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I have a book called The Daily Stoic by Ryan Holiday & Stephen Hanselman – it was given to me by my Accountancy Coach, and it has 366 Meditations on wisdom, perseverance, and the art of living.

Daily Stoic Book
Daily Stoic Book

“BE the person you want to be”

It has a wisdom per day and one over the weekend was entitled “Be the person you want to be”.  This is very relevant to us as business owners as it talks about deciding what kind of person you want to be, then do what you have to do to achieve it.  The example it gives, is an athlete and how they first have to choose the sport and then go away and put the effort in by training hard to perfect their sport.

The example given is an archer, who is highly unlikely to hit a target they did not aim for, the same goes for you, whatever your target is.

I think the parallels to business are obvious here, if you don’t know where you are going and have a written down plan, then take action you are never going to achieve your goals and potential.  We live in a world where we are told you can achieve anything you want, and whilst in a lot of cases (not all) this is true you still have to put the work in, putting many hours of practice, through hard work and toil to achieve whatever it is you want.

The article then goes on to say spend some time – real, uninterrupted time thinking on what’s important to you, what your priorities are.  Then, work towards that, it really isn’t enough to wish and hope.  One must act and act right.

So the art of planning is essential in being successful!

Now is as good time as any to reflect and Plan 

As 2020 and 2021 were extremely hard for a lot of business owners due to the Covid-19 pandemic lock downs, it was completely unique and unprecedented.  In many cases it completely blew them off course and affected any plans they may have had.  Maybe it is time now, for some serious reflection and doing things differently.

Some of the most successful business owners in the UK hit the ground running and moved forward quickly as consumer confidence returned.  The reason they were able to do that is they had gone through a planning session, and had a clear written plan with carefully thought-out actions, goals, and clearly defined milestones to achieve that goal.

A written down Plan

We find that the most successful business owners we work with have a written down business plan -it doesn’t have to be onerous, in fact a one page carefully thought-out plan is sufficient!  

We offer a half-day session planning session for our clients where they can come in and do a Face-to-Face session (or a zoom session if they prefer) where we will guide them through the process and at the end of it, they will have a plan that will have their: –

  • Purpose
  • Vision
  • Values
  • Key Performance Indicators
  • Ideal target Client defined
  • Value proposition for customers
  • Opportunities
  • Vulnerabilities/Threats
  • Most critical challenge
  • High level budget figures for the year
  • Goals broken down into 90 days actions

 

The Sat Nav for your business

In order to be successful in business, you need to know where you are currently and where you are going, and this one-page plan makes it super clear and helps you to focus.

If you’d like to know more about a 1/2 day planning session and what it can do for your business, call  0161 410 0020 or email [email protected] for a free no obligation chat.

 
 
 
 
 
 
 
 
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…. 

 

 

to reach a larger audience

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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