YFT Quarterly Newsletter

YFT Quarterly Newsletter

Here’s the latest quarterly update for all our Your Finance Team (YFT) community.  As we move through 2021, and through another lockdown, we understand the uncertainty and business disruption this brings to many of our clients and want you all to know we are on hand for help and advice anytime.   YFT updates 2020 has been a tough year for all of us and we have seen first-hand the problems the pandemic has caused for small businesses. We been incredibly busy supporting businesses to take advantage of the ongoing government support in terms of furlough/grant claims and the extension of these initiatives as the situation has evolved. We’ve also been looking at bringing in more technology partnerships across the board to support our clients as a result of the pandemic. One of the key areas of support has been accurate cash flow forecasting which has proved invaluable during these unpredictable times and, as well as the traditional methods, some of our clients have started to use one of our partners – Fluidly – to assist them in this area. Fluidly uses artificial intelligence real-time software to connect to a Xero or QuickBooks account and utilises the data to automatically build a cashflow forecast in an easy-to-understand chart. We have also been working hard with our preferred cloud accounting partner, XERO, and achieved gold partner status. You can read more about what that means and why it’s good for you HERE. Many of our clients are working from home, and the link below gives you more information about claiming tax relief, as well as some specific expenses, which will...
6 Ways Receipt Bank Can Benefit Your Business

6 Ways Receipt Bank Can Benefit Your Business

How many hours a week do you spend manually inputting information from your bills and receipts to keep your accounts up to date? Five? Ten? This tedious task can be incredibly time-consuming and takes away from other essential responsibilities – like growing your business!   Luckily, Your Finance Team has partnered with Receipt Bank. We’ve enlisted the help of this award-winning technology to manage all your receipts for you. No paper. No inputting. Just seamless technology designed to save you time and boost business productivity.   But what is Receipt Bank?   Receipt Bank is a technology that collects information from your bills, receipts and invoices automatically, storing it electronically and instantly integrating it into your accounts.   How can Receipt Bank benefit your business?   While the benefits of this technology may be obvious (we think no more data inputting is a good enough benefit in itself!), we thought we’d explain a few of the ways in which Receipt Bank really can benefit your business:   Timesaving Without the need for sitting down at the end of each month to go through your receipts and bills, Receipt Bank saves you countless hours. Your receipt information can be captured almost instantly and will be integrated into your accounts automatically. All you need to do is oversee the process.   Productivity Boosting With plenty more time on your hands now that manual entry of receipt information has been eliminated, you’ll be able to focus on putting your efforts into growing your business.   No More Missing Papers There’s nothing worse than sitting down to update your accounts with the month’s...
Operating through a Pandemic: Key Lessons for Businesses   

Operating through a Pandemic: Key Lessons for Businesses

Living through unprecedented times is difficult for everyone but coupled with the added pressure of trying to operate a business simultaneously, it can feel overwhelming. Over the last several months, companies all over the country (and the rest of the world) have had their agility tested and have had to implement new attitudes, methods and behaviours for navigating their way through this seemingly endless pandemic. Something to take away from the experience, however, are the lessons that have been learnt by businesses everywhere on how to survive an economic crisis without going under. Lesson #1 – Forecast Cash Flow Knowing the state of your finances now is one thing but being able to accurately predict what your accounts may look like in a month, six months or even a year is one of the best ways to protect yourself from external factors like the Covid-19 pandemic. If you can get into the habit of forecasting your business’s cash flow now, you can use the information to plan a way out of the pandemic, as well as being able to make provisions for any unprecedented future events. It doesn’t have to be a pandemic – it could be something as small and as simple as a shift in the market or a rent increase. Knowing whether or not your business can accommodate such changes is vital to emerging from them successfully. Lesson #2 – Cut Variable Costs Some costs are set in stone (for the most part) – rent and bills, for example. Variable costs, however, are subject to change and keeping these as low as possible at all times...
How to Build your Perfect Home Office   

How to Build your Perfect Home Office

As the pandemic continues to restrict our lives, working from home looks like it may be our ‘new normal’ for some time to come, and while it does have its benefits (goodbye, office commute!), it can be difficult to get to grips with. While some elements of working from home effectively rely on your ability to adjust your mindset and routines, others rely more heavily on your physical surroundings and the impact your workspace can have on productivity. We’ve put together a list of top tips for building your perfect, productivity producing home office:   Tip #1 – Create a Dedicated Space While working from your soft-office – otherwise known as your bed – may be tempting, working from areas that you usually associate with sleep and relaxation will not have the desired effect on your productivity levels. Instead, it will benefit you to choose a dedicated space in your home to set up your workspace. This could be a spare room or even just the corner of a room that isn’t in frequent use. While not always possible, try to choose a space away from the hustle and bustle of the rest of your home-life and free from distractions to avoid broken focus frustrations. Your chosen space need only be small, but it is essential to remember that it shouldn’t feel claustrophobic or cluttered. Keep furniture to a minimum and stay organised by investing in a small set of drawers or trays to keep loose paperwork. This will provide you with an open, clear space to be productive in.   Tip #2 – Research for the Best Equipment...
Spotting Scammers: Protecting your Business from Fraudulent Activity

Spotting Scammers: Protecting your Business from Fraudulent Activity

Scams and fraudulent activity are notoriously hard to spot – that is, after all, why they work so well. Scammers are malicious, quick to adapt and are always coming up with new ways to pose as trusted organisations, concealing their real agenda from their victims. Here at Your Finance Team, we have recently seen growing numbers of our clients contacting us to help determine whether communications they have received are legitimate or fraudulent. Worryingly, many of these have turned out to be the latter. Despite every effort from the government and the National Cyber Security Centre (NCSC), vast numbers of scammers are still at large and can pose a real risk to you and your business if you are not aware of the red flags to look out for. Tips for Spotting a Scam 1. Offers and Threats Usually, scam communications will use either an offer or a threat to encourage engagement. For example, the latest HMRC scam plays on the economic struggles caused by the COVID 19 pandemic – it offers tax rebates to individuals and businesses to aid them during these difficult times. This email or text comes with a clickable link that then requires you to input your personal details to receive your rebate. Any communication that is offering or threatening something unexpected is likely to be fraudulent, and any interaction should be avoided. 2. Personal Details One overarching rule for spotting a scam is the attempted data collection of personal details. Legitimate organisations, like the HMRC, will never ask for your personal information or the details of your business via email or text, something that...
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...

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