finance

12 Days Of Tipmas Day 1: Have A Monthly Plan And Process In Place For Your Accounts

MOMENTUM Business Support 12 Days Of Tipmas 2021
Two laptops on a white desk surrounded by documents and infographics

We all know running a business can be time consuming and incredibly busy, which is why planning is an absolute must. Monthly plans and processes not only allow you to better visualise your business’ current state but also help to begin the development of future strategies.

Saving time

Monthly planning saves time- allowing you to focus on other important aspects of running your business. Providing a boost to your time management, having a plan in place prepares your business for upcoming spending as well as protecting you from falling behind on payments and expenditures.

Assessing progress

Apart from establishing a regime and saving time, monthly planning also allows you to assess your business’ financial health. You can examine what is working and what isn’t while getting to the root of any problems and identifying underlying issues with ease. It’s a fantastic tool for business growth as well as budget and forecasts comparisons.

A monthly business plan might include:

•  A cashflow statement

• An income and expenditure statement.

• A sales forecast

• A balance sheet

If you’d like to find out more about how we can help your business with cashflow management, please get in touch: 

E: makeithappen@mbsmih.com T: 01903 688789. 

What To Outsource A Month Before Christmas

MOMENTUM Business Support Business Support
Christmas tree in a town centre covered in blue lights

With only 5 working weeks to go before Christmas hits, what do you have left on your to do list?  

In between concentrating on serving your customers, providing your services and managing your workspace and teams, there’s an abundance of operations and management jobs that need to be done. Why not take some of the pressure off and ensure you finish the year with all these tasks completed too. Here’s some ideas about what you can outsource to ensure you rest easy this Christmas. 

Admin 

This time of year it’s always good to start getting ready for next, and an important part of that is organisation. You don’t want to come back to work in January with a messy inbox, unorganised filing systems and unruly databases. So why not enlist someone to help? It may only be a few hours work, but against providing your core services, it’s not necessarily a priority.  

An experienced personal assistant can expertly organise your emails, purging out of date or unnecessary correspondence, creating folders to file important emails, highlight important messages and much more. They can even send holding responses for you to give you more time to deal with key communications. 

When it comes to your digital filing systems – folders on your laptop/ computer, DropBox (or other file sharing platforms) or local servers – these can get out of hand after 12 months activity! It’s a task that you probably keep thinking about, but let’s face it, the prospect of sifting through and getting them sorted isn’t a fun one. Why not bite the bullet and recruit a helper? With an impartial view and no emotional attachment, they’ll quickly and efficiently tidy your files and likely make them much more user friendly too! 

The same goes with your databases. Over months of use and ongoing updating they’re prone to getting untidy. New names get added to notes, but not the ‘Contact’ section. Numbers and addresses aren’t always up to date. Old information and data entries are kept when they no longer need to be. Excel spreadsheets have formatting errors and inconsistencies. It’s a mess! Get a skilled administrator to have a look and take the stress of this task away. 

Whilst we’re on the subject of admin, have you sent your customers’ Christmas cards out yet? We can source, print, write and post them for you if you like? 

Finance 

This is so important. We can’t stress enough how little time there is until businesses start slowing or shutting down for the 2-week holiday period. Realistically you only have 4 weeks to get your outstanding invoices sent or followed up for payment. It’s nice getting the orders in and goods sent out, but it’s even better to start a new year with the cash in the bank and your finances in order. We understand one can’t happen without the other, but these processes don’t have to be independent. Hiring a capable Credit Controller to follow up older debts and keep on top of new ones is the best way to ensure you’re ahead of the game when January comes around. 

Bookkeeping is another key area that’s often left until it’s an absolute must. Incoming invoices, receipts and payments are a regular daily occurrence for most businesses and it’s easy for them to pile up quickly without being properly logged, making year end books a bit of a headache. Why not alleviate some of the pain and let a professional help you get it all organised? 

Quick question … When was the last time you reviewed your annual cashflow results and forecasts to look for expenditure savings? We’d be happy to help by producing simple summaries and overviews for you.  

Digital Marketing  

It’s easy to let marketing go a little when you have a busy period, but the problem with that is, when it gets quiet again there’s nothing in the pipeline! Don’t let your new year suffer because of your December successes. Employ an experienced digital marketer to help create and keep on top of your newsletters, mailshots, annual summaries and infographics. Keep the promotions going for January and get a plan in place for the rest of the year. 

Whether you currently use social media as a marketing channel or not, now is the time to start thinking about your strategy. If you use it already, you’ll know how important a good plan is and if you don’t, you should be! Seek the services of a digital marketing expert so it’s not all on your shoulders. The best way to interact and engage with prospects often changes, their help and advice will be invaluable – Not to mention they’ll take the daily workload that comes with social marketing away too!  

FYI – We’ve worked with over 30 industries on 100’s of accounts, across multiple social media channels. We’re always happy to answer questions and share ideas. 

So, whilst you’re taking care of order fulfilling; customer services; staff reviews; stock takes; desk clearing; and new year goal setting, let us help with everything in between. Allow yourself to make time for the most important thing of all – spending time with family and friends and taking some much-needed time off! 

We have been successfully providing services remotely for six years now. We are members of the ICO (Information Commissioners Office) and have been for 6 years. We work on our clients’ behalf as part of their team, and you can be confident that all services we provide are GDPR compliant, we take confidentiality seriously. 

If you’d like help with your admin, finance tasks or digital marketing, then please get in touch:  

T – 01903 688789  E – makeithappen@mbsmih.com 

Getting organised for your Self-Assessment Tax Return

MOMENTUM Business Support Admin, Administration, Business Support, Finance
A pen, calculator, and paperclip laying on top of a financial graph

With only a few weeks to go now until the deadline for the Self-Assessment Tax Return we’ve been asked by a number of clients how they can be better organised and get prepared in advance. So here’s our top tips on how to get organised early, so you can cross off the dreaded task from your to-do list.

Start Early
Start preparing for your Tax Return early to allow yourself enough time. There’s nothing worse than being right on deadline for a task, so don’t leave it until the very last minute to start getting your preparation underway!

Little and Often
Throughout the year, set time aside each week or month, using calendar alerts to remind you to take that hour out of your day, to sort through the relevant documents needed to file your Tax Return. This way, you won’t lose information or build up an enormous amount of paperwork that you’ll have to spend hours trying to sort through at the end of the year – which can be very stressful.

Create a Filing System
Set up a filing system that works for you. Whether that’s using folders, spreadsheets or an app – use whatever you find easier. When you’re out and about running errands – take a document wallet with you so you can place any relevant receipts straight in there. This will save you scrambling to look for them at a later date!

Don’t Stress!
Filing your Tax Return can be an overwhelming experience. The key is to get organised using the simple steps above and you’ll be fine! Remember – you can always seek advice from a professional accountant if you’re unsure about anything, and we’re always here to help too!

All the information you need about completing your self-assessment Tax return can be found here on the GOV website:
https://www.gov.uk/self-assessment-tax-returns

If you find yourself needing help with organisation in 2018, we can help! Contact us today for more information.
E: makeithappen@mbsmih.com T: 01903 688789

5 Easy Ways To Improve Your Cashflow

MOMENTUM Business Support Finance
a five Euro bank bote

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Cashflow is without a doubt the number one issue faced by small business owners. Almost every survey, poll or graph highlights this, and even if they didn’t, we all know ourselves that this is most definitely the case!

We work with a number of small businesses in a wide variety of industries and sectors, and thought we’d share with you some of the best processes we’ve learnt and implemented.

1.    Reduce Payment Terms
Whilst the perceived ‘norm’ for payment terms is 30 days, there is no actual rule or regulation that truly says this must be the case. If you’re a B2B provider that issues invoices on a monthly basis you can decide when they are due. This may vary from client to client as agreed or you may decide on a generic approach, the point is, if you want your invoices paid within 14 days instead of 30, then this is your decision. The benefits here are that payments are received regularly throughout the month, and if you have late payers, their perception of how late the invoice is increases. Whilst you still might not receive the payment on time (within the 14 days), you’re much more likely to receive it within 30 days!

2.    Invoices Due At Different Times Of The Month
Though creating invoices at a set time within the month may be useful for your time management, it’s not ideal for cashflow. Creating invoices weekly with varied payment terms as you see fit or as agreed with your customer will help to ensure that you have fresh payments cycling through the business every week. It will also help with Credit Control and keeping on top of late payers. The benefits here are that payments will flow more regularly throughout the month. If you have 30 day payment terms, and space out your invoices to be sent (let’s say) each Friday, after the first month you will start to receive fresh income each week.

3.    Speak To Account Payers Regularly
The best way to ensure your invoices are paid regularly and on time is to ensure you have a good working relationship with your clients. Speaking with them on a regular basis about what’s happening in their business and understanding if there may be reasons to stop them paying your invoice on time will help to mitigate this actually happening. By simply following up once you have sent invoices out to ensure they have been received, and there are no queries, proactively reduces the likelihood of last minute ‘no pay’ reasons. It also helps build an open relationship and shows your clients that you’re happy to work with them and be flexible where needed, and encourages them to be the same with you.

4.    Get Someone Else To Cover The Credit Control
Another great way to help ensure your payments run smoothly throughout the month is to enlist the services of an independent person to conduct your Credit Control. This ensures you keep your working relationship with your client, they can vent any frustrations to you about your Credit Control person, but ultimately don’t ‘blame’ you, as the Credit Controller is merely doing their job. It’s the age old ‘good cop’ ‘bad cop’ routine, but really works when it comes to maintaining relationships and getting paid!

5.    Invoice On Time!
An obvious but easily and frequently overlooked factor in cashflow. Whilst it can be hard to keep on top of all of your paperwork and do the work too, invoicing should never be sacrificed. Book a regular spot in your calendar each week/month and above all else, once you’ve done the work, get the invoice out there!

We have lots of experience when it comes to cashflow improvement and credit control, so please don’t hesitate to get in touch if you’d like to chat through your current processes and how they could be enhanced – T: 01903 688789 E: makeithappen@mbsmih.com

You Need A PA – Here’s Why

MOMENTUM Business Support PA
A calendar notebook layed out on a table

A Personal Assistant, or Virtual Assistant (the same thing – just not taking up extra space in your office!) is an invaluable resource for exponentially increasing your productivity.

A bold statement I know, but let me explain.

Let’s take last Monday as an example.

Prelude: The previous week was a fantastic week for business, everyone was back into the swing of things, there were a ton of enquiries and existing customers were focusing on the big plans for 2016. Friday came round crazy fast and before you could say 6 o’clock it was time to head off to get ready to travel to Wales for the weekend – family wedding! The packing was done (well… mostly!), but the Hotel wasn’t confirmed and nor was the suit hire. The car needed refueling and there were no plans for dinner. An absolute stressful nightmare – but it all got resolved with some last minute organising and a slight delay in arriving at the Church on Saturday! The rest of the weekend was brilliant, catching up with family and lots of celebrating. Back home late Sunday night, (check a few emails) and thoughts turn to everything that needs to be done on Monday…

So, last Monday. First things first – create a ‘to do’ list.

# Vet appointment for Archie
# Meet Dave re Website enhancements (+lunch) 10 – 1pm
# Get time booked in with Rachel this week – Thurs?
# Send Quotes – Forum Ltd / Harry D / Exom / Mark / Sarah H
# Chase flyer prints
# Organise team meeting for tomorrow – minutes from previous / actions!! / lunch??
# Dinner out this evening!!!
# Send Invs – Sam / Grover PH
# Emails!!
# Airport parking

By the time the ‘to do’ list was created, there’d been a couple of urgent emails and two phone calls. It’s already 9.15am and time to start thinking about travelling to the meeting with Dave. No real prep done for the meeting – there hasn’t been time! And need to call Dave to see where the meeting is.

10 – 1pm     Meeting and lunch finished with lots of actions to take away regarding content gathering for Website enhancements. Now it’s time to get back to the office and take action on the rest of the ‘to do’ tasks.

1.30pm         First things first, review emails and respond to urgent ones.

2.00pm        Create and send quotes – can’t send Mark’s or Forum’s as need additional information, emails sent to request info.

2.50pm        Call several venues looking for a suitable meeting room for tomorrow, lunch booked (a little more expensive than preferred). Actions from the previous meeting reviewed, several actions require others’ input – have not heard from them so it’s likely they have not been done either. Will select the most urgent and discuss / defer the rest for the following meeting.

(Several calls received in between)

4.30pm        Booked restaurant for this evening, only early tables available as such short notice! Action several urgent emails. Finally make Vet appointment for Archie – this Thursday.

5.10pm        Type up minutes and actions from previous team meeting, ready for tomorrow.

6.00pm        Get ready and head out to dinner.

9.45pm        Finish and send minutes and actions for team meeting tomorrow. Review and reply to a handful of non-urgent emails.

So, by the end of the day the ‘to do’ list looks a little like this ..

# Get time booked in with Rachel this week – Thurs?
# Send Quotes – Forum Ltd / Harry D / Exom / Mark / Sarah H
# Chase flyer prints
# Send Invs – Sam / Grover PH
# Emails!!
# Airport parking

.. with plenty more to add into the mix from today’s activities.

Does this sound familiar? Even a little bit? Long days no-where near as productive as you had hoped. It’s not a bad thing though, busy means business is going well right?

Unfortunately, no – we can all be extremely busy being ‘busy’. There’s a perpetual cycle here, with each day feeding the next with more disorganisation and personal disappointment at the tasks that have not been done. Having a Personal Assistant to delegate your key (but not necessarily highly skilled or bottom line increasing) tasks is a fundamental requirement for any business owner looking to grow their company.

If we go right back to the weekend away, even before the Monday ‘to do’ list was created, there’s a significant number of small daily tasks a PA can support you with, ensuring your personal as well as business plans run smoothly:
# Confirm the Hotel
# Confirm the suit hire
# Book a table for dinner
# Organise meeting venue with Dave
# Action and research majority of content gathering / requirements for website enhancements
# Respond to email enquiries and obtain additional information as required
# Organise venue, lunch and participants for team meeting
# Type up meeting minutes and actions straight after meetings – ensuring they are sent with plenty of time to for everyone to complete the actions
# Book restaurant for evening meal
# Book Vet appointment
# Reply to non-urgent emails and simple enquiries on your behalf

Not to mention the additional tasks on your ‘to do’ list that would have also been completed:

# Get time booked in with Rachel this week – Thurs?
# Chase flyer prints
# Send Invs – Sam / Grover PH
# Airport parking

When it comes to your business, nothing is more valuable than your time. A Personal (Virtual) Assistant will help ensure you stay focussed and on track by taking care of the day to day tasks that take you away from running your business.

If this is you and you’d like to find out more about how a Virtual PA can help you, then please get in touch – we’d love to hear from you. Our Virtual Assistant services are extremely flexible. You can have daily support or make ad-hoc requests as and when the need arises.