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Auto Enrolment – Free Webinars
With the introduction of automatic enrolment, thousands of employers need to automatically enrol their eligible employees into a workplace pension scheme. Many small and micro employers will look to their bookkeeper, accountant or payroll advisor for help and advice. BrightPay is hosting a series of free Auto Enrolment Webinars specifically designed for bookkeepers, accountants and payroll advisors to make it easier to help payroll clients with their new obligations.
These webinars will include a number of guest speakers from the accounting and payroll industry. The topics covered will highlight various methods to streamline your auto enrolment processes and save you time handling these employer duties for payroll clients. Below is a list of each webinar with the guest speakers and topics that will be discussed. These are completely free webinars. Book your place today.
Webinars Dates
18th March
● Paul Byrne: Payroll Bureaus Guide to Profit from Auto Enrolment
●…
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Are you as financially savvy as you need to be?
As business owners we need our businesses to make money.
In my opinion an established business which does not pay its owner(s) a decent wage is really a hobby. So given that we need our businesses to make money it follows that we need to be sufficiently au fe with business finances to understand if our business is running our finances, or whether we our running our business finances.
Unfortunately, a large numbers of business owners are not financially savvy enough.
If you would like to see if you are one of these, try answering the questions below:
Do you have a clear financial plan?
Do you know if your business is currently profitable?
At this point do you know how much money is in your bank and what money you can expect in and out of your bank account over the next month?
Do you know what customers/products/services are profitable?
Do you have a robust invoicing and debt collection system so clients pay you in a reasonable time (do you know what reasonable is?)?
Are you always able to pay your suppliers on time?
Can you always pay your salary/dividend/drawings?
Do you know how much you have to sell, and at what price, to provide the lifestyle you want?
If the answer to two or more of these questions is “no” you are probably not as financially savvy as you need to be to run your business effectively.
However, help is at hand and there are ways you can help yourself.
If you have an accountant/bookkeeper ask them questions about your financial position and what you could do to improve it
Talk to your business friends who seem to be financially sorted and ask them what they do
There are volumes of business books out there that can help you understand the basics
Take time to properly plan
You may want to go on a finance for non-financial managers course to learn the basics in a workshop setting.
Finally, I have written a series of FREE financial and business guides which you can download from my website http://www.fionabevanfinancialmanagement.co.uk/guides.php
You can download as many or as few of the guides as you like without registering so please do take advantage of them.
Fiona 🙂
Help is on your side!
Since starting my business 8 years ago I have been very lucky to have been surrounded by a network of great people who have given me help and advice, helping me develop my company in the best way for me.
Much of this advice has been freely given, without any thought of direct benefit to the adviser – most of the advisers believing in the mantra ‘what goes around, comes around’.
I believe this too.
If you treat people as you would wish to be treated you can’t go wrong. Further, it is those people who give most freely of their time and energy who have the most successful businesses – not just in terms of money but also in terms of the enjoyment and satisfaction they find in their business life.
Of course, you have to make a living and it does not do to give away the crown jewels for free if they are your source of income. However, there may be people who will never become clients, who can be assisted along their journey.
Three years ago I wrote some guides covering key topics relating to business finance and planning. They are designed to help owners of small (and also larger) businesses to get on top of issues which give them sleepless nights, or which are holding their businesses back.
Excitingly I have recently had the opportunity to do some radio interviews based on the guides and these can also be downloaded and listened to at your leisure.
These guides are my way of giving back so if you are interested in downloading them go to: http://www.fionabevanfinancialmanagement.co.uk/guides.php
You do not need to register with me to down load the guides and they really are free.
Enjoy!
Fiona 🙂
This time it’s personal!
Do you have a clear idea of what you want to achieve personally over the next 20 years? In 2031 when you look back, what goals would you like to have ticked off and what resources do you need to put into place to achieve these goals?
These are questions a good goal based financial planner helps you to get clearly defined.
But why is it important to know the answers to these questions?
Anyone who reads my blog regularly will know that I am passionate about planning and believe that it is much more likely that we will achieve the results we want, if we have a plan in place. This applies equally to personal goals and to business goals. And they are interlinked. It is unlikely that success meeting a business goal will be meaningful unless personal goals are also met. In fact, I believe our personal hopes and desires should provide the backdrop to our business goals – especially where we are business owners. After all, how is a business successful if it does not reflect the owner’s personal values and fit with their life plan?
I have discovered, by working with my goal based financial planner Andrew Stinchcomb, that there are key things I want to achieve in my life. Some of these things have always been clear to me – others have come to light through discussions with Andrew and my husband, Jeff. The key outcome has been that we now have a clear idea of what we need resource-wise (and this inevitably means money) to make our dreams a reality.
As my business is my only source of income, I now have a very clear picture of what I need to accomplish business-wise, in terms of number of clients and levels of income. This has made it much easier for me to identify good opportunities as they are presented to me and to motivate myself. I know what I will be sacrificing if I don’t push myself.
It’s funny, Jeff and I had always talked about taking a year out when our boys leave home to travel around Europe in a camper van. It was originally a pretty lose idea and more of a dream than something we thought we might really do. However, this idea has crystalised into a key goal during our discussions – such that, should it not happen, I would feel really bereft. Andrew has worked out how much this goal would cost us and we have a clear idea of how much per month we need to save to make it happen.
It equates to one new good client for me – and guess what? I am finding much easier to motivate myself to find that new client than I would if I were just looking at increasing income without a compelling reason for doing so!
So take a look at your life goals and ask yourself “Is my business providing to route to these goals?”.
Fiona 🙂
A new year, a new resolution?
Happy New Year!!
Now, traditionally the start of a year is a time for new resolutions. These resolutions often cover things we have been struggling with in the previous year. However, the problem with such resolutions is that they are often unrealistic and by the end of January have gone by the wayside.
But the biggest problem is that just because it is the start of a new year, does not mean that it is the right time to commit to a change in behaviour. For example, losing weight is a great idea, but January and February, when the weather is cold and the days dark, is not a time to eat salads and light food.
From a business perspective I find I am most motivated when the weather improves and the days lengthen. I spend more time outdoors, which makes it easier to think problems through. This means that spring/summer is the best time for me to start something new or review business issues.
If, like me, the new year is most definitely NOT the time to commit to change, cut yourself some slack and delay making your resolutions until the Spring (perhaps an Easter resolution would be better). Then give yourself realistic targets designed to change behaviour in the long term and not just for a couple of months.
Fiona 🙂
Debitoor find out more about the Assoc of UK Accountants…
Debitoor is pleased to announce the partnership with the Association of UK Accountants. This organisation works with 300 independent accounting practices accross the UK and all the accountants are Chartered Management Accountants. If you’re on a lookout for someone to handle your numbers, just head over to the dedicated Debitoor page and pick your local from the Accountant list.
Following this, we had a chat with Steve Bicknell – the Business Development Director for the Association of UK Accountants to find out what the business he represents is all about and to shine the light on the most common accounting mishaps.
What makes ‘the Association’ different from other accounting organisations?
Unlike others, our accountants all worked in business before going into practice and we are focused on helping clients to maximise profit using management information rather than just helping with tax compliance. All of our accountants work together as a team sharing knowledge and experience, supporting each other.
Who is your typical client?
In our December 2014 survey 39% of clients had a turnover below £100k
Our survey also showed that the top 4 business sectors we work with were construction, manufacturing, professional service and retail.
Start up businesses try to do everything themselves at the very start, that also includes accounting. When, in your opinion, is the right time to get accounting services, rather than keep up on your own?
Often business owners wait too long before they realise that they need help from an accountant.
Key reasons are:
– not understanding the difference between a book keeper and an accountant
– thinking that an accountant will just be an extra cost – the reality is that most accountants will save the business many times their cost
– thinking that accountants are just bean counters.
But if you choose a qualified and experienced accountant they can bring huge benefits: management tools to improve profitability, cost controls, tax savings, growth strategies, business planning, business strauctures and much more. So don’t wait too long – getting an accountant should be a priority for all businesses!
In your experience, what are the most common mistakes that entrepreneurs make when they start doing their own accounting?
First off – not having a separate bank accounts. Many start ups try mixing business and personal transactions in their personal bank accounts, its a total nightmare, don’t do it, get a business bank account. Mixing things up will almost certainly have tax implications.
Not registering for tax or filing returns is another one. Getting things right at the beginning is extremely important and a CIMA Accountant can make sure that you choose the right business structure and will help you register for VAT, PAYE, CIS and other taxes. Choosing the right VAT scheme will save you tax. Not registering and filing returns will have severe consequences and lead to fines and penalties.
Also – contract mistakes.Ask your Accountant to review you contracts, they will be able to give you lots of useful tips.
Running out of cash: draw up a Budget and Cashflow and forecast how much cash you will need to run the business, looking at your cash cycle and managing it will be vital. If you need funding ask your Accountant for help, they will be able to look at all the options and help you choose the option that’s best for your business.
Accounting – many start ups fail to keep control of their accounting, by working with an accountant and using Debitoor you can avoid this problem.
Why would you recommend Debitoor to the new businesses?
I use Debitoor myself, I do business consultancy work and wanted an easy way to raise invoices and keep track of payments, Debitoor was perfect for me.
Cash is king for new businesses and raising invoices quickly and tracking payments is vital, Debitoor lets you do this for free. You can then move to paid versions of Debitoor and use Debitoor for all your accounting needs. It’s really easy to use, its low cost and fantastic value.
What are the most common business problems you have to deal with during the day?
So here are my top 5 common accounting problems we deal with:
1. Not doing any accounts – the shoe box approach to business
This is the most common mistake, book keeping is best done as you go along, putting all the paperwork in a shoe box or carrier bag is a really bad idea as you have no idea how your business is performing.
2. Not keeping receipts. Often small business miss out on claiming all their expenses because they fail to keep receipts and lose track of their spending
3. Not reconciling. Reconciling your bank statements to your cash book is vital to make sure that all of your income and expenses have been recorded in your accounts.
4. Using the wrong accounting system. For some businesses a manual cash book and records are fine but for many accounting software such as Debitoor will be needed to keep track of debtors, creditors and VAT. Make sure you understand your accounting system and operate it correctly.
5. Mixing business and personal expenses. Some sole traders even mix up business and personal bank accounts and in extreme cases don’t even have a business bank account. This can cause errors and often means that a sole trader will either claim to many expenses or to few.
Improve your chances of business success, avoid the common problems listed above.
Stereotypically, accounting doesn’t come across as the most exciting field. What makes your job interesting to you and why do you think accounting is important?
One of the great joys of working as a ‘CIMA MiP’ (“Chartered Institute of Management Accountants, Member in Pratice”) is that we are generally dealing with ‘small’ and ‘micro’ client businesses (micro defined by EU regulations as firms with less than 10 employees/ £2m turnover; small defined as firms with less than 50 employees/ £10m turnover) and that we become involved in an enormous breadth and depth of subjects.
If you don’t have accounts, you will lose control of your business and fail to keep track of who owes you money.
What motivates you daily?
Helping businesses to succeed. We want to use our skills to help our clients to achieve their goals.
If there’s one most important thing you would suggest to a new business to consider in the New Year, what would that be?
The best advice for all new businesses is to not put off doing your accounts, don’t take the shoe box approach, use Debitoor!
Reblogged from https://debitoor.com/blog/conversation-steve-bicknell-association-uk-accountants
Is your ‘flood’ plan in place?
Many homes and businesses were flooded in the winter of 2013-4, and even with the dredging which took place in the summer, others may be flooded in future winters.
It is a sad fact that at least half of those businesses devastated by flooding will never recover, and those that do, may take a long time to get back on track.
Before they can repair and rebuild there is often the initial wrangling with the insurance company about how much they should pay out, but there are far wider implications to a business than just putting right the premises.
The problem is not just the flooding itself but the downtime the business experiences whilst the damage is repaired, and the consequences of that downtime.
Do you continue to pay your staff even when they are not able to work and if you do so, how do you afford a wages bill when you have no income coming in? Once even loyal customers have gone elsewhere, how do you persuade them back when you are up and running again?
These are the type of issues many businesses do not consider until forced to do so.
Flooding is one type of business catastrophe but there are many others all businesses should consider and plan for. The scale of the catastrophe will be linked to the importance of the occurrence to the business.
For example, if your business server fails how big an impact would that have on your business? If all your staff need to access information on that server 24/7 it could cost you dearly and clearly in that situation it is vital that you have a backup plan to cover just that type of emergency.
Alternatively, if you are heavily reliant on one employee what would you do if that employee goes off sick for an extended period of time?
Every business has its own ‘flood’ scenario and it is hugely important that you have a disaster recovery plan to mitigate against the worst effects of a catastrophic event. You need to build your flood defenses – first identify the scenarios which could do the worst damage, plan for how you would deal with those scenarios in the most effective way, and ensure you have the ‘backups’ in place.
Of course we hope never to use our backup plans, but at least if we have one in place, we are as prepared as we can be if the worst happens.
Fiona 🙂
Is your act theatrical enough to have tax deductible agents fees?
Actors, singers, musicians, dancers and theatrical artists are permitted to make a deduction for agents fees under ITEPA 2003 S352.
But its more complicated than you might think based on recent cases…
Richard Madeley and Judy Finnegan (2006) SpC 547 it was only on appeal that the Special Commissioner agreed that their chat show was considered theatrical.
The Special Commissioners also thought that Bruce Forsyth and Ant and Dec qualified.
But that Quiz shows were borderline, for example they felt Jeremy Paxman (University Challenge) and John Humphry (Mastermind) didn’t qualify, but Anne Robinson (The Weakest Link) did qualify and Chris Tarrant (Who wants to be a Millionaire) was borderline.
So do you think the special commissioners would see your act as Theatrical?
steve@bicknells.net
Take time to chill!
As a business owner the festive period can be a challenge.
Our families have a set of agendas for Christmas we are expected to fall in with, and at the same time we are trying to ensure that our business does not struggle because of the reduced working days at the end of December.
However, with a little planning it can be possible to keep everyone happy.
Firstly, it is important to manage your business issues.
A key part of this is managing customer expectations of what can be accomplished before Christmas. If you are a service provider you may often be set Christmas deadlines for projects you are working on. This deadline is generally arbitary and there is no business reason why a deadline of 24th December, or 31st December, is necessary. So make sure you have the conversation with your client from the outset to find out what their ‘real’ deadline is. This will take the pressure off you without inconveniencing your client.
One aspect of the Christmas shut down is that companies, particularly large ones, use it as an excuse for not paying their suppliers. If you have invoices which are due for payment just before the holiday period make sure you contact your customers to ensure you are on the last payment run before they shut down. If payment is due over the holiday period see if you can persuade them to pay you a little earlier, so it will hit your bank over the three working days after Christmas.
If you plan to shut down your business over the festive period make sure all your customers are well aware of the fact in advance, so they can contact you if there is anything they need before you close.
For many business owners it is possible to take a break from their business completely. If you fall into this category I would definitely advise you to do – you will return to work refreshed and raring to go in the new year. In any case, most businesses find their customers are on holiday anyway and so taking the break has very little negative impact on the business.
If you do have to work try to compress the work you have to do into as small a time as possible to maximise the time you can have off.
Secondly, it is important to manage your family’s expectations.
If you have to work, make sure your family are aware of your committments so that they plan key events at times you are available to participate. Do not overcommit yourself or you will find the Christmas period very stressful indeed.
If you have staff it is also important that you balance their needs for a break with their families with your own. Many business owners will allow their staff to have a break over the whole Christmas period and then fill any gaps themselves. This means their staff are happy but their own family is not so happy. Your need for a break is as important as your staff’s – as long as you adopt a fair approach to who can take holiday, on which days, you should prevent any big problems.
Fiona 🙂
A reminder to book your place!
This is a reminder that you only have a couple of weeks to book your place at the BEST Christmas party for small business owners! Interested? Read on.
Are you a business owner who works on their own or with just one other person?
Do you miss the traditional office Christmas party, where everyone let’s their hair down and has a fantastic laugh?
If so the Billy No Mates Christmas bash is for you – so if you haven’t already booked now is the time to do so!
The ‘Bash’ is on 19th December (so the Friday before Christmas) from 12pm onwards at Beah, Union Street, Wells, Somerset.
For just £22 for a three course meal with wine the ‘Bash’ is great value – and great fun.
But don’t just take my word for it:
Kim Robinson who is a Billy No Mates stallwart said: “The only thing missing is the photocopier!”
To book your place or simply to find out more go to:
http://billynomates.info/events/wells-christmas-bash-3/
Fiona 🙂
Business Accountant 