Working Smarter in 2021 : 6 Simple Solutions for Brilliant Bookkeeping
2020 hasn ’ t exactly been anyone ’ s favourite year on record , and the team at Natural Numbers in Chippenham are looking forward to helping local business owners have a much less stressful 2021 with these top tips for successful bookkeeping .
1 . Keeping track of debtors and creditors is often considered part of managing your business ’ s cashflow , but it also helps to protect your reputation . By staying on top of invoice payments and receipts , you are not only looking after your finances , but you are showing the people you work with that you are reliable and organised .
2 . Tracking sales regularly means that you will keep an eye on whether you need to register or deregister for VAT in “ real time ”, avoiding any surprises and helping you stay in control .
3 . Regular bank reconciliation is important , not only to stay on top of your cashflow but also to give you the opportunity to identify any suspicious or erroneous payments . By building this into your bookkeeping on a regular basis you will be protecting your finances at the same time as keeping your paperwork tidy .
4 . Do not fall into the trap that so many business owners fall into and leave your paperwork until the middle of the night or the end of a busy day . Paperwork is seen by many business owners as a necessary evil and is always the last job to be done but looking after your bookkeeping when you are tired makes it much more likely you will make mistakes .
5 . Keep your source documents tidy – no one knows how good their filing is until they need to find something ! By keeping your source documents well organised you ’ re less likely to miss things and much more likely to be able to locate any paperwork you might need further down the line .
Recognise if bookkeeping is not your strong point and think about whether outsourcing would be a better business or personal decision for you . Business owners are prone to trying to do everything themselves but remember that your expertise is in your chosen industry ; you don ’ t have to be an expert in every aspect of running a business . Outsourcing something like bookkeeping can take a weight off your shoulders , give you back some precious free time and put your business ’ s paperwork in the hands of a specialist without costing the earth .
For more information Visit Natural Numbers online at : www . naturalnumbers . co . uk Contact our friendly team on 01249 445445 or via email : office @ naturalnumbers . co . uk to discuss your needs today .
GET FIT FOR BUSINESS IN 2021
Does your business need a workout to get in shape for the year ahead ? SETsquared which is ranked the Global No 1 Business Incubator is providing a fully funded support programme to businesses in the Swindon & Wiltshire area .
The Innovation Workout , which takes place online , incorporates group exercises alongside one-to-one sessions with expert mentors . The events are designed to encourage businesses to identify areas of growth , develop products and consider different financial models .
Following the Workout , participants may be invited to join SETsquared ’ s Scale-Up Programme , giving access to expertise in growing businesses and dedicated support to help raise public and private investment .
Two local firms , Tasting Colours and Beam Connectivity recently took part in the programme .
Tasting Colours is a social enterprise bridging the gap between wellbeing theory and everyday practice to ensure everyone has the tools and knowledge to assess , build , maintain and sustain their own wellbeing .
Claire Armagan , Director , Tasting Colours , said , “ Tasting Colours is used to supporting individuals to think differently , challenge perspectives and innovate themselves but when it came to organisational innovation , we felt less prepared .
“ We were invited on the innovation workshop and we jumped at the chance . Over the course of a few days , we were taught to think differently about every part of our business to find efficiencies , explore existing markets and explore new opportunities .
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“ The programme gave us the skills to continuously challenge ourselves and stretch every opportunity – it has created the resilience in our organisation that ’ ll ensure we ’ re always thriving and never just coping .
“ We ’ d recommend the workshop to anyone that ’ s struggling to plot a new course – you have the answers , you may just need some poking to find them !”
This Autumn , Beam Connectivity also took part in the Innovation Workout . This start-up builds connected vehicle systems , particularly in the electric vehicle space using the Internet of Things ( IOT ).
Thomas Sors , CEO , Beam Connectivity , said , “ The programme gave an opportunity for our team to step away from our day-to-day technical development activities , focus on developing some of our new product ideas , articulate these , and to work with the SETsquared team to improve our direction .
“ During the programme , we learned about the Business Model Canvas and several other related techniques for business model review . The input from the experienced SETsquared team was valuable . Looking back now , the single most enduring help has been a way to present our business model and a set of structured questions we can keep returning to check our direction .
As a start-up with only a few team members , we have to pick the areas which we focus on carefully . We continue to use the tools from the programme , for example using these in our recent quarterly shareholders meeting . Specifically , we use the Business Model Canvas to present our new product ideas , and other tools from the programme to help prepare for conversations with partners .
“ I can recommend the course to other businesses , particularly those looking to refine and develop new business models .”
The Innovation Workout is open to registered businesses in digital , health , sustainable or advanced engineering sectors with several years of growth .
To find out more go to : www . SETsquared . co . uk / workout