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...
Building Your Financial Strategy

Building Your Financial Strategy

Your Companies Financial Strategy Defining and driving your companies financial strategy is an essential part of business success. Business owners need a sound financial strategy to help their businesses achieve their vision and goals, without a strategy the chances of success are dramatically reduced. There are several features that a good financial strategy should incorporate: Make Sure It is achievable The financial strategy needs to stretch the organisation but also needs to ensure that the goals can be delivered. The important thing is not to be too bullish otherwise it will lose credibility, if people don’t believe in it then the strategy becomes a marginal consideration at best. To make sure that your strategy is stretching but achievable socialise the draft amongst senior members of the business and ask for feedback and potentially seek independent advice from a commercial accountant or part time finance director who can give an impartial view. Have a working document If you ask many business owners whether they have a financial strategy in place many will say ‘yes; but in reality most strategies are set up with the best intentions but then confined to a filing cabinet. For the strategy to be successful it needs to be embedded in the business review process and treated and as a live working document which is referred to and refined over time by the senior team. Know where you are now, where you have been and where you want to get to There is no point in establishing a financial strategy without the ability to monitor how you are performing against the strategy. You need a means...
Cloud Accounting – a Layman’s Guide

Cloud Accounting – a Layman’s Guide

There is certainly a lot of talk about the ‘Cloud’. Whole industries seem to have sprung up recently which use the ‘cloud’ to deliver their services. Lots has been written about how this technology is changing the way we work. The accounting industry is no different; there is a quiet revolution going on as forward thinking accountants try to get the best possible business and accounting solutions for their clients. In simple terms, the cloud refers to using the internet to access software and save material, rather than using traditional software which is downloaded onto a desktop or server. Companies using this technology can then move away from the restrictions of desk top computing. So what are the benefits of using cloud based accounting packages and should I switch to a cloud based package? One of the greatest advantages of switching to a cloud based package is that you get a real time view of your financial position. This can transform your ability to appraise your business and make better financial decisions. Traditionally, accounts have been prepared at the end of an accounting period. This could be at the end of the month, end of a quarter or end of a year. Cloud based packages are updated in real time, often with live bank feeds so that you always have the most up to date view of your business. The system will show how much you have invoiced, who owes you money, who you will have to pay this month…all at the touch of a button. Your business data is available anytime from any device with an internet connection,...

We are a member firm of the Institute of Chartered Management Accountants and a certified Xero advisor

cima-accountant-kent XERO Silver Partner FSB Member