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2020 Ladies Networking Lunch

Kim and Eleanor attended the 2020 Ladies Networking Lunch.  Kim has been a member of 2020 Networking for quite a few years.  This was a new experience for Eleanor to attend her very  first networking event.  

2020 Networking is a not for profit business networking group for women who come together to support each other, their businesses and the Children’s Adventure Farm Trust (CAFT).

What was it all about?

It was a lovely afternoon spent chatting and making connections with other female business owners.  The added bonus was the addition of afternoon tea at the Cresta Court in Altrincham.  

There was a panel at the event who discussed the theme of visibility- getting your business know.  There was lots of opportunity to ask questions.  Unsurprisingly Kim did…..especially around how to publicise the award we have just won!

There was also a raffle for which we donated a Free Profit Supercharging Session.  There were some great prizes donated by the members of 2020 Networking including lots of wine!  An amazing amount of money was raised for CAFT.

The event allowed Eleanor to not only gain some valuable networking experience but to also learn more about CAFT.  Through the networking group we support CAFT (half of the monthly membership goes straight to CAFT).  Also as a business we support the charity.  Kim has helped out at many CAFT open days and even dressed up as a polar bear at the children’s Christmas parties. 

What is CAFT all about?

CAFT stands for The Children’s Adventure Farm Trust.  It was set up many years ago by the late Tim Grundy from Manchester Radio.  It is a charity which helps children of all abilities aged 17 and under.  Who through no fault of their own miss out on the normalities of childhood.  These children could have complex and severe physical or learning disabilities, sensory impairments, or terminal illnesses.  They could be from a disadvantaged background, witnessed or faced abuse.  They may act as young carers or may have sadly already faced bereavement.  Therefore a minibreak at The Children’s Adventure Farm Trust provides a fantastic and much needed opportunity to escape the traumas of their everyday life.  For a few days they can simply be children again.  This is why we are extremely proud to support CAFT.

We have also helped support CAFT through volunteering at their many fundraising events.  Kim & David did a Financial Presentation in Stoke On Trent for one of our clients.  In return they made a hefty donation to the charity for us.

As a business it is great to be able to attend networking events.  In this case, not only to benefit us but for us to be able to support such a brilliant charity.  

Some times it’s good to get out their and be known in your local community not just open for business but doing business to help others.  Even if you are not doing business with people in the room, you never know who they know or the impact that you have made.  Also how that is relayed to others and therefore your visibility/profile goes up!

 

 

 

 

 

Disclaimer
It is important that you take professional advice before making any decisions based on the information that you learnt here. While every effort has been made to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information.  Professional advice should be taken based on specific circumstances in each individual case.  Whilst we endeavour to ensure that the information contained in the article is correct, no liability will be accepted by Krystal Clear Accounting which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.

 

What are Bank Feeds and how do they work?

In short, bank feeds create a digital link between your business bank account and your accounting software, such as Xero or QuickBooks.  

This means bank transactions are automatically downloaded into the accounting software. This simple piece of automation, completely removes the need to manually input every bank receipt and payment into the accounting software. 

Having bank feeds in place, saves a HUGE amount of time bookkeeping. That’s because it completely removes the need to manually input bank transactions into the accounting software. 

Saving time bookkeeping isn’t the only benefit for the business…. 

 

 

2020 Ladies networking lunch

What are the main benefits to a business using bank feeds?

Bank feeds automate, what was previously, a time-consuming task of entering all the bank transactions into the accounting software. 

 This saves the business a HUGE amount of time (& money) spent on bookkeeping.  

With bank transactions being downloaded from the bank every day, it means it’s quicker and easier to keep the bank balance in the accounting software up-to date. 

With the accounting software up-to date, the bank is updated daily which gives you a clearer, real-time view of your business’s cash flow.  

This makes it easier for you to plan your cashflow, and take action to improve it. 

There is always the risk of errors being made when data is being manually inputted into the accounting system. It is often time-consuming to find and correct any errors. Also, if an error is large then the Profit & loss and Balance Sheet reports will be inaccurate and potentially misleading. 

 Automating the bank transaction entry previously manual process, reduces the risk of errors being made and ensures that the bookkeeping records and reports are accurate. 

How to Link Your Bank to Xero

Ensure that your bank account is set up for online banking. This feature is typically available from all major banks. 

Log into your Xero account and navigate to the banking section. Select ‘Add Bank Account’ and follow the prompts to search for your bank. 

After adding your bank account details, you’ll see an option to set up bank feeds. Click ‘Agree’ to the terms, then securely log into your online banking portal through Xero to authorize the connection. 

 

Are Bank Feeds Safe & Secure?

Yes. 

Firstly, having bank feeds in place ONLY means bank transactions are downloaded into the accounting system. They do NOT give anyone else access to the business bank account. 

 Secondly, XERO has various security measures in place to give you a piece of mind that your financial data is safe and secure: 

 

  • Encrypted Connections: Xero uses advanced encryption technology to secure the data transmission from your bank to Xero. This means your sensitive information is encrypted during transit and cannot be intercepted or read by unauthorized parties. 

 

  • Compliance and Standards: Xero adheres to high standards of data security compliance, thus ensuring that its practices meet or exceed industry security standards and regulations. 

 

  • Regular Renewals: To maintain a high level of security, XERO requires that the bank feed connection is renewed every 90 days. This process is straightforward and helps ensure that the integrity of your financial data is always protected. 

 

people are connected
KIm Marlor the MD of Krystal Clear Accounting
krystal clear accounting

In Summary

In short, having bank feeds really saves businesses time and money on their bookkeeping.  

 They automate and eliminate what is otherwise a time consuming and error prone manual process.  

 Bank feeds is just one of the ways technology can be used to help business owners improve the financial side of their business.

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