Running your business in the cloud: Matt from FreeAgent
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Transcript of Running your business in the cloud: Matt from FreeAgent
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Let’s talk about accounting
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Accounts are like brussel sprouts!
Very few people enjoy them!
Most people avoid them!
Once a year you have to face them!
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Forget about the accounting!
It’s not about creating work!
It’s not about compliance!
It’s about powering your business!
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Two fundamental truths…Whatever you want to achieve with your enterprise, you can
only do it with a viable business model.
Even with a viable model, unless you get the money in – quickly and efficiently – you
will fail
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The figures are so important!
Consistently in top 10 of failure surveys:
• Poor cash flow management
• Inability to pay tax/wages
• Overspending• Poor credit control• Insufficient funding
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Why is that not surprising?
63% Had no formal accounting procedure in place
Source: NatWest survey, May 2011
46% unaware of break even point
49% don’t know their gross profit margin (KPI)
61% said cash flow issues were their most significant challenge
Stop talking about
accounting!
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Let’s look at it from a different angle!
And wasting130 hours (3 weeks) a year chasing payments
Source: BACS Payment Schemes 2012
In 2012, the average outstanding debt for an SME was £45K….
They were also waiting an average of 30 days past agreed payment terms for their money…..
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Two Golden rules:
1.It’s not a sale until they’ve paid!2. Get paid as quickly as possible!
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change“technology changes; people
don’t ”Deb ShultzBu
sinesse
s
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“Cloud” innately means...
collaborative
real-time
connected & present
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E-invoicing
CompaniesHouse
Banks
Accountancy
HMRC
Financing etc
Ecosystem
E-commerce
Web apps, APIs
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What does that mean practically?
We have the technology
We just need to change the mindset!
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2. Keep track of who owes you what.
What 4 things do all business need to do to get
money in?
3. Take payments
1. Invoice your customer –•Professionally•Accurately•Efficiently
4. Keep on top of late payers
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Chase payments consistently
Tips to keep on top of your finances
Invoice in a consistent manner
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Tips to keep on top of your finances
Make it easy for customers to pay
BACS
Payment buttons on invoices
Direct Debits
Mobile
paymen
ts
Chip & Pin
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Tips to keep on top of your finances
Keep track of business expenses incurred
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Tips to keep on top of your finances
Keep track of taxes (inc VAT) owed
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Tips to keep on top of your financesReview your financial position
regularly
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Matt PerkinsHead of SME Engagement
[email protected]@perkinsmattj
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