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Start up or not to start up… That is the question

How to set up a business

I often hear people say ‘I don’t know where to start’, or ‘I just don’t have the skills to set up my own business’. My response is always to say you know more than you think you do and usually it’s true that most people have bags of skills gained through work and personal life experience.

What are you talking about I hear you say? Going into business is not that simple. 

You are right it isn’t simple, but I am convinced that we all have the required traits and qualities that you need to succeed, but those that take the plunge also commit time, plan well and are full of personal drive, determination and motivation.

I was honoured to share the stage for International Women’s Day celebrations at RBS in Manchester with a couple of incredible ladies, who have created businesses from personal experience.

Amy Varle had the odds stacked against her from an early age including having to find accommodation which turned into a lengthy and tortuous experience.

Believing that her terrible experience should not be replicated she has set up a very successful business called ‘The People Property Shop’ aimed at bridging the gap between the public and private housing sector.

On paper most people would have written Amy off as an entrepreneur and future business owner, but Amy is different to most people, in that she had a dream to own her own business.

She also had huge amounts of motivation and this raw determination, drive and inner strength so that when the going gets tough, you carry on and see out the course.

Whilst planning is important, this in itself is not enough to make you succeed in business, but dreams, desire, drive and determination coupled with some good advice will ensure you are a winner in the business race!

Most skills can either be learnt or bought in, but the ambition and desire to succeed can’t be, so if it occurs naturally you are going to be a winner.

Good luck in setting up your business!

If you need help growing your business contact us on [email protected] or give us a call on 0161 410 0020 for a free no obligation chat.

After all “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 set up a 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. 

 

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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