How to be Most Effective When Working from Home

How to be Most Effective When Working from Home

Working from home is a position in which many of us have unexpectedly found ourselves in. Some of us have relocated to dining room tables; others are holed-up in spare bedrooms, laptops balanced on piles of books; some are juggling meetings and childcare all at once. Quiet, calm offices with tidy desks are a distant memory and, for now, it looks like they may stay that way for some time! Here at Your Finance Team, we know how difficult working from home can be and have therefore set out a few simple steps to help you maximise your working from home effectiveness as we navigate this final part (hopefully!) of the pandemic.  Routine is Key Setting and maintaining a routine that works for you is key to maximising your effectiveness when working from home. Things like waking up at the same time each day, dressing in work-appropriate attire, leaving time for coffee and breakfast before sitting down to work will ensure that you are in the right mindset to be productive and will set you up for a successful day.  Workspace To begin with, working in your home can feel quite alien. You’re bringing all the stresses of our working life into your safe space, which is why it’s a good idea to designate just a small area of your home to work. Try picking a space that is away from rooms you would usually relax in (living rooms, bedrooms) and one that is free from as many distractions as possible. Doing this allows you to maintain some semblance of work-life balance and will enable you to work effectively...
How Cashflow Forecasting Can Contribute to a Positive 2021

How Cashflow Forecasting Can Contribute to a Positive 2021

While a global pandemic may have made the last six months challenging to navigate for the majority of business owners, now is the time to be looking forward to next year and thinking of ways to increase the likelihood of a positive 2021. One of the best tools to organise and plan your approach to next year is a cashflow forecast. A cashflow forecast does not have to be overly complicated. In its simplest form, it is a record of money in and money out of your business. Build the forecast in a way that you understand it, and remember that you will need to update it frequently; if it is overly complicated then updating it will be cumbersome, so keep it simple. We’ve rounded up a few of the benefits a cashflow forecast can have on your business along with some practical tips on putting the forecast in place. Anticipate Changes to Cashflow Cashflow forecasting allows for the anticipation of any shortages or surpluses that may come your way. A great way to do this is by mapping out how much money will potentially leave your business and when, for up to three years in the future.  Identifying these potential changes early on means that any business decisions you make will have taken this into consideration, as well as allowing you to plan how any future surpluses can be reinvested back into your business. See the Impact of Potential Future Scenarios on Your Business Cashflow forecasting allows you to see the impact of hypothetical future scenarios on your business. More Covid implications, for example, can be predicted, and...
Your Finance Team Achieves Xero Gold Partner

Your Finance Team Achieves Xero Gold Partner

But what does this really mean and is it important? Xero is an incredibly fast growing cloud-based accounting software that Your Finance Team (YFT) have been using for the past 5 years and consistently grown their expertise and client base alongside its own growth and popularity. Xero allows companies to keep control of their finances in the most efficient way possible giving access to live data anytime, anywhere. We are really pleased to have been awarded Gold Partner Status by Xero due to our extensive knowledge of the system and the number of Xero clients that we now support. YFT can get any business setup on Xero swiftly and efficiently, simplifying and adding value to your business. Our gold status also means that we have loads of experience of installing the brilliant range of Xero add-on software apps.  These apps are all aimed at making our clients lives easier: Our favourite apps include: Receipt Bank – a receipt scanning app Chaser – a credit control and invoice chasing tool Pleo – to process and manage expenses GoCardless – enables business to take direct debits simply and easily. Syft – produces some great management accounts so our clients can see and track their performance in real time. The staff at YFT are all Xero qualified and as Xero Gold Partners we can: Get you setup on Xero and provide training for your team Assist in the migration of data from your existing accounting software – Quickbooks, Sage or an excel spreadsheet. Show you how to use the functions in Xero to understand how your business is performing Advise on the...
Can You Buy an Electric Car Through Your Company?

Can You Buy an Electric Car Through Your Company?

Should You Buy an Electric Car Through Your Company? A company car is one which is purchased and owned by a company but made available for private use by an employee. Successive governments have increased the personal tax costs of company cars which has meant that having a company car is often seen as expensive and not particularly attractive to the employee. Personal tax on a company car is calculated based on the Co2 emissions and the list price of the car: essentially, the higher the price and the more Co2 emissions, the more you pay in tax. A more attractive alternative is now a possibility, and if electric cars appeal to you then you could make decent tax savings by purchasing an all-electric car through your company. What’s Changed? A zero-emissions vehicle used to attract a benefit in kind rate of 16% which meant that, for example, a £35,000 car would have a taxable value of £5,600. A basic rate taxpayer would be liable for tax at 20% on this value. From April 2020, the government dropped the benefit in kind rate to zero for all electric cars. This means no personal tax charge for the car! The 0% will remain for tax year ending April 2021 and then increase from April 2021 to 1% then to 2% from April 2022. This means a basic rate taxpayer with a £35,000 car would pay tax of £70 for 2021/22 and £140 for 2022/23. Despite these increases, it is still a significantly lower tax rate than any other types of company car. Buy or Lease? There are also decent corporation...
How to be Brilliant at Video Presenting

How to be Brilliant at Video Presenting

Here at Your Finance Team we have been making a lot of video calls over the last few months.  It got us thinking about how to be the best you can in the current ‘new normal’ and that even though this Corona-crisis will end it will have changed the way we work, forever. We found this Blog from one of our clients The Speakers Coach with some great tips. Find out more...

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