#accountant – Sunnyside Accountancy

Weighing up a big investment in your business

Posted on June 30, 2022 | by Jessica Weston | Leave a Comment

Are you considering investing in a new way to make your business more productive or streamlined? With a tight labour market, everyone’s time is at a premium – so finding ways to maximise productivity has never been more important.

But it can take considerable funds to pay for a new website, ecommerce platform, software system or automations. Here are a few questions to ask yourself when you’re weighing up the costs and potential benefits of a significant investment.

What are the upfront costs – and the ongoing expenses?

A website, for example, has a large upfront cost for the design, content creation and build. You might think that the costs are then done, but it must be updated and maintained. You can do that in-house, in which case someone needs to be assigned to that work, or you can outsource it.

Always take into account the ongoing costs, because these are a vital consideration when you decide whether to make an important investment.

Which of your current costs will disappear?

Some of the costs you currently incur may vanish with a new system. It might be as simple as no longer paying the cost of an old subscription. Or it might be time saved that is spent manually entering data, processing payments, or dealing with customer issues that arise from an outdated system.

Financial costs are relatively easy to add to the calculations. It’s trickier with time, but try to put a value and quantity on what time might be saved if you can.

How will this change your costs in the long run?

Think about how your business will operate five years from now. Will this new investment allow you to increase your profitability without growing your team? Will you be able to spend more time finding outstanding high-value clients and less time on processes?

Any large investment should make your company run more smoothly, allow you to boost your output, and easily pay for itself.

When will this investment pay for itself?

Once you have all these numbers in hand, you can formulate some idea of when the investment will pay for itself. We can help you estimate a likely timeframe, and some best- and worst-case scenarios. You don’t have to make big choices all on your own – let us help you analyse the costs and benefits to give you more confidence in your decisions.

6 Benefits to Help Retain Employees for Your Small Business

Posted on April 25, 2022 | by Jessica Weston | Leave a Comment

The covid-19 pandemic sparked The Great Resignation, as many employees chose to resign from their jobs. As a consequence, small businesses are currently having a difficult time retaining employees. Since smaller companies typically cannot afford to offer the same benefits as larger enterprises, it’s essential for business owners to do what they can to keep their employees as satisfied as possible. Fortunately, there are several benefits that small businesses can offer to help keep their employees happy and make them feel appreciated.

#1 – Health & Wellness

One way to show your employees that you care about their well-being is to offer them health and wellness subscriptions. This could include access to online fitness classes or access to an app. Not only will this help your employees stay healthy, but it can also improve morale and encourage team camaraderie.

If your team works remotely, then even access to a mindfulness or meditation app can go a long way in terms of supporting their mental health and wellbeing.

If this all sounds abit expensive, there are lots of free apps you could promote. You could also encourage a more active lunch break, this could be a walk, yoga or anything to raise the heart rate. Alternatively try swapping a tea break into a mini workout or desk break.

#2 – Remote Work Options

The pandemic has led to an increased demand for remote work options. Employees prefer the flexibility that comes with being able to work from home or elsewhere. Therefore, it is important for small businesses to make a firm commitment to offering flexible and remote working opportunities. This can include allowing employees to take their laptops home, allowing them to work from home a few days a week, or offering access to co-working spaces.

#3 – Flexible Hours

Many employees prefer working flexible hours. For example, they may want to work from home in the morning and then come into the office later in the day or vice versa. In general, people like having more control over their schedules instead of sitting at a desk for nine straight hours each day.

This is especially true for parents who need to take their kids to and from school or childcare. Offering flexible hours can help them better manage their work-life balance so they do not feel overwhelmed with having to juggle too many responsibilities at once.

In addition, flexible working hours will allow your employees the opportunity to have a life outside of work by allowing them time for personal projects, errands, and social engagements.

Offering flexibility also demonstrates to your employees that you trust them. This could make them more likely to go the extra mile for you and your company.

However, it is important that employees who work flexible hours are still committed to finishing their projects on time so they do not fall behind or negatively affect other members of the team.

#4 – Personal Development

Continued Professional Development can boost staff morale and help employees feel like they are moving forward. Giving your team the opportunity to learn new skills or attend workshops or courses makes you team feel like you are really invested in them, their development, and a long career with your business.

You could organise group training, or simply provide information on opportunities that employees can take advantage of independently.

#5 – Partnership Discounts

If your small business has partnered with other local businesses, then consider offering your employees discounts at those establishments. This could include restaurants, bars, or even stores. Employees will love the opportunity to save money on their everyday expenses, and it can help to strengthen relationships between businesses in your community.

#6 – Employee Recognition

Recognising employee accomplishments is a great way to boost morale and make your employees feel valued. You could acknowledge individual achievements with an email or even announce them at the next staff meeting.

Rewarding employee achievements can encourage others to do their best, as well as maintaining high standards of performance throughout the company.

Final Thoughts

Small businesses often struggle with retaining employees. However, by implementing some of the strategies listed above, you can create a workplace that your employees will love and want to stick with for years to come.

LEAVE THE TYPEWRITER BEHIND AND SWITCH TO CLOUD SOFTWARE

Posted on September 18, 2020 | by Jessica Weston | Leave a Comment

We recently had a meeting with a potential client whose current accountant is still using a typewriter to produce their accounts. This led us to write a blog on the reasons why it’s time to leave the typewriter behind and make the move to cloud software!

Here are our top five reasons to switch to cloud software:

They help you to grow your business

The software allows you to get a real-time figure of how your business is doing at any moment so that you can immediately see any problems that need to be fixed. The software can also be used to predict any future problems and create ‘what if’ scenarios so that you can decide on the best course of action to take.

Integrates with other software

The main accounting apps such as QuickBooks online and Xero integrate with several other apps to make your life a lot easier. This allows your business to run as smoothly as it can with little input from you.

You can access your data from anywhere

Cloud software has all of the same features as desktop software but it can be accessed from anywhere so you’re not stuck at your desk all of the time!

Less micromanagement

Cloud apps require a lot less micromanagement than desktop versions because they are more intuitive. They’re also much less complicated to use!

Huge variety

There are absolutely loads of apps available to choose from so there’s definitely something to suit every business.

If you’re not sure about which apps you should be using for your business or you’d like a hand with your current software, please feel free to contact us.

10 QUICK TIPS TO IMPROVE YOUR CASHFLOW

Posted on September 14, 2020 | by Jessica Weston | Leave a Comment

Send invoices straight away.

The quicker you send your invoice, the faster you’ll get paid and you won’t get paid at all if you forget to send them.

Ensure that your customers pay your invoices on time.

This can be made easier by using direct debits, automatic invoice reminders, early payment incentives such as discounts, or late payment fees.

Increase your prices.

Are you charging enough for your products or services? If your prices are too low then you will be selling yourself short.

Consider new ways to appeal to more customers.

This could be by adding more products or services, putting items together to encourage customers to buy more or just updating your marketing strategy. Another great way to expand is to reward your loyal customers so that they are more likely to spread the word about you.

Take a look at your operating expenses.

Are there any you could cut out? Is there a cheaper alternative? We would recommend that you do a bank account audit every few months so that you’re only paying for what you need to.

If you use equipment is there a more efficient version you could buy?

Although this would cost more in the first place, in the long run it would save time and cut wage costs allowing you to produce more products. If purchasing equipment isn’t an option right now you consider leasing.

Be strategic about when you pay your suppliers.

If the supplier offers a discount for early payment then ensure that you pay early to save some money. If they don’t then pay at a time that suits your business best.

Open up a high interest savings account.

Put any spare money into here instead of leaving it sitting in your bank account not earning you any money.

Do credit checks on your customers before you sign them up.

If the customer has a poor credit rating then it’s very unlikely that you’ll receive payment on time.

Make use of accounting products.

Cashflow is a much easier thing to keep on top of if you can see the situation in real time.

TOP TIPS: Reduce Tax The Right Way

Posted on June 4, 2020 | by Jessica Weston | Leave a Comment

1) CLAIM EXPENSES

The simplest way to reduce taxes is to claim expenses. Did you know that you can claim for less obvious things such as:

Working from home costs
Mileage for business travel
Mobile phone
Professional subscriptions/memberships
And much more!

2) TAX RELIEFS

HMRC offer a wide variety of reliefs depending on your situation. A couple of these are:

Married and your partner has no income? Make sure you’re using the marriage allowance.
Are your self employed expenses less the £1,000? The trading allowance gives you a £1,000 deduction instead of using your expenses.

3) BUSINESS STRUCTURE

Depending on how much profit your business makes, exploring different business structures may give you tax benefits as well as business benefits. Ask our accountants about:

Sole traders
Partnerships
Limited Companies
Limited Liability Partnerships
And more!

Did you know? On an average income of £50,000 some of our clients have managed to save £3,000 in taxes by converting to a limited company.

4) FINANCIAL ADVICE and BUSINESS CONSULTANCY

Accountants aren’t just there for the numbers. With a large variety of clients and an extensive knowledge of the business world, we can help you with key business decisions and ensure you are as financially efficient as possible.

Get in touch to find out how we can help you.

Why outsourcing is beneficial for your business – Gaining back more time.

Posted on December 18, 2019 | by admin | Leave a Comment

There’s a dream surrounded with the idea of becoming your own boss and dictating your own business which can be rewarding and very advantageous, it allows you to have a chance of running the field in a certain area of interest you feel passionate about or if you decide you want to turn your hobby into your full-time income.

Although for many people this dream becomes a reality, the realization of how much added work there is to become your own boss can be daunting and off putting. The recognition of having to source your own HR, Accounts, IT, and Legal Department as well as having to be your own Head of Customer Service. This puts many people off the idea of running their own business and doing what they love day in day out as the dream doesn’t all seem so attractive after you’ve had these daunting realizations of all the added on ‘extras’ that come as a side parcel.

With outsourcing these aspects of your business, it allows you to thoroughly enjoy being your own boss and many other benefits such as;

GAINING MORE HOURS IN YOUR DAY

You’re the master of your business and what you do you wouldn’t trust anybody else to style your regular customers hair the way you have been for the past couple of years or to run your award winning pub that’s been passed down through your family for many generations. Ideally, you’d want to work your standard office hours, go home and enjoy the rest of your day but as many business owners will know that after completing your normal office hours during the day, you then have to go home and complete your paperwork and admin. By outsourcing, you can wave goodbye to the stress of having to work more hours to complete your paperwork.

TRUST THE EXPERTS

Whilst you may be the master of your own business, you cannot be the master of absolutely everything. As many people will know, paperwork tends to get shoved to the side and ends up at the bottom of your To-Do list. By allowing an expert to deal with all your paperwork, you gain back more time and don’t have to worry about getting it all completed on time which also allows you to gain more hours back in your day!

AN EXTRA PAIR OF HANDS

Sometimes you could be fully booked in the diary and other times you may have too much spare time you don’t know what to do with it all, Because of this roller-coaster that comes as a added extra when your self employed you would need somebody else to be employed to help around the house but you also don’t want the added expense of paying another employee.

FOCUS YOUR MIND

Once you’ve outsourced these tasks you have time to work ON your business and not IN your business. You’ve probably got great plans for the future, but have you ever thought how you’re ever going to achieve these if you haven’t got a chance to step back every now and then.

BETTER WORK AND LIFE BALANCE

Many people think setting up their own business is going to give them more free time to enjoy, although unfortunately in many businesses this isn’t the case. By getting somebody to help, you won’t be tied to your desk or laptop and you’ll be able to spend your time doing things you love the most.

HOW CAN SUNNYSIDE ACCOUNTANCY HELP YOU?

We are very flexible which enables me to be specialized to every client’s individual needs and requirements. Having worked alongside different industries, this has allowed us to have a further understanding in many different businesses to provide the right support for your business. We can provide extra support where needed and can help you gain more hours back in your day to focus on the bigger picture of your business.