NEST is a government backed pension scheme which has an obligation to accept all employees into the scheme. NEST is completely government backed, designed specifically to deal with auto enrolment and is free for all employers, no matter how big or small. To date, over 20,000 employers have chosen NEST as an AE pension scheme for their employees.
NEST web services / API tool
NEST are working with a number of key payroll providers to launch a web service or API tool to customers this winter. The tool will take away some of the stress and time consuming steps involved in submitting data to NEST. The web services will mean that customers can send data files through the payroll directly into NEST. With a simple click of a button, customers will find the process a lot faster. A similar concept would be the RTI function where a user can submit their data directly to HMRC within the payroll.
Currently, employers or bureaus have to export data from their payroll, log into the NEST web portal service and submit the data. Under auto enrolment, this needs to be completed every pay period as part of the mandatory employer duties. The benefit of the new NEST web services will be to speed up the data flow between payroll software and the pension provider, saving employers and payroll bureaus time.
BrightPay is delighted to announce that we are working directly with the NEST development team to offer this web services tool to our customers. The direct integration between BrightPay and NEST will be important for the thousands of employers that have and will have chosen NEST as their workplace pension scheme.
According to NEST:
“The ability to submit key data in one click will also result in faster processing times. This innovation will simplify the exchange of information between employers and NEST by enabling payroll software to ‘talk’ to NEST.”
It will undoubtedly make automatic enrolment data submissions to NEST much easier and faster. The news of the NEST web services will be greatly received across the payroll industry. It has been further speculated that other pension providers may follow suit and develop their own API tool.
Related articles – The Benefits of NEST’s API / Integration Tool for Accountants & Bureaus.

Small businesses are the mainstay of the UK economy. Forget the large companies – small businesses are where it is at!

The UK is a nation of entrepreneurs and we brits are great at taking the plunge into business ownership – whether it is a self employed professionals or as small business owners employing staff.

However, for many entrepreneurs taking the plunge is not the hardest part – it is running a successful company in the longer term that provides the stress.

The problem here is that the prospective entrepreneur has often not done their homework.

In particular:

1. They have an idea they are sure is going to work, but have not done a full business plan to explore whether it can be converted into a successful business.
2. They have not consulted appropriate professionals to ensure their company is set up in the best way.
3. They don’t align their personal and business goals. They soon find their business running their lives rather than them running their businesses.
4. They don’t finance their business sufficiently from the outset, which means they can never afford to do jobs properly. Marketing in particular often suffers in this scenario.
5. Because they haven’t planned properly they don’t fully appreciate the risks involved in setting up their business until it is too late.

Starting your own business is a BIG step. If it fails you may not just lose your livelihood but also your house (and your family if you have had to work very long hours).

It makes sense to give your business the best possible chance of succeeding.

To help I have written a guide on starting your own business which can be downloaded for free from my website www.fionabevanfinancialmanagement.co.uk

I have tried to cover all the issues you will need to think about before taking the plunge as well as some of the things which might trip you up.

Enjoy!

Fiona 🙂

Over the years I have met business owners who offer a great product or service but are really struggling with their cash control.

One of the reasons is exemplified by a conversation I had the other day with just such a business owner. They have no problems finding the right customer and do a fantastic job for these customers.

However, the business owner has a real stumbling block when it comes to invoicing and debt collection. Firstly, they hate the process of invoicing itself – it is a chore they put off as long as possible. Secondly, once the invoices have gone out they are very reluctant to chase for the money owing to them.

In my opinion they are being an April (and every other month of the year) fool.

They are working hard but because they are not following through, and collecting the money owing to them in a timely fashion, they are struggling to pay their bills.

What makes the situation worse is that they have employees they MUST pay every month irrespective of whether the business is paid or not.

There is a clear lesson to learn here – if you are unable, or unwilling, to deal with the discipline of invoicing and debt collection you must find another way of getting these jobs done. If you don’t, you may lose your business.

So what are the alternative approaches you can take?

Firstly, many bookkeepers are more than willing, and able, to take on the invoicing and debt collection roles for you. The benefits of delegation will way out-weigh the costs.

Secondly, you may already have a member of staff on your team who can take on these jobs.

Thirdly, if you really have to do these jobs yourself, you must change the way in which you approach them. Have a very clear procedure detailing exactly how often invoicing should be done (at least once a week would be my recommendation), block out time in your diary every week devoted to invoicing and debt collection, and understand that any work you do for clients is worthless unless you are paid for it!

For extra help with invoicing and debt collection please download the ‘Getting Paid’ guide on my website http://www.fionabevanfinancialmanagement.co.uk/guides.php

Good luck

Fiona 🙂

I regularly write about how many people start the new year with a set of new goals, or resolutions. By the end of March many of these goals are a dim and distant memory.

The reason for this is that January is often not a very positive time of year. With its dark days and long nights, contrasting with the gaiety surrounding Christmas, January can also be the darkest month of the year physiologically. Not the time to create new plans and start to change your outlook.

Three months on it’s a completely different story.

The clocks have just changed so we have longer evenings. The sun is shining, the buds are appearing and the world seems fresh and new.

What a fab time to be thinking about the future.

In my opinion creative juices flow better when we have the opportunity to get out of our offices and enjoy the sunshine. We are more positive and open to opportunity. We are less likely to dismiss ideas out of hand or procrastinate.

Others must be thinking this too as over the last month or so four owners have come to me for assistance in putting together plans for their businesses. One is for a completely new business, but the other three are established businesses looking for a change in direction.

So if you need to change your business plan or set goals for yourself and your business, NOW IS THE TIME TO DO IT!

Fiona 🙂

Small businesses are the mainstay of the UK economy. Forget the large companies – small businesses are where it is at!

The UK is a nation of entrepreneurs and we brits are great at taking the plunge into business ownership – whether it is a self employed professionals or as small business owners employing staff.

However, for many entrepreneurs taking the plunge is not the hardest part – it is running a successful company in the longer term that provides the stress.

The problem here is that the prospective entrepreneur has often not done their homework.

In particular:

1. They have an idea they are sure is going to work, but have not done a full business plan to explore whether it can be converted into a successful business.
2. They have not consulted appropriate professionals to ensure their company is set up in the best way.
3. They don’t align their personal and business goals. They soon find their business running their lives rather than them running their businesses.
4. They don’t finance their business sufficiently from the outset, which means they can never afford to do jobs properly. Marketing in particular often suffers in this scenario.
5. Because they haven’t planned properly they don’t fully appreciate the risks involved in setting up their business until it is too late.

Starting your own business is a BIG step. If it fails you may not just lose your livelihood but also your house (and your family if you have had to work very long hours).

It makes sense to give your business the best possible chance of succeeding.

To help I have written a guide on starting your own business which can be downloaded for free from my website www.fionabevanfinancialmanagement.co.uk

I have tried to cover all the issues you will need to think about before taking the plunge as well as some of the things which might trip you up.

Enjoy!

Fiona 🙂