When I started Enso in 2018, I set some clear objectives. Naturally my primary goal was to provide professional accounting services to SMEs using the skills I’d acquired working for large management consultancies.
Second, and just as important, I wanted to help my customers harness the power of financial accounting software like Xero. Core to my mission is setting up my clients’ tech’ taking away time-consuming admin’ so I can devote time to discussing how they can grow their firms and go on to greater success.
With two years of successful growth under my belt, I’m delighted to say that those objectives have served my customers and me very well.
Happily, my emphasis on the use of tech’ has been invaluable during these trying times. Indeed Covid-19 has allowed me to add new strings to the Enso bow and continue to serve my clients to the same high standards.
Like many businesses, Enso has embraced video conferencing as a way to deliver our services. I could have chosen Zoom, Skype or Google Hangouts, but having looked at the options, Microsoft Teams is my platform of choice.
A New Way Of Working
We’re all getting into the swing of using vid conf platforms. We’ve overcome the initial challenges of getting an account and logging on. We’ve learned how to pause between speakers to keep the conversation flowing and have stopped fretting about how the books look on the shelves behind us.
From being absolute beginners, we’re now seasoned users and discovering some of the genuinely useful features of our chosen software. Microsoft Teams has some exceptional features. Here are those I’m finding invaluable:
Choosing Your Team
As well as my colleagues, I can set up a client as a team and include all the people in the business who need my help. There’s no limit to how many people can be in a team, so full collaboration is always assured. Every team can have unique settings for user privileges such as editing and uploading content. And a team, once established can interact on the phone, by SMS, as well as share files and video. MS Teams allows for easy communication, quick decision making and timely follow up. That’s so important in the ever-changing world in which we are living.
Teams Are Everywhere
A new team can be created quickly and easily in the desktop version or mobile app (on all platforms). This means you can set up and interact with a team from anywhere in the world. All you need is a device and a network. Many of us will currently be working primarily from home, but there’s nothing to stop you having a Teams meeting while having your daily walk or while queueing for essentials at your local Sainsburys. It’s really that flexible.
MS Teams is part of the Office 365 software suite that includes SharePoint, One Note and Planner. A team can put documents into one or all of these repositories, ensuring everyone has access when and where they need them. Designated users can update the content as required. This makes real-time collaboration a breeze. There’ll be no more email trails, voice messages or diverging versions of essential documents. Every member of the team will always be up to date and ready to take the next vital decision.
The Future Of Business Communications
Covid-19 continues to challenge us all and is still causing a great deal of worry and heartache. That’s why it’s important we look for the good things we can take from the crisis to add to our lives for when the virus is put back in its box.
For Enso, the move to MS Teams will be a lasting legacy. It’s another brilliant example of tech’ making business life simpler, more responsive and genuinely collaborative.
Suffice to say I’m now a convert.
If you want to add Enso to your team call me today on 07792 686479 or email me at email@example.com
So, we’ve now spent a good couple of months in Coronavirus UK, and the various human and financial tolls are mounting up. Sadly, it’s not a pretty picture with the terrible effects of the virus being writ large every day.
More encouraging on the commercial side, there has been some useful interventions from the government. The furlough scheme is now live, the banks shamed into offering CBILs loans, and business rates grants have started to land.
A good majority of the self-employed now have a lifeline with payments expected in June.Now that lockdown is the new normal, and the COVID-19 ball is rolling fast, I hope everyone has applied for the help they’re due and has found some level of stability.
But there’s still work to do. We need to talk about cash flow.
What’s Cash Flow?
If you read my Float blog, you’ll know I explained cash flow as ‘the ebbs and flows of cash in a business that affect its ongoing liquidity’. In short, cash flow management ensures there’s enough money for a firm to continue trading and to pay bills, staff, suppliers, VAT etc.
In the pre-COVID world, I tried to stress that cash flow is a vital skill for any business that wants to remain viable.Today that message takes on extra resonance. For firms struggling with the impact of COVID-19 cash, flow planning could be critical to ensuring your business can outlast the crisis.
Cash Flow Planning
In many ways, cash flow is pretty simple. All you’re doing is comparing all the money your business will payout against the amount of cash you expect to flow back. The result will tell you how well you’re managing your liquid assets and how long you can survive if you carry on regardless.
Things that can affect your cash flow will be areas like stock control, petty cash management, your terms of business and processes like invoicing, credit control and asset financing.
The central theme running through all this is ensuring you have an ongoing and hawk-like control over all aspects of the cash in your business captured in a dynamic cash flow plan. Have a look at this manual cash flow sheet, and you’ll get the idea.
Happily, modern accounting technology like Xero makes cash flow planning much more straightforward and considerably easier to develop.
As bad as not having a cash flow plan is to see it as a fixed process. By undertaking scenario planning, a business can create amended cash flows that are useful when navigating the choppy waters we’re experiencing now.
By analysing how the cash is flowing in your business, we can draw up alternative situations that show the impact of loan capital, cost-cutting, calling in debt and running down your stock.
Look closely, and you’ll see most of the government’s help is all about securing a firm’s cash flow until normal service resumes. Cutting wage and rates bills, delaying tax payments and providing loan finance are all ways for a business to develop a very different cash flow than the one that presented when the harmful impacts of Coronavirus became clear.
If you would like an excel cash flow template, please download here: Cashflow Template
I sincerely hope this update finds you well. It’s an understatement to say what we’re experiencing is outside of anything our society has faced before and the measures announced from the government to shore up our economy and support our communities are equally astonishing. I covered some of these in my last update.
Well, one week later there’s another tranche of announcements to update you on tagged, as ever, with a commitment that my Manchester team are here to help you navigate this detail and, crucially to support our clients’ businesses in the face of this crisis
As you might expect with every announcement, there’s a short period where we all absorb the information. There are questions about how it’ll all work and how long the measures will take to work and inevitably, there will be the many shades of grey in policies drawn up on the hoof.
OK, bearing that in mind, let’s have a look at the latest updates.
Help For The Self-Employed
When the Chancellor announced the support package for at-risk PAYE workers it took no time for the self-employed to point out that they couldn’t survive on the £94 that Universal Credit would offer.One week later, the Chancellor came back with more support. To be fair to him he is listening and responding. He is doing a great job in these difficult circumstances.
Here’s a summary of the Self-Employment Income Support Scheme.
Sole traders, partners etc. will receive 80% of their average monthly earnings to a maximum of £2500 for a reviewable 3-month period.
The package is based on the enterprise’s taxable profits for the three years prior to the 18/19 financial year.
It is only payable to firms who made less than £50k in profits in the relevant tax periods. Higher earners will not qualify.
HRMC is administering the scheme with payments scheduled for June backdated to March 2020. They will issue the cash as a none-repayable grant. The monies, however, must be declared as income in your 2020/21 tax returns.
It’s likely the scheme will have some flex to ensure it covers the needs of its intended beneficiaries. For example, it should make provision for people who only have two years returns or those that have mixed incomes from PAYE and self-employment.
There may be cases where there are two self-employed people in a household. If both of these businesses have profits of less than £50k, both will qualify.
Those that earned at, or around, the NI threshold of £6365 may be better off on Universal Credit.
There are no actions to take as HMRC is doing all the background work and will contact those who are eligible. However, those who find themselves outside the scope of this scheme will understandably have many questions. I’ll update my guidance as clarification emerges over the coming days.
There is a call to action here. I’ll work with my clients to ensure you have all the information you need to check you get the right grant amount. Crucially, if you need to file your taxes for 19/20, we need to do that ASAP.
Forewarned, is forearmed so get in touch and let’s get that admin sorted.
As an aside, eagle-eared clients will have noticed the low-key but highly significant warning from the Chancellor. He signalled his intention to look closely at the self-employment tax regime in the future.I think we can expect substantial changes and you may need to ask yourself; do these changes represent an equitable quid pro quo for the help offered during the pandemic?
The one elephant in the room here is the timescale.June 2020 is a long way off, so what can you do in the interim? Well, there are other things to look at and you should consider them in conjunction with the self-employment provision.
A business loan via the CBILS scheme administered by the British Business Bank.
The deferral of tax and VAT payments
An application for Universal Credit
Mortgage payment deferrals for your home and potentially business.
Your eligibility for a small business rates grant.
Ensuring you assert your rights as a renter and the (current) three-month protection from eviction
Again, get in touch with us here at Enso. My team will do all we can to help you obtain any of the benefits to which you may be entitled.
Other Legislative Changes
Alongside this attention-grabbing headline, there were also a series of other legislative changes announced by Alok Sharma, The Business Secretary. Here’s a quick summary of the red tape bonfire he’s devised to help the country cope:
Competition laws were relaxed to allow supermarkets to work more effectively together.
Manufacturers of PPE equipment and hand sanitisers will get their product testing prioritised.
Amendments to Insolvency will to help businesses continue to trade by retaining access to raw materials even if it is undergoing restructuring. Company directors will be temporarily immune from ‘wrongful trading’ provisions
Businesses can delay Company AGMs or hold them virtually on video using proxy voting.
Staff leave will be carried over for two years as they are accrued in company accounts.
Update on CBILS
I gave an overview of the CBILS loans scheme last week. The initial wording implied it’s a low risk loan, 80% backed by the government. It seemed there would be no need to surrender personal assets on default. It’s since emerged that this isn’t the case and a number of lenders were also demanding security from applicants.
Happily, the resulting furore has clarified the position and lenders have changed their risk policies accordingly. However, best to check this with your provider before you decide to take advantage as you prop up cash flows etc.
Alas, alongside the outpouring of goodwill that Covid-19 has generated, it has also attracted the attention of the criminal classes.Be careful regarding scam emails, text messages and even callers to your door. If an offer seems too good to be true, it probably is.
Do your homework; if you can’t find any public reference to proposed ‘government handouts’ etc., it’s because they don’t exist.Visit gov.uk for all up-to-date information.
Be on your guard!
Get In Touch
That’s a lot of information to get your head around but be assured the Enso team is on hand to help so don’t hesitate to get in touch. These are historic events and we’re all doing what we can to cope and contribute. And let me confirm once again, we’ll be standing by our valued clients whatever it takes.
You never know when this is over; our society really may have changed for the better!
I’ll conclude by hoping you stay well and aren’t finding your efforts to socially-distance too onerous.
Call my team and me today on 07792 686479 or email me at firstname.lastname@example.org and let’s talk about how we can help. We’re in this together, and we’ll get through it together.
No doubt as you read this, you’re feeling worried. Chances are you’re socially distancing and doing your bit to help the UK counter the alarming effects of Covid-19.I share your concerns. I’m worried about my family, my colleagues and friends, and my clients.
It’s time for us all to step up, and all do what we need to combat the virus. For concerned clients, you need help; trustworthy, professional and dedicated people on your side. Let me assure you that I’m committing my Manchester based team to support your business to get through this crisis using as much of my time and knowledge as is required.
In the first instance, let’s have a quick review of some of the critical legislative changes you may need to be aware of to help you protect your business and from which we can start our work.
Employee Retention Scheme
While all the current support on offer from the Exchequer is remarkable, this is the most extraordinary. Never has such a move been made in war or peacetime. In a landmark intervention to prevent mass job losses, the government has committed to pay 80% of the wages of employees at risk of redundancy or being laid off up to a maximum of £2500 pm.Any PAYE employee of a limited company can apply via HMRC.
While there are more details to come, a visit to the gov.uk online portal is where to start
Support for the self-employed/sole traders and partners is less generous. Although unprecedented, these workers will only be eligible to claim universal credit at the same rate of SSP rated at £95.85 weekly from April 2020.
The Coronavirus Business Interruption Loan Scheme (CBILS)
The government has committed to back bank loans to small businesses from the 40+ accredited lenders and partners of the British Business Bank. Many are high street banks and building societies.
The government will guarantee the first 80% of the loan. The liability for the remaining 20% will remain with the business.The maximum facility is £5m. The monies will be made available as quickly as possible with no need for security or personal guarantors for loans of up to £250K. The government will pay the first 12 months interest and fees.
The intention is to help businesses to bolster cash flows and bridge reductions in revenues. Obviously, this is still a loan that will need to be paid back over six years and remember they will bring an element of drag to future post-Covid-19 cash flows. To apply initially consult www.british-business-bank.co.uk
Small Business Grants
In the March 20 budget, the initial Coronavirus support grant was set at £3k. This has now increased to £10k.It means any business operating from premises who qualified for 100% rates relief can apply for £10k grant to help with overhead costs.
Hospitality Business Grants Of £25,000
Small businesses in the hospitality, leisure and nursery industries will receive a 12-month business rates holiday. Additionally, those occupying properties with a rateable value between £15 – £51K are eligible for a grant of up to £25k.
For this and the Small Business Grant and how they work go to the website of your local authority to find out more about the arrangements in place.
HMRC – Time to Pay
HMRC is taking a supportive line on taxation delays and deferrals. Income tax due in July will be deferred until January 2021. VAT payments for March will be delayed until June 2020.
For further clarity, you may need to speak to HMRC but do note the lines will be understandably busy.It may be useful to cancel any automated payments such as direct debits or standing orders so you don’t ‘accidentally’ pay as you won’t get this back!
Sick pay will now be payable from day one of a notified illness or related to the need to self-isolate. Alas, it’s hardly a trove of riches with statutory sick pay amounting to a mere £94.25 per week for a maximum of 28 weeks. Again, how this will be administered is expected soon but is likely to be via the PAYE system.
Homeowning clients can take a 3-month mortgage holiday. There is also provision currently for renters with legislation preventing landlords from evicting tenants due to rent arrears.
The controversial and worrying amendments to IR35 will not now be implemented until April 2021 offering much-needed relief to contractors.
One must-do check is to see if your business insurance has an interruption provision. If so, insurers have committed to paying without onerous procedures.
The Bank of England has slashed interest rates to a historic low of 0.1%. As dramatic as that looks, it comes off the back of very low rates, so the impact may only be marginal. At the same time, The Bank has bought £200bn of government bonds as we see the return of Quantitative Easing.
The impact is hard to estimate given the fluid nature of the virus, but we can reasonably expect The Bank to make further moves as they see fit.
Enso, Here To Help
That’s a lot of information to absorb, I know. What you can count on is my support to get your business through this challenging time and set you fair to rebuild when the crisis is over. Please call:
If you need advice on how to cut business costs and expenses
Want to look for ways to pivot your business to support the Coronavirus effort or change your business model
Want to develop your cash flow in the face of difficult trading.
Need proof of payroll required to access the Employee Retention Scheme or Universal Credit Applications
Need help and guidance with CBILS loans especially in compiling the necessary documents and background information to make expedient applications
Want me to speak with HMRC on your behalf regarding tax, VAT, SSP or any other revenue-related issue.
We’re here to help. You’ve trusted Enso with your business in better times, and we’ll step up to help you through these difficult circumstances.
The information above is subject to change, and further measures may be announced over the coming days. Keep coming back to the blog, and I’ll add more detail as it’s issued. I’ll also look to offer some hints and tips to help you through the next few difficult months.
Finally, look after yourselves and do what’s right to protect everyone. That’s the only way we’ll put this behind us as soon as possible.
Call me and my team today on 07792 686479 or email me at email@example.com and let’s talk about how we can help. We’re in this together, and we’ll get through it together.
The launch of BMW’s new electric Mini is imminent.A celebrated design icon built in response to a long-forgotten fuel crisis finally converts to eco-friendly energy. It’s hailed as a bonafide people’s car – a versatile 181 bhp run-around with a 145-mile range and all the groovy chic that comes with the Mini brand.
Here at our Manchester base, we continue to utilise the latest innovations in technology so of course we are very interested and excited by BMW’s latest eco-friendly venture.
The age of the cool, affordable Electric Vehicle has arrived.
Look closely, and you’ll find almost every car builder is adding EVs to their range.Big automotive brands can no longer ignore what EVs may mean to the wellbeing of the planet and to their customers. Public opinion is changing fast alongside legal changes that will increasingly punish polluters in clean air zones that are implementing throughout the UK.
As the shrill voices of the environmental lobby ring in our ears, as the world burns and ice shelves melt; it’s difficult to ignore the growing evidence.Something has to change.
That’s why it’s time for me to update you about EVs and their implications for the tax you’ll pay.
A ‘No Brainer’
Changes to the company car tax rules were announced in July 2019 and were mostly positive in tone. The move is designed to encourage businesses to invest in EVs. The new tax arrangements effectively slash the benefit in kind (BIK) taxation for company cars to zero. Yes, you read that right. Employees who opt for an eco-car will pay a 0% BIK tax rate, irrespective of the car brand.
Look at the differences here: a £100k Tesla Model S will attract a 0% company car tax from April 2020, while a similarly priced Mercedes-Benz S450L AMG Line will cost the driver an eye-watering £13,116 a year in BIK tax (based on the current C02 emission ratings). The benefits soon become bloomin’ obvious.
One of the immediate effects of the announcement was a significant increase in EV sales.According to figures from the Society of Motor Manufacturers and Traders, sales of fleet-bound EVs doubled in the wake of the announcement.
Changing to a company EV will soon become what’s known as a ‘no brainer’.
The good news is that infrastructure changes to support the use of EVs are also accelerating. Cities and businesses are investing in high capacity charging points with plans to increase the network considerably.Add in the increased operating range of today’s EVs and objections re lack of practicality soon ebb away.
There are advantages for those who need to range further and opt for a modern hybrid car. Take the new BMW X5 xDrive45e, with an electric range of 54 miles. This will now fall into the 6% tax band, unlike the previous model that had a 20-mile range and attracted 12% tax.
Whatever way you look at it, green transport has become an attractive option.
One slight caveat is that the 0% EV is only a one-year deal. The rates increase from 2021. Similar to rail pricing, the tax will edge up annually.For example, the BIK tax on a Nissan Leaf will be between £54-£122 in year two, then £109-£245 the year after. Nevertheless, it’s still considerably cheaper than the fossil fuel alternative and, I suspect, will do little to impede the wholesale move to fleet EVs.
And while it’s true electric cars may cost a little more; it’s a small price to pay to improve our air quality and save our precious planet.
If you need some help working out how a change to a cleaner, greener fleet will help your business and employees, why not call my team today on 07792 686479 or email me at firstname.lastname@example.org. Let’s talk about how we can help you to do your ‘bit’ for the environment.
Woah, is it February already? Where the heck did January go? One minute we were in the run-up to the festive season and suddenly…. a considerable chunk of 2020 has already gone.
At Enso Accountants, a lot has happened. From our Manchester base, not only have we been nominated for two incredible awards this year, we’ve also launched some other inspiring ventures.
Even at this early stage, 2020 is set to be a landmark year for the business as we continue to utilise the latest innovations in technology. Our philosophy has always been to innovate with technology and equip our clients with the tools to innovate themselves.
The Gift That Keeps On Giving
Let’s row back a little bit to Christmas 2019. Hopefully, you all had a great time, indulged yourselves a little and received some exciting gifts. I certainly did, and the best of the bunch was a set of Apple Airpods.
To be fair, I’d avoided buying them for myself because it did seem a lot of cash for a set of wireless earphones. However, I’ve now used them and been blown away by the many useful features of these superbly designed earphones. Suffice to say I’m now a convert.
I’ve enthusiastically added my Airpods to my growing collection of Apple products, and I’m not alone!
The Medium Is The Message
Philosopher Marshall McLuhan famously argued that when studying mass media, we should pay as much attention to the medium used to send a message as to the message itself. In this case, the ‘medium’ would be Apple Airpods. And when you look into the impact of this product in the short time it’s been around it seems McLuhan was right. Here are the facts:
Airpods have generated $12 billion of revenue. Annual revenue growth is running at 125% while delivering Apple an estimated 30-50% in gross margins.
That’s after just two years!
When you compare these numbers with the combined revenues from ‘message’ deliverers like Spotify, Twitter, Snap, and Shopify you’ll find that Airpods’ financials are way out in front.
The truth of the matter is they’re only just getting going. Only around 10% of Apple users have a set of Airpods, so revenue growth is virtually assured. Add in the upgrade strategy that Apple applies to all its product range, (such as the recently released Airpods Pro), and the forward potential is astronomical.
We’d all love to have a business like that!
A Powerful Combination
The lessons here are many. There’s the enduring power of a globally recognised brand. A company philosophy based on disrupting established markets. That good design always sells and that it’s vital to innovate continually.
These are the ideas that motivate me, and that underpin the work I’m doing at Enso (and in other business areas, more on these later).
It may take a little while longer for me to give Apple a run for their money but by applying their strategies in my chosen markets, I’m confident of continued success for my business and the clients who trust me to help them with theirs.
If you want to bring some of the same ideas to your financial management then why not call my team today on 07792 686479 or email me at email@example.com and let’s talk about how we can help one another, maybe whilst using our Apple Airpods!
Continuing my series on accounting technology, I thought it was about time I talked about Starling Bank, a real disruptor in the banking sector. You may have seen some of their adverts on the TV, the one with the Airstream food trailer and wondered what it is, what it offers and why it is different.
Well, awareness about Starling is certainly growing, and it’s proof positive that there’s genuine change afoot in the business banking sector. An explosion of new banking models that are SME-friendly and tech’ savvy. Starling ticks all those boxes with their new business account.
Speaking generally, this is an excellent thing. With issues like ‘Making Tax Digital’ in the pipeline and ever more onerous reporting rules, anything that simplifies the financial lives of my clients and the ever-growing band of micro-entrepreneurs should rightly be celebrated.
Of course, there may be a few of you out there who are oblivious to mass advertising and will be wondering what I’m on about. Well, fear not I’m here to help. Let’s talk up Starling.
Business Banking Takes Flight
Like Enso, Starling is doing things differently. It wants to break the tired old high street bank approach to small business finances by providing an account and app with features and benefits that a small, agile SME requires.
They’ve designed the Starling account with the entrepreneur in mind. They say it’s ‘business banking but better’. I’m glad to say it’s far better for accountants too which means that accountancy professionals can spend more of their time driving strategic value for business clients. Adopters will soon find it’s an innovative and intelligent banking product that understands the SME and consumer markets, providing just what they need to help drive their own business forward.
Here are just a few of the useful ideas they’ve incorporated into a Starling account.
An intuitive app meaning you can manage your account 24/7 – no bother!
Use the Post Office network to make cash deposits and transactions.
Easy categorisation of spend. See where your cash is going and get powerful spending insights
The ability to set goals. Putting cash aside to pay for new equipment, marketing or moving to a new office.
Easy integration with Xero and a host of other useful add-ins covering insurance, a credit facility and even the ability to collect retailer loyalty points!
Allow your accountant access so they can sort it all out in real time while you do more important stuff.
Sensibly priced. It’s free to have a Starling account; all you pay are the lo-cost transaction fees as they arise
Of course, it’s a fully regulated UK bank account with all the statutory protections you would expect.
‘A Modern Business Account’
That’s how the Starling team describe their account. For my part, I absolutely agree. It’s another superb example of clear-headed thinking and the use of tech as a business enabler. It’s a well-designed, intuitive and excellent value product.
Best of all, it harmonises the relationship between a business and their accountant so that both can concentrate on the things that matter. Safe in the knowledge that Starling and Xero are working in the background keeping the finances in perfect order. Ultimately, Starling when used in conjuntion with cloud based accountancy software and a forward thinking accountancy practice will enable real advancement.
Maybe it’s time you let your business take flight with the help of an award-winning Starling account and the power of Xero?
If you want my help to make your business to fly with a Starling Account and Xero call my team today on 07792 686479 or email me at firstname.lastname@example.org and let’s talk about helping your business to really take off.
What an honour! I’m delighted to announce that Enso have been nominated for a highly prestigious business accountancy award. We have been shortlisted in the Sole Practitioner category in annual UK Xero awards and are one of only three UK accountancy firms that are finalists in this category!
The Xero Awards are a celebration of excellence among accounting and book-keeping companies that use Xero accounting software to help UK businesses thrive.
After a successful career in consulting, I founded Enso in 2018. My goal was to break with the traditional, staid accounting image and offer something more modern and highly dynamic.
Manchester, with its growing, vibrant tech economy was the perfect place to do this.
My mission is to help my business clients to capitalise on the advances in accounting technologies like Xero. Enso assist client’s businesses to rationalise processes, improve performance and enable them to focus on growing their companies with complete confidence that they have a robust accountancy platform to underpin their growth.
And now less than 18 months later, we’re one of only a few businesses recognised by the Xero team for our work in helping Manchester SMEs get sustainable benefits from using accounting technology.
That’s precisely why I founded Enso.
My plan, regardless of awards, is to continue supporting clients as they benefit from the efficiencies and enhanced controls that cloud-based finance tech’ offers.
And of course, to set them fair for when Making Tax Digital becomes the norm in 2020.
This award shows we’re definitely on the right track and making a real impact in our industry. I’m grateful to the Xero team for acknowledging the work Enso is doing.
I’m hoping I’ll be able to attend the award ceremony at London’s Electric Brixton in March 2020. It’ll be great to win, and I’ll report back at the time.
I’ll finish by thanking all my clients for having faith in my business and for your ongoing support. For my part, I’ll continue to help you get all the benefits of accounting tech’ and aid you in your continued business success. Your business success is my main aim.
If Xero, or a similar accounting tech’ solution has captured your imagination then call my team today on 07792 686479 or email me at email@example.com and let’s talk about getting it up and running ASAP!
More often than not, when I start to work with a new client I’ll begin by doing a review of where they are with their business finances. You might think that’s the obvious place to start and you’re right. But at the same time I’m always a tad concerned at how little some business owners know about what’s going on in their accounts.
OK yes, they’ve finally made a great decision by in calling the Enso team, but I often wonder how some firms have progressed so far on such inadequate business information.
In the modern age with the world moving so quickly and with huge issues looming on the political horizon, it’s vital business owners have up to date information. Only by knowing how their company is performing at any given time does it allow them to make smart tactical decisions and head off issues at the pass.
One of the essential financial measures is cash flow or the ebbs and flows of cash in the business that affect its ongoing liquidity. In short, does the company have enough money to continue trading?
Failure to manage cash flows is always a recipe for disaster as many a failed entrepreneur will confirm.
So let me tell you about Float.
Cash Flow Tamed
The problem with tracking cash flow is its complexity and volatility. Good cash flow today can rapidly transform into a financial emergency by the end of the week. There are numerous cogs and wheels at work, and accurate cash flow accounting needs many parts of the business to be in synch.
Happily, there’s Float to help bail you out.
Float is a subscription software that takes the hard work out of cash flow analysis. By integrating it with your accounting software, it starts to break down your ongoing cash flow into easy to understand reports.
And yes, it integrates seamlessly with Xero which is just one more reason to love it.
Once implemented, Float automatically tracks your bills, invoices, and actuals against the budgets you set. You can see your ongoing position with debtors and creditors. You’ll understand bill schedules and potential shortfalls before they cause you pain. Float offers powerful insights into your finances whenever you need to know (which should be often).
You’ll always know your current position. From there, you can forecast for the future and, see where you may need to make changes to keep your cash flow healthy.
One comment from the Float team I particularly like is it ‘sometimes answers questions you didn’t know you had’!
How useful is that?
Get Float On Board
Float is another excellent example of finance tech’ making business life more manageable. And be in no doubt, there are few things more worthy of your attention than cash flow.
It’s probably true to say that your monthly Float subscription at whichever level you choose will more than pay for itself from the moment you press ‘go!’ I recommend it to my clients unreservedly.
If this useful tech’ looks like it’ll float your boat then why not call my team today on 07792 686479 or email me at firstname.lastname@example.org and let’s talk about how you can use Float to get to grips with your cash flow and ensure your business can ride the waves of success for many years to come.
If you haven’t guessed already, I’m a massive fan of finance technology. I’m always enthusiastic when I find solutions that rationalise accounting processes and help businesses to get fully in control of their finance. Freeing up valuable time and resources to concentrate on making more money!
So to add to my ongoing reviews of innovative finance tech’ I’d like to tell you about another way to manage the expenses in your businesses using a product called Soldo.
Many Players, One Master
When looked at from the outside, you can understand why a finance manager may baulk at the idea of issuing all employees with a company MasterCard for use on business expenses. That’s a lot of cards to manage and potentially lots of loose finances to corral at month-end.
But that’s just what Soldo offers.
Feature Rich, Well Designed
The beauty of Soldo is it’s a well-designed finance product. You really can allow all employees to have their own pre-paid MasterCard and still be fully in control. Soldo does this by using the following features:
Budgetary rules. You decide who can spend what, and where, with different rules for each pre-loaded card. Expense managers can set Soldo up to mirror the business structure or for varying levels of spending defined by role. In short, it’s a hugely flexible solution
There is an easy to use mobile app that allows employees to track their spending and request extra funding where required
A real-time dashboard.This offers minute-by-minute visibility of expenditures across all employees and departments giving total control of budgetary management to as granular a level as needed.
Expense capture. Soldo makes it easy to capture receipts and explanatory notes using the mobile app. This means you can finalise expenses in real-time rather than them getting stuck in a month-end cul-de-sac.
Automatic top-ups. Managers can authorise money to cards automatically based on pre-set rules, or an ad-hoc basis.
Different package levels to suit all kinds of businesses from SMEs to large corporates.
Best of all, it has full Xero integration. Soldo is fully compatible with Xero with no need for additional processes or importing of files.
Full FCA compliance. Soldo is registered with the FCA making it a secure and safe UK regulated finance product.
Show Us The Money
As with a lot of financial technology, Soldo not only gives you greater control it automates vast swathes of old-school expense management processes.
For smaller businesses where cash management is vital, the ability to set strict spending levels is a boon. And all while jettisoning the need for employees to go through tedious requests asking for permission to spend.
This means everyone can get on with his or her core role without wasting time on none value-adding activity. Should issues occur, they are easily identified and addressed by the accounts team or your accountant using the real-time dashboard
When you add in the power of the Xero, you have a technology solution that’s working super hard for your business while keeping you entirely on top of your finances.
Make Your Life Easier
By now, I hope you’re sold on Soldo especially if you use Xero as your accounting platform. In this case adopting Soldo could be described as a ‘no brainer.’
However, if you’re concerned about how to set up new technology in your business, then the Enso team is here to help. We’ll show you how easy it is to introduce products like Soldo to your firm and how to reap the many rewards they offer.
So if Soldo or a similar tech’ solution has caught your imagination call my team today on 07792 686479 or email me at email@example.com and let’s talk about getting it up and running ASAP!