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How do you build a successful & sustainable business ?

If you listen to media right now, you’d be forgiven, thinking you are doomed…there’s no chance of any meaningful growth this year…..and that’s if you are lucky…..

I’m fed up of being talked into a recession….fed up of all the doom and gloom and it’s my mission to be a positive influence to our customers, suppliers and local community. 

So how do you make meaningful progress in 23…….

It is quite simple on one hand…….it’s all about your BEHAVIOUR……how you THINK and what you do in other words the ACTIONS you take..

So let’s jump right in….

Most business owners in the UK are so busy doing the do, stuck in the weeds they never come up for air and create time in their business to think.  The classic saying you have probably heard is WORKING ON NOT IN THE BUSINESS.

The businesses who will get ahead and thrive in 23 will:-

  • THINK more deeply than their competition
  • THINK more accurately
  • THINK more honestly………than most people ever think…

BUT YOU NEED TO SET ASIDE TIME TO DO THIS …..or you’ll just get caught up in the day to day…

Your success is all down to your behaviour….you can either skim read this or delete it as irrelevant or think about the message and maybe spend a little bit of time pondering…..and improving your business.

REMEMBER: we judge others by their behaviours

….and ourselves by our intentions.

I’ve just spent 2 days out of my business thinking…planning and now implementing….Remember..it isn’t what YOU KNOW it’s about WHAT you IMPLEMENT!

So the first thing to note is….successful professional business owners think deeply about what is required to build a successful business that delivers what THEY want on their TERMS….

When was the last time you sat down and listed what you wanted from your business in terms of personal money, time , enjoyment, resources and what the business needs to deliver in terms of your sanity….what you are prepared to put in and put up with.  Again it’s about thinking deeply about whats important to you……

After all, a Truly successful business should provide the income to support the lifestyle you want and the discretionary time to enjoy it…..

In our business we have signature system which helps clients to “MAP IT”, “SORT IT”, “SCORE IT” and “SUPPORT IT” .  This first step comes under MAP IT….where are you now, where do you want to be…let’s get Krystal Clear clarity on the destination.

If you’d like help with this drop an email to [email protected] and we’ll be in touch very soon.

 

 

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 do you build a successful & sustainable business

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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