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What do skiing and business have in common?

What do skiing and business have in common?

What have skiing and business got in common?

Not a lot?

Well in truth more than first meets the eye.

Whilst on a holiday to the French Alps, I got thinking that a lot of the same disciplines are required when you run a successful business.

Let me explain what I mean…

There are several keys steps that are the same:-

    1. Planning
    2. Setting realistic targets and goals
    3. Getting in training
    4. Having the right equipment
    5. Enjoying the moment
    6. Reviewing and implementing corrective action

 

1   Planning

You wouldn’t just turn up at the airport and decide to go skiing in July for example; you would plan when and where to go, you need to ensure there is snow. You would think carefully about the right resort for you and the rest of your party, no point choosing somewhere that is not suitable for the level of skiers in the group.

 

2   Target setting

You would decide, how long to ski for, a week, 10 days, two weeks maybe, dependent on your fitness. The length of time each day you would ski. What type of difficulty of run you would attempt on day one and the end of your holiday. No point setting yourself a goal of doing a black run on day one if you have never been on ski’s before. It just isn’t realistic!

 

3   Getting in training

If you really want to get the most out of your holiday in terms of maximising skiing and enjoyment, you need to be really fit, however if you just want to pootle about and enjoy yourself you don’t need to train to the same standard that an Olympic skier does.

It’s down to personal choice and business is a little like this, the more effort coupled with training and development you put in, the more successful a business is likely to be.

 

4   Having the right equipment

Having the right equipment is of paramount importance when you’re skiing. If you are not dressed properly you will be cold and if you don’t have the right boots and ski’s you won’t be able to ski properly if at all.

It’s the same in business. If you don’t have the right information, like budgets and management information you won’t be able to achieve those goals, quickly, if at all. More importantly, you may not even stay in business if you run out of cash because you didn’t plan and get the right tools in place first.

Either way it will be one major headache that you can really do without!

 

5   Enjoying the moment

When your skiing, you have a really short time span for enjoying your holiday, that particular day and even that particular ski run regardless if it’s a red, black or blue run. So you need to savour every moment, every view, the fresh air and hopefully the sunshine and mountain views.

The same is true of business.

You may have a short time frame to get your product or service to market, so you need to enjoy your success and have your eyes on the targets in front, be it to roll out the next product and grow the sales revenues before you move on to the next challenge.

 

6   Reviewing and implementing corrective action.

In skiing unless you’re an expert, you need to work really hard on mastering the basics. In order to improve, go in one direction and not fall over, the same can be said about a business.

You have to put a huge effort in to perfecting your product or service.

There will be many hiccups on the way, you’ll continually have setbacks, but you need to pick yourself up, dust yourself down and get right back on track trying even harder than before.

However when it all comes together you will be soaring on cloud 9 literally. You will reap the rewards of all that hard work and determination.

Work hard and play hard and you will win in the end!! 

 

If you’d like help increasing your profitability why not call us on 0161 410 0020 or email [email protected] 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?

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…. 

 

 

What do skiing and business have in common?

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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