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QuickBooks

Steering the Ship Thanks to the Numbers | Accountancy Advice
Steering the ship thanks to the numbers 758 513 Stepping Stones Accountancy

Steering the ship thanks to the numbers

The concept of ‘steering by numbers’ is a business strategy of forecasting, planning and analysis. This very simple idea will look at business logic from a forecast and budget model which then allows comparisons between performance and expectation.

We now live in a data driven world and the modern way of finance can choose how to generate forecasting. They can explore through artificial intelligence (ai) and then get specialists to translate it into meaningful and useful data. Alternatively, you can take the simplest of approaches; you set a target based on previous results and you take the actions needed to achieve success.

If we explore this simple approach, we really are saying that you are steering your ship thanks to the numbers. You have a vision and an idea of what the journey to success will be and you translate the performance numbers into your goals. Setting objectives and a clear budget that will help to keep you travelling in the right direction with as little deviation as possible.

Of course, while the process does seem like a simple one, by just following the numbers, we know that there can always be an unaccounted influence on any journey. At times you will have to adapt to varying circumstances. Using our shipping analogy, the weather could change and we might have to detour slightly to safely navigate through the storm. Forecasting and budgeting is not always easy but with the help of business leaders and specialists you can quite quickly get back on track.

Another factor to consider is a business could have sufficient budget funds available but if they do not have any detail around planning or strategy then how can we measure success? If you budget and plan based on performance and accurate strategy, then you are on the right track to achieve success. Strong foundations in numbers, makes the planning process easy and enables safe navigation to your onward destination.

The one final element to help is the storage of all the data so that the numbers are on hand as and when you need them. Again, back to our shipping analogy this is the ships navigation system that helps you navigate throughout your journey, even if you manage to slip off-course. By utilising technology (e.g., Xero or Quickbooks) to help you with your budgeting and forecasting, the process is made even simpler.

If you are looking for a little help with your numbers or need a little bit of guidance, please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk. You can also book a free 30-minute call with Yarka – https://calendly.com/yarka-ssa/30min

What Happens Behind The Closed Doors Of An Accountancy Practice | Why Use An Accountant | Accountant in Bristol
What happens behind the closed doors of an accountancy practice 758 513 Stepping Stones Accountancy

What happens behind the closed doors of an accountancy practice

Most businesses only think about hiring an accountant once a year when it is time to complete their tax return and they’re struggling. But an accountant can add so much more value to your business. Naturally, they can help with your tax return, but their knowledge and skills can be a true asset to your business if you work with them throughout the year.

Here are our 6 jam packed points you may have not known about.

ONE – Accountants have a license to practice and that doesn’t happen over night. Years of studying is behind it. They have to prove they have the correct qualifications, are committed to programme of continual learning and have completed an anti-money laundering course. Vitally important is the professional development, which helps when HMRC/Government makes announcements. Accountants do NOT even get a month notice from the government about changes so they must be prepared for when the change actually happens.

TWO – Accountants have a plethora of tools designed to accurately record and process data along with making it readily available and easy to access for all customers. This makes analysis much more simplified and saves customers a huge amount of time when providing all relevant data.

THREE – Communications are streamlined thanks to the use of systems such as QuickBooks, Receipt Bank, Sage or Xero. Both the client and the accountant can feed data directly into these systems. They can also be automatically updated with all necessary changes implemented by the Government. Of course, these systems are also 100% compliant to all GDPR requirements.

FOUR – Time is being saved by an accountant completing a tax return. By completing your own tax return your focus is taken away from your day job meaning a loss of revenue. It could cost just £300 for an accountant to complete a tax return, in reality it could be double or triple that with the time a solopreneur takes to complete a return and therefore loosing revenue as their focus is away from their day-to-day business.

FIVE – An accountant knows exactly what is required for a tax return, they will look at many areas that individuals just wouldn’t event consider such as allowable expenses & claiming for working from home/mileage/telephone, profit from equipment sales, donations to charity, VAT charges, tax planning and pension contributions…

SIX – Finally an accountant will also ensure you know exactly what is happening. They will keep you up to date with reminders, e-mails and when payments need to be made. Alongside this they are also available to answer any questions or offer guidance as and when you need it.

Remember YOU DON’T KNOW WHAT YOU DON’T KNOW – that is when we come into the picture.

If you have any questions or need help with a tax return, please call us on 01173 700 079 or email hello@steppingstonesaccountancy.co.uk.

Speeding Up Your Invoicing Process | Accounting Software Advice | Business Invoicing Help
Speeding up your invoicing process 758 513 Stepping Stones Accountancy

Speeding up your invoicing process

Every business owner will agree that spending as little time as possible on your administration tasks and focussing on fee earning activities is critical to success. With the introduction of online accounting software (such as QuickBooks) business productivity has vastly improved and become more streamlined.

One of the most beneficial elements of implementing this type of software is the improvements that can be made with the invoicing process. Here are our top 5 reasons why:

  1. You can create personalised and professional looking invoices, on any device. If you are on a client site, you can access your software on the go and raise an invoice which is sent automatically to the client as soon as any work is completed. You no longer have to manually raise an invoice when you get back into your office or get home after a busy day on site.
  2. You can manage all your sales and invoicing in one place. Easily track your paid and unpaid invoices whilst also setting up automated payments through solutions such as PayPal and GoCardless.
  3. You can check all your payments in real-time, for example if you are called upon for an urgent job but there is already an outstanding invoice you can quickly request payment to be made before undertaking any more work. You can also set automatic reminders to chase up overdue payments.
  4. You can create custom invoices from different templates, displaying your professional brand at all times. Invoices can be e-mailed on any platform or printed for sending in the post.
  5. Any quotations or estimations can be quickly converted into an invoice. You can automatically apply discounts, promotions or VAT and you can also invoice in any currency.

If you would like to find out more about how you can improve your invoicing processing by implementing some online accounting software, feel free to call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.

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