far? The news has had plenty to talk about, ranging from aircraft disasters to typhoons, possible eruptions and civil unrest, war, football, athletics, dismal cricket and the Ryder Cup.
In our last Accelerator Club workshop we considered the impact of the ‘whirlwind’, a relentless call on our time and energy. By ‘whirlwind’ we mean the things that happen that stop us completing the ‘to do lists’ we often put together.
In the book “The 4 Disciplines of Execution” the authors refer to the need to keep to that most important goal, the one that makes a real difference in your business or personal life. One of the four key ingredients that can help you succeed is accountability. Not the number crunching accountants love, but an agreement to deliver on a promise.
Whether it’s building a sales strategy, or agreeing to lower cholesterol, sharing the target with a friend or colleague who will monitor your results can be a real motivator.
We have benefitted as a practice from the setting of targets in this way. If you would like to discuss this further please get in touch.
Autumn clear out
One target you may have is the annual garden clear up. The writer needs to trim a weeping willow, its expansive growth has passed through the fence into next door, a fact the neighbours could be heard muttering about on Sunday afternoon.
Keeping a garden under control is just one of many challenges we face. But keeping it tidy is normally more efficient than a mass slash and burn when allowed to grow unchecked.
We have seen with the mighty Tesco these last couple of weeks the havoc that can occur when accounting functions are allowed to run without the necessary checks in place.
Time is always the key. Every business needs to take stock occasionally of its accounting systems. The use of technology has allowed a lot of routine processing to be automated, allowing the business owner to focus more on performance rather that payments and receipts.
If you would like a systems review to see just how tidy and efficient your processes are we would be pleased to do this, just drop Andrew a line and quote “Systems Review”
Can Xero change your life?
Xero, one of the many cloud based accounting packages, is proving very popular with UK businesses.
One of its key features is its ability to download bank transactions automatically into the software. The majority of these bank feeds are automatic (and free) so you can see an overview of your bank balance quickly and easily.
By setting simple rules within the software, regular payments are posted automatically meaning there is more time to watch Downton on a Sunday evening rather than grappling with the books.
Invoicing is also handled very easily and you can e-mail copies out quickly and efficiently. Payments into the bank from customers can also be matched simply.
As accountants we can have access to the account, making any necessary adjustments on your behalf or talking you through adjustments as we both look at the data in real time.
There are some 350+ apps available to purchase which are compatible with Xero. These range from job costing to stock control and even one to capture cash receipts before you lose them.
With plans starting from as little as £5 a month (plus VAT) it could be worth a look. We are also putting in place bundled packages with training, set up and ongoing support for a set monthly fee. If interested contact Andrew or Sharon for more details.
Tax code confusion
Tax codes are the bane of many people’s lives. Anyone in employment or receipt of a non-state pension will have one. But they are often incorrect.
Problems can occur at any time for a whole host of reasons. We are writing a basic guide to tax codes, if you would like one please e-mail Jill and quote ‘Tax Code Guide’
During October if you receive a code notice from HMRC and you don’t understand it, send a copy to Karen and we will check it out for you.
And finally
Clare Chapman had a little girl, Caitlin, at the beginning of the month and we wish them well. So far so good during the day, doesn’t seem to like sleeping at night…..some things never change!
The Grugeon Reynolds Team