Working on it or in it?

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Are you working on your business or in it?

I regularly hear people say ‘I am working really hard, but my business seems to be stagnating’. When I dig deeper I often find that they are working in, rather than, on the business.

For a business to be successful, you need to focus on your strategic goals and take steps to achieve them.

So ask yourself the question “Are you working on it or in it?”

As SME business owners we often get pulled into the nitty gritty of running the company.

It could be dealing with a customer issue, or a staff management problem or a product or service review.

It is really hard to take yourself out of your day to day operational role and review the strategy and direction of your business.

At Krystal Clear Accounting we recommend our clients do this on a regular basis, ideally weekly or monthly. Some do quarterly or half yearly, but it should not be left any longer than that.

Once a week we meet with fellow business owners and discuss areas of our business that we want to improve. We block out a couple of hours in our diaries, sit down in a quiet meeting room and discuss the things that are keeping us awake or causing us pain and bounce ideas off each other. Usually this helps us see a way to overcome the obstacle in our path.

It’s all too easy to put off these meetings, but it’s important in moving the business on to where we want it to be. It’s all about taking time out to focus on the bigger picture. It’s amazing to see the impact over time of small step changes made on a regular basis.

Here at Krystal Clear Accounting we like to practice what we preach so we commit to this process with our clients. Some of the things we’ve talked about include:

- - Improving systems to free up more time
  - Increasing your marketing reach and getting more sales
  - Increasing overall profitability by delegating more or outsourcing jobs
  - Advising on staffing issues and incentives

I would definitely recommend setting aside a couple of hours with your accountant to bounce ideas off them and get clear in your mind how to move your business on and achieve what you want from it.

Act now before even more time has passed by!

Good luck in working on your business.

If you’d like to speak to one of the team to see what’s possible for you & your business call 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….

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.

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.

Working on it or in it?