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Grow your profits with exceptional Time Management skills

Do you need more than 24 hours in the day? Well here's how...

Do you frequently feel like there are just not enough hours in the day to get everything done?

Do you get overwhelmed, can’t see the “wood for the trees” and end up not achieving anything?

Do you frequently need more than 24 hours in the day? Well then this article is written for you…

Time management

If you need to free up more time…

Plan – decide what is the most important task and then do that first.

Review each task and ask yourself “will this move me closer towards achieving my goals?”

squashed clocks

If the answer is no, do that later, after the tasks that will.

Remember the 80:20 rule…i.e. that 20% of your efforts usually generates 80% of the results.

Make sure you concentrate on the 20%.

Draw up a “To Do” list every day, preferably the night before so you are productive from the word go.

Delegate if possible or outsource.

Be honest, how much of your time is spent doing work you are over skilled for? Multiply the time by how much you are worth per hour. This will tell you how much you are wasting by being ineffective at delegating, if you can get it done for less, delegate or outsource.

Lead by example, encourage your team to delegate.

Make meetings more effective, use techniques like standing up (where appropriate), holding them at close of business, circulating an agenda before hand and agreeing actions before leaving.

Work out your “prime time” reserve this time for your most important income generating tasks and don’t allow people to disturb you.

Don’t procrastinate – just do it!

Have a note pad with you at all times, for when you need to capture great ideas or things “not to forget to do” as these things crop up at the least convenient times.

 

If you’d like to increase your profits, call us on 0161 410 0020 or email [email protected] for a free no obligation chat. 

“Not all accountants are the same!”

 

 

 

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?

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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…. 

 

 

How to grow you profits with exceptional time management skills.

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. 

 

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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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