Accounting Software: It’s Value for SMBs

Along with handling day to day operations and planning for the future, a small business needs to keep a record of its financial transactions.

A Simple Accounting Software Can Help You Monitor Your Business Better

When handling a business, being hands-on is a good thing, but unless you’re a certified accountant, it is best to entrust your bookkeeping to an accountant and equip your company with systems that can make things easier. Many new businesses risk failure because of improper bookkeeping, so do yourself a favour and get a simple accounting software to help you monitor your business better. Below are some of the accounting and bookkeeping mistakes businesses often commit. Make sure you don’t do the same. Not Using an Accounting Software – Excel is a great program; it’s just not elaborate enough to handle the more complex requirements of business accounting compared with non-generic small business accounts software such as those provided by Cash Manager Limited. A software specifically created for accounting is easier to use and provides more tools for you to better assess your business.
http://cashmgr.co.uk/a-simple-accounting-software-can-help-you-monitor-your-business-better/

Cafe owner shares 5 tips for growing your business with technology

If you’d asked anyone 10 years ago about how important technology was in running a successful café, they probably would have responded: not at all!

But today, we are increasingly seeing small businesses embrace technology to grow and be more relevant to their clients.

We spoke to Nathan Dunn, owner of Tuihana Café Foodstore, about what it means to run a cafe with technology at the heart of everything. He gave us five tips for growing your business using technology like Xero and social media.

The business

We are a Café Foodstore situated in Mt Eden, at the city end of Dominion Road in Auckland. We purchased the business four years ago when it wasn’t doing very well, and we have had the hard but satisfying job of turning it all around.

We cater to local clientele and also visitors who hear about us! Our food is a Kiwi/Maori mix. We have favourites such as eggs bennie and a delicious lamb burger, combined with some traditional Maori herbs like horopito and kawakawa. Our bread is made on site and is the traditional Rewana (sourdough potato) bread.

Embrace social media in multiple ways

I believe we’re one of the most tech savvy and social media active cafes in NZ. We are active every day on Facebook, Twitter and Instagram, with big fan bases spread across those three platforms.  Our staff have Instagram on their phones, so they can take a quick snap of something exciting. It immediately pushes out to the other platforms, through a custom software platform I developed. We also allow for mobile ordering, via SMS, email or Twitter DM.  As far as I know, no other café allows you to order a flat white through Twitter. We also provide free WiFi in the café that requires no login codes, so it’s super easy for everyone.

We also use Xero’s online accounting software to manage our finances, so technology is really at the heart of our business if every aspect.

Invest in staff, listen to customers

Amazing staff. Staff will make or break a café. We also listen to our customers, a lot. Our regulars are a big part of our business, and some of them come in multiple times a day. If they are having a slow day at work, they want to come to the café for a pick-me-up. It’s up to our staff to create those personal, genuine connections, to keep our regulars coming back. We are constantly making changes and improvements based on what they think.

Be willing to make changes fast

Besides lots of exciting new food options, we try many different things in the cafe around marketing. The interaction with our customers via social media, and using cloud-based technology like Xero, allows me to see what’s working and what’s not, and adjust our focus to suit.  The margins in hospitality are razor thin. If something’s not delivering, we need to change it, and fast. It may be too much wastage, or food priced incorrectly, so it’s far too late to do all these at the end of the financial year.

Use technology that speeds you up rather than slows you down

I do all the accounts, and have directorships in a handful of other businesses, so I am time scarce.  Xero allows me to reconcile my accounts in about 10 minutes and see how we are tracking. Bank feeds and invoicing are also major features for us. We can quickly and accurately code up our transactions, and run weekly profit and loss statements to see how we are tracking.

The fact Xero is cloud based is a must for me. I’ve just been in the US for two weeks, and was able to do my GST return and file it from a hotel in Louisville, KY.  This week I’m in Singapore, and I’m just as functional as if I was in NZ.

Find the metrics that matter and check them regularly

Xero allows me to be very efficient. I don’t have to spend a lot of time digging for the info I need.  It’s all there, ready for me to analyse and act on. I do a lot of reconciling on my phone and iPad, and I run reports on my laptop.

By being able to do weekly and even daily profit and loss statements, we can see how we’re doing in real-time and make any tweaks. It’s important to do comparisons from previous periods (such as the previous month, or even previous years) to make sure we’re still growing. It’s not enough just to see money in the bank; this can be a false sense of security. So I would say the real-time visibility and being able to see exactly where we are at has allowed us to grow because we can respond to things much quicker.

Anything else you’d like to add?

If you’re not using Xero you’re setting yourself up to fail.

Check out Tuihana Café and Foodstore on Twitter @tuihanacafe and Instagram  http://ift.tt/1AVRW9i

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How to charge what you're worth and get it

Resources: 

Pricing

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Happy workplace, happy business

In this guest blog, serial entrepreneur, CEO of Central Working and Business of Happiness ambassador James Layfield offers his thoughts on how a happy workplace supports a happy business. 

Imagine your ideal workplace. What do you think of? Do you picture conscientious, innovative colleagues, or a trendy office? Maybe it’s a plum view across the city?

For me, it’s the people you work alongside that make your job what it is. A business is only as good as its people but it’s not just about getting the recruitment right.

Creating a special environment is important if you want to build a happy and successful business. We’re not just talking about the workspace being stimulating. At its heart – and this is crucial – it should encourage regular human connections and the chance to chat.

The aesthetics should never trump the practicality of a working environment, but sadly they often do. As startups and entrepreneurs you have the freedom to choose your working environment, so make the most of that opportunity.

You dedicate the vast majority of your time to your business so doesn’t it make sense to spend it in the most effective way? In a nurturing environment, surrounded by people that inspire you, can help you grow, and that genuinely care about you doing well? An increasing number of businesses are realising that the current world view of an “office” isn’t helping them do that, so they’re looking for other options.

I passionately believe the best alternatives offer opportunities to collaborate. People need people; we work better and achieve more together. Of course there are times when working independently is vital for concentration and getting stuff done, so you need to offer options for different modes of working. But these occasions should be the exception rather than the rule if you want to make magic happen at work.

You can find the perfect physical space that encourages collaborative working and attracts top talent, but a supportive culture and a dynamic atmosphere still needs to be nurtured.

Try these three simple tips to discover a business full of smiling faces:

1. It’s good to talk

How often do you send or receive an email from someone across the room when a quick chat would have been far quicker and more productive? Or perhaps you get caught up in the confusion of a misinterpreted email. If a quick chat will do the job, head over or pick up the phone instead. It’s better to know there are no crossed lines and the bonus is that you might discuss or learn something really useful. Opportunities exist in the spaces between the facts; you can’t see them in an IM.

2. Listen up

It can be difficult to give people your undivided attention in today’s digital, ‘always-on’ world. But committing to this can lead to huge leaps in productivity and morale for your team.  Listening is harder than you think; most of the time you think you’re listening, but in fact you’re off in that next email or worrying about that next meeting. Stop, be clear and listen. You’ll get way more done.

And keep an ear open for opportunities to help colleagues and be aware of what’s going on around you. This might mean unplugging the headphones or taking the time to have a proper conversation when you next bump into someone in the kitchen.

3. Get personal

Chat about life away from work and take an interest in colleagues’ hobbies when you grab lunch or a drink together. Not only will this help build better relationships, but you’ll also uncover hidden opportunities, whether it’s an untapped client lead or a skill you didn’t know someone had.

There’s no complex equation or algorithm required to create a happy business. Instead it’s the little changes you can make every day that could help you realise you were in your perfect place to work all along.

James Layfield is CEO of Central Working, a leading network of business clubs with locations across London and Manchester. Central Working provides over 800 businesses of all sizes with the environment, community and support to thrive.

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Employment intermediaries rules: how to work out if you’re affected

You may not know if your business qualifies as an employment intermediary, and we couldn’t blame you. But it’s extremely important you know if you are affected by the legislation that was included in the Finance Bill 2014 concerning false self-employment (so-called Onshore Employment Intermediaries). Besides bringing new tax and National Insurance considerations for both businesses and contractors, this law means that ‘intermediary’ businesses will now have to make quarterly reports to HMRC in…

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Polly LaBarre’s Maverick Manual for Success

As a founding member of the Fast Company magazine team, Polly LaBarre has seen her share of successes—and failures—in the business world. Now the cofounder and director of Management Lab, she helps businesses and entrepreneurs succeed. She starts by asking them a single question: Are you capable of changing as fast as the world is changing?

Speaking to the audience at Day Two of Xerocon Denver 2015, LaBarre shared the seven tips that make up what she calls her “Maverick Manual for Success”:

1. Stand for Something

According to LaBarre, now more than ever, success hinges on standing out from the crowd and doing what it takes to make people pay attention. “Today you really have to make a case for why what you do matters. So you have to stand by a set of ideals,” LaBarre explained. “You have to imagine and advocate for a better future.” Nothing is more compelling than someone driven by a sense of purpose, both in life and in the world of business. And purpose, as LaBarre defines it, isn’t a wishy-washy sense of well-meaning, but a way to refine and focus your talents. “Purpose,” she says, “is really about sharpening your edges.”

2. Lead Without Authority

“It’s very clear that the age of the all-powerful, all-knowing leader is over,” declares LaBarre.  Most 21st-century organizations struggle to find balance between control and employee freedom. They know this is the path not only to a great work culture, but also to customer satisfaction. Freedom and happiness tend to trickle into the products and services that companies that get it right produce. . Here are some of the signs of a non-traditional, non-hierarchical management structure:

•    Coordination happens without centralization
•    All ideas compete on equal footing
•    Power comes from sharing, not hoarding
•    The wisdom of the many trumps the authority of the few
•    Novel viewpoints get amplified
•    Mediocrity gets exposed

3. Do the Work of Art

“Art is work that can change someone for the better,” says LaBarre. Many of the most successful individuals and organizations today strive to inject some creativity into everything they produce. “Creativity is central to what it means to be human,” explains LaBarre. “The problem is, we tend to grow out of our creativity instead of growing into it.” To “do the work of art,” no matter what business we’re in, we need only to become more serious about experimenting, iterating, and prototyping. As Pixar’s mantra puts it, “Be wrong as fast as possible,” because for every 1,000 ideas, there may be only one that’s a real home run.

4. Learn As Fast As the World Is Changing

To keep up with the pace of change today, LaBarre says, “We have to cultivate a first-person experience of the future.” What does that mean? It means being open and hungry for change, and willing to get outside of our comfort zones as much as possible. LaBarre cites the Randomised Coffee Trials, or RCT, pioneered by Nesta. They used an algorithm to determine, randomly, which employees would meet up for informal coffee meetings. It’s well known that establishing weak ties with people you wouldn’t ordinarily hang out with can spark new creative insights. The best inspiration often comes from an unexpected meeting of normally separate ideas. But it’s also important to be humble and receptive so those insights have room to arise. “You can’t learn anything new,” says LaBarre, “without a solid dose of humility.”

5. Ask More Questions than You Give Answers

“In a world that is filled with ever-expanding complexity. Where no single person can really have all the answers anymore. Someone who is open and driven by questions can surface more possibilities. Attract more perspectives. Enlist more support than someone who is closed down by certainty,” says LaBarre. How much of your time do you spend listening and asking questions as opposed to making assertive statements? If you start paying attention, you might be surprised by what you find. LaBarre assures us that most people need to actively practice the art of listening and inquiring. Because while those skills may have come more naturally to us when we were younger, it takes work to rethink the many conclusions and assumptions we’ve accumulated over time. “Practicing innocence,” she says, “takes courage.”

6. Practice Dissent

“Your job as a manager is to encourage employees to misbehave in some way, to get away with something,” says LaBarre—at least if you have any hope of innovating outside of the ordinary. “It’s the questions nobody’s asking for,” she points out, “that yield the innovative ideas that nobody has tried before.” So hang out with the disrupters, the outlaws, and the outsiders. Learn from them. See how you can apply their reckless, out-of-the-box approaches to the way you run your business. Above all else, LaBarre recommends that everyone learn to “invite the subversive in” rather than being afraid of what, at first glance, might be a little unnerving.

7. Rock the Boat (But Don’t Tip it Over)

While pursuing radical transformation as if there’s no tomorrow is all well and good—how does one rock the boat without either falling out of it or overturning it? This is especially important for anyone who’s part of an organization where “positive deviations” might not always be appreciated. “Steve Jobs famously said that it’s more fun to be a pirate than to be in the navy,” says LaBarre. “But what if you’re a pirate in the navy?” As with all the strategies above, finding the middle way between extremes is probably the safest course. But don’t let fear of potentially capsizing yourself or your company hold you back from at least making moves in destabilizing directions. There wouldn’t be anything very maverick about that.

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Farming in the Cloud, 12 months on

It’s been a big year for Farming in the Cloud. We are excited to be heading to Fieldays this week at Mystery Creek, where we’ll be returning as Premier Feature Sponsor for the second year.

The first year of Farming in the Cloud was all about delivering on a farming blueprint. With our partners, we wanted to connect the farming team (banker, accountant, farmer and farm consultant) onto the single ledger. The focus was on giving the whole team the same platform to work on in both cash and accrual – an industry first.

It’s been a tough year for the sector. Particularly in dairy where the volatility has seen a massive increase in the use of smarter tools to help farmers plan. This was covered off in a recent article from a Figured and Xero user that featured on Stuff.co.nz.

We’ve seen an impressive buy-in from farmers who want to understand the full picture and get more involved in budgeting. “Before using Figured and Xero, the biggest frustration I faced was keeping different farm performance information in different systems. Making it difficult and time consuming to see the whole picture,” said John Evans a sheep, beef and crop farmer from Rakaia.

Xero’s partners have been a big part of the solution. Particularly those that have been early adopters of our farming solution who provided critical feedback. These partners are focussing on adding value to their customers every day and share our passion for the sector. It’s also been awesome to work with some new accounting firms with a focus on rural and looking to disrupt with Xero and Figured.

Figured

Our farming software partner, Figured, continues to lead the way by designing a solution most closely aligned to the blueprint. Figured’s solution focuses on delivering to the whole farming team. With the recent launch of Figured 2.0 they have accelerated and delivered their two year roadmap in 12 months. In 2.0, Figured has built in a lot of early adopter feedback including:

• Multi-farm
• Generic stock trackers
• Enhanced reporting
• Full tax valuation tools for advisors
• Integration with Fonterra
• Live updates of milk prices for major suppliers
• Easy switch between cash and accrual views

Also during the last 12 months, LIC took a cornerstone shareholding in Figured. This was a great vote of support by a large industry cooperative and of the work they are doing. This will also see the future integration of the LIC Minda tool.

Other Partners

We recently welcomed iAgri to our farming ecosystem. iAgri has integrated their online farm management tools with Xero.

We were also pleased to announce at Xerocon Auckland that our accounting partners using Xero with clients on Cashmanager Rural will be able to sync with Xero on a monthly basis. We look forward to seeing this integration continue to expand.

We’re continuing to work with more and more partners, so keep an eye out on our farming ecosystem on our add-on marketplace.

Rural Feeds direct into Xero

Along with our expansive direct bank feeds, we now have direct rural feeds in place with the major rural suppliers, including:

• CRT
• Farmlands
• Farmsource (previously RD1)
• PGG Wrightson
• Rabobank

We are also pleased to announce that Ashburton Trading Society (ATS) has committed to build their integration with Xero. This will be really powerful for our South Island farmers, making it easier to have their transactions from ATS directly into Xero. Watch this space.

Payroll

It’s also been a tough year for farmers around HR compliance. We have seen strong uptake and interest since launching Payroll in Xero. Payroll in Xero continues to innovate and is updated regularly. It will be a strong tool to help farmers manage their compliance seamlessly within their accounting platform.

Broadband

Following last year’s roadshow, it was clear that there is a lack of understanding of the Rural Broadband Initiative. This being picked up and discussed widely now across the industry. There are plans to tell the story of the rapidly expanding options for rural New Zealand.

Where to next?

We’re kicking into the next phase, which is about extending the farming ecosystem. We’re inviting more farming software partners to take part. We’re also linking on-farm software and monitoring tools into the farm financial platform. We want to complete one end-to-end platform for rural New Zealand.  The next phase also includes scoping global delivery. So if you’re outside New Zealand, please email farming@xero.com to register your interest.

Our focus on growth, productivity, and using real-time information to enable better farm business decisions is key to lifting the performance of the rural sector. We just launched Xero Business Signals, allowing Xero users to track key performance indicators. This will be great for our rural clients. We’re also excited to use our data to deliver real-time, industry specific benchmarking and insights to help the industry grow.
If you are coming along to Fieldays, pop in and see us at the Xero stand in the main pavilion. And make sure you check out our farming page for more information and to see our special Fieldays offer.

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Your Customers Are Diverse, So Why Isn’t Your Business Strategy?

Your customers already are incredibly diverse. According to the 2010 U.S. Census, 36% of the population identifies as a racial or ethnic minority group.

Your customers are going to become increasing more diverse. If current rates of national population change trend as they have for the past 20 years, by 2035, non-Hispanic whites will be outnumbered by “minorities”. Did you know that Hawaii, California, New Mexico, and Texas all already have more “minorities” than non-hispanic whites.

The rise of culturally diverse customers is not limited to large cities and the surrounding metropolitan areas. Racial and ethnic minorities now make up 19% of non-metro and rural residents and have become more geographically dispersed across the Nation.

Does your marketing and messaging reflect your culturally diverse customer base? Here are 3 easy ways to get caught up to speed so your business appeals to your entire community.

1. Recognize Diverse Holidays & Traditions

For most businesses, consumer interest is still strongest for sales and promotions. Expand your business’ holiday calendar to include new holidays and traditions, like the Chinese New Year (February 8th) or Day of The Dead (October 31st). Learn more about your community, and what traditions are commonly celebrated around town. In hispanic communities, a girl’s 15th birthday (her Quinceañera) is a major family and friends event. As an example, if your business is connected to party supplies, a restaurant, or event space, market the idea of using your business for a Quinceañera gathering.

Offer coupons and sales for these diverse holidays, and be sure to wish your followers well on social media!

2. Embrace Multi-lingual Media

It’s already increasingly common for businesses to advertise in the local, non-english papers and media. You should also produce marketing materials (menus, flyers, signs, coupons etc) in the most popular non-english language. It’s fairly cost effective to simply create front and back versions of your materials, where your message is translated on the backside.

To determine if you should translate parts of your webpage (Google’s automatic web page translation service  isn’t always 100% accurate), take a look at your Google analytics. Under the Audience category. click “language”. If you see a fair amount of traffic from other languages, you could probably benefit from adding a special section just for content in that language. If you do opt to product an alternate language section on your site to appeal to your diverse customers, hire a translator to ensure your unique messaging and brand is accurately portrayed. Here’s a little food for thought: Best Buy has found that users of the Spanish language spend twice as much time on the website and also spend twice as much money per visit than users of the English site. An added benefit of including spanish language content is the increased opportunities for search traffic for spanish keywords.

3. Represent Them

I’ve written a lot about how images boost sales and engagement, but not if those images are overly homogeneous. Diversify the people in your images, or the models on your website. Whether it’s social media, advertising, or on your actual website, it’s important for the potential customer to see themselves using your goods or services. If your business make product selections, include items specific to their culture or community.

Bonus word to the wise: if you are not a member of their community, do not attempt that community’s slang to appeal to your diverse customers. This never works for brands!

The Best Small Business Advice, Delivered!

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Funding Options Leading the Northern Powerhouse Charge

For anyone involved in business finance, you’re probably aware the government are taking huge steps to create a ‘powerhouse’ of business in the north. With such visions of grandeur, it’s becoming apparent that the process of turning this dream into a reality is a rather complex one. This said, there have been plenty of parties keen to gather and contribute to the improvement of SMEs in the north, and we predict progress… soon.

One of the key components of this movement is to directly help those at the heart of it – this includes existing business, firms looking to grow, and start-ups.

Yesterday (4th June 2015), during a conference held by KPMG Manchester, and organised by the ICAEW, a number of big names gathered to discuss this important topic. Representatives from key financial institutions included MSCA president Colin Gillespie, Ron Emerson of the British Business Bank, and Louise Beaumont who heads up Public Affairs at GLI Finance.

In the crowd were a host of finance specialists, ambitious entrepreneurs, and business owners who were also keen to thrash out the issue of how we can all work together to put the north well and truly on the map.

In what was a positive morning of discussion, Louise Beaumont made the important point about the balance of government and private sector help for SMEs, and how Funding Options can play a lead role in this process – especially so, given the introduction of the bank referral scheme.

Referring to the way customers behave and how solutions have adapted to this, she stated, “This is a generation who are Googling a finance solution and getting speedy, accurate support without needing a traditional relationship at all.” in reference to the platform set up here at Funding Options.

This is exactly why we work hard to understand the way businesses seek finance and by operating closely alongside key influencers we are working towards a platform that will directly move businesses forward in a positive direction – not just financially.

To read the full press release from the event, click here. 

Update: To see Manchester Evening News’ coverage of the event, click here. 

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Happiness is the key to success

What is it that makes us truly successful? Renowned psychologist, best-selling author and happiness guru Dr. Robert Holden believes our definition of success has changed over time.

While many of us were brought up to believe that success will make us happy, Robert says we’re now looking at success differently. “In fact, I think many of us today believe happiness actually increases our chances of success,” he says.

Speaking at Wednesday evening’s Xero Happy Hour workshop for entrepreneurs in London as part of the Business of Happiness project, Robert challenged us to think about what our own image of success really looks like.

Happiness is a great way of measuring success, Robert says. “When we’re happy, it brings out the best in us. We think more clearly, we perform better, and we’re much more fun to be around… when we’re happy, people want to work with us.”

“When you truly know what makes you happy and when you really follow your joy, that’s what increases your chances of success.”

“What is the point of success if we’re not enjoying it?”

“In the past, I really think work was just about making money, buying stuff and increasing your net assets. Now work is about expressing yourself and being creative. It’s about making a contribution, showing the world who you are.

“So for a lot of us, we don’t have a job, we have a purpose and our work is meaningful. A meaningful job, a meaningful life, that’s a huge key to happiness.”

After surveying more than 1,000 UK entrepreneurs and working alongside a panel of experts in business and psychology, we identified five tips to help you build a happier business.

Five tips for a happier business

Have a vision: Knowing what you’re working for helps you take pride in your work and focus on your goals.

Good relationships: Honest and clear communication with your employees, clients and customers helps to keep them happy.

Freedom and flexibility: A good work life balance and being able to enjoy free time or family occasions with flexible hours allows you to manage your workload and do your best job.

Growth and investment: Learning new skills and helping others to do the same encourages engagement and excitement.

Creativity: It’s not just about coming up with new ideas, but also allowing yourself and your team to be creative and using the right tools to do so.

Hear from the experts

Top Tips On Running A Happy Business from Xero on Vimeo.

What makes your business happy? Tell us here and be in with a chance to win a one-on-one session with happiness guru Dr Robert Holden. Entries close 26 June 2015. For more about the business of happiness, visit xero.com/happy.

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How to set up a small business while working on the side

Many of us feel like we’re tied into full time employment yet have a burning desire to break free from the self-imposed PAYE shackles and start our own business. Starting a new business can be scary. It’s a leap into the unknown and there is a lot to consider. When you’re employed full time by a company and looking to start a business in your spare time, these pressures can be a lot higher….

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Meet the Business Lender – Arkle Finance

In this article, you meet one of the niche lenders in business finance, Arkle Finance, who specialise in asset & equipment finance. Asset finance is a really effective product for small businesses so learn more about what your business can expect and how to tell if you’re eligible for the funding.

We caught up with Daniel Bailey, Associate Director, to find out more.

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1. Tell us a bit about the history of Arkle and how it stands out from the crowd

Arkle started life in 2002 (then known as Weatherbys Finance Ltd) with the aim to provide asset finance facilities for UK business seeking to finance the acquisition of business equipment.   It changed name in July 2009 (to Arkle Finance Ltd, and is also referred to as “afl”) and has evolved to become a provider of a range of asset finance facilitates, some of which are specialist, to a wide range of clients.

2. What areas does Arkle specialise in financing (in terms of types of equipment)

Arkle has a multiple divisions but the noteworthy areas are the Consumer Finance division which uses the trading style “Evington”, the Education Asset Finance Division and the Energy Equipment finance division.

The Consumer Finance division specialises in providing asset finance facilities for, Motorhomes, Classic Cars, Narrow Boats, Cruisers and other leisure related purchases by private individuals.

The Education division provides suitable facilities for schools seeking funding for a wide range of assets. Finally. The Renewable Division supports the funding of PV Solar Panels,  Biofuel Boilers, Wind Turbines and energy efficient products such as HPV LED lighting.

3. What sorts of businesses does Arkle love to lend to (such as industries/sectors etc)?

Arkle recognises that well managed businesses operate in a diverse range of sectors. What we aim to do is seek to lend responsibly and offer products that best suit a client’s specific circumstances.

4. What’s one of the strangest businesses that you’ve lent to, and can you tell us how you did it?

We have provided asset finance facilities to a wide range of clients, including high street retailers and container shipping companies.

5. What are your views on the burgeoning alternative finance market, and how Arkle fits in that marketplace?

The alternative finance market often encompasses a wide range of areas of finance and I suspect that many of those operating within those industries would consider their offering to to be relatively mainstream. We do recognise that the way transacted has the potential to change significantly over the next 5-10 years. As an example the emergence of the electronic signature as a solution is relatively new to asset finance and Arkle has been one of the first finance companies to adopt it.

6. What would be your message to any business looking to apply for finance?

Simply, once you have found a suitable asset finance broker or finance house be as open as possible and try to provide them with your broad requirement not your expected finance solution. This means allowing time and providing all relevant information to help understand your business and needs. The good firms will then have a good chance of putting together the most appropriate solution.

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Thanks to Daniel at Arkle Finance for taking the time to answer our questions! 

 

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7 key announcements from Xerocon Denver day one

Every Xerocon brings a slew of new Xero product announcements and software enhancements, but Xero partners were in for a real treat today in Denver. Here’s a brief overview of some of the features we unveiled —including a brand-new app for your Apple Watch.

1) Business Performance Dashboard

Businesses will now be able to identify potential pain points or concerns early enough to take action. The Business Performance dashboard incorporates Xero’s new analytics function. The dashboard’s reporting option provide a view of a business’s performance across a wide range of standard business metrics. Business owners and their financial advisors can easily view graphs of each metric through a simple, beautifully designed and integrated interface. This will fast become a critical tool for promoting effective, real-time decision-making within small businesses.

2) Apple iOS Integration

It’s no secret that the rapid adoption of wearable technology is well underway. Xero’s mobile app offers consistent access and ease of use from any Apple device—whether a MacBook, iPhone, iPad or Apple Watch. Our keynote showcased an integration with the Apple Watch that provides consistent, elegant banking notifications while owners are on the go.  “We waited to see how it would be used, and found that the Apple Watch is primarily a notifications engine,” said Luke Gumbley, Xero’s Product Manager of Mobile. And the Xero Apple Watch app does exactly that, providing notifications of transactions as they come in. Learn more at xero.com/apple.

3) Enhanced Integration with Gmail

At Xero, we’re dedicated to creating solutions that seamlessly integrate with the tools businesses already use. That’s why we’re working to integrate email and contact records—initially via Gmail—into the Xero platform. Xero users will have the capability to choose a filtered view of their inbox in relation to a specific business contact, expanding the capabilities of Xero beyond accounting and into other crucial areas of small-business management.

4) Payroll in Xero expands to Colorado

“We do believe that there should be a seamless integration between payroll and accounting,” said Silvana Narvaez, Xero’s Director of Product, Global Payroll. Xero’s payroll function—now supporting businesses in Colorado—streamlines the accounting process by providing accurate employee timesheet management, as well as worry-free payments with direct deposit or printed checks.

5) Xero Me

In an effort to simplify critical communications between business owners and their employees with Xero Me, a new iOS app was designed to ease and automate key functions that come with running a business. With the app, employees communicate easily and immediately with business owners and decision-makers to request time off or view payslips in real-time from their mobile device, whether at home, at work, or on the go.

6) Xero Billable Expenses

Xero has new expense capabilities to help businesses manage costs that they can bill to clients. It paves the way for consistent, transparent expense tracking in an effort to promote positive cash flow. When a purchase is recorded, the business owner can simply specify which client to whom the expenses should be assigned.

7) Practice Reports

This was a real treat: The Practice Reports are a simple and fast way for accountants and bookkeepers to generate powerful business insights for their clients. Traditional financial reports take hours to build and are difficult to keep up­-to-­date. Xero’s Practice Reports enables reports to be built in minutes and based on accurate real-time data.

That’s just a taste of the new features and products available to Xero partners. Stay tuned to this blog for more details on each of the seven announcements above.

Until next time,

Angus

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Staples Rodway reaches Xero Group Platinum in New Zealand

Today we are pleased to welcome Staples Rodway to group Platinum Partner in New Zealand.

Staples Rodway is a great example of a leader in cloud adoption. Strong growth across their seven New Zealand offices – in Tauranga, Taranaki, Hawke’s Bay, Hamilton, Christchurch, Wellington and Auckland – has been instrumental in them reaching Platinum Status.  Staples Rodway now boasts more than 1000 customers on Xero.

It’s really encouraging to see firms with regional reach, realising the benefits of moving their clients to Xero.

Staples Rodway’s proactive approach has been particularly impressive. They’ve run Xero seminars and have educated their clients on the benefits of cloud accounting.

Staples Rodway has embraced Xero’s platform to break down barriers between the client and their accountant.  They’re a true example of how client and accountant can work together to help small businesses grow and prosper.

Mark Kingsford from Staples Rodway Auckland said, “Staples Rodway is pleased to become a Xero Platinum Partner. Staples Rodway sees Xero as an important tool in providing our clients with real-time value added advice. It is also an influential instrument in driving business process automation and change as well as delivering greater innovation and efficiency.”

Daimon Stewart from Staples Rodway Taranaki said, “Reaching Platinum status is an achievement we’re proud of. For us, it represents the effort we have put into embracing technology. Xero allows us to better service our clients by giving them more relevant and timely information. It gives us the opportunity to provide useful advice that adds real value to their business. Our clients are sleeping easier knowing we have a greater oversight of their business”.

Thanks Staples Rodway for your continued support! We look forward to continuing our relationship.

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Stephen Dubner on 7 ways to think like a freak

Our Xerocon Denver presenters continue to give us new perspectives on the best ways to innovate in the world of business. But Stephen Dubner, radio host and acclaimed author of Freakonomics, brought a perspective all his own, as usual. I’ve had the pleasure of working with Stephen before, and I was excited for him to tell our partners and customers how to “think like a freak.”

Thinking like a freak means looking at common, everyday problems through an out-of-the-box lens. This process lets you question every step involved in your current systems and processes. It also means re-examining whatever conclusions you arrive at. How can you be sure you’re actually performing at the highest level if you’re not willing to deconstruct the way you’re currently working?

According to Stephen, re-evaluating the “way things have always been done”can help you to discover some new, avant-garde ways of doing business. This should be backed, whenever possible, by solid data gleaned from research. Here are the key takeaways from Stephen’s main thesis on how anyone can gain the benefits of thinking like a freak:

1) Start with the Customer

Everything must start with the customer. Ensure you are running the right tests, and conducting the right research, so you know what your customers really want. This may differ from what they say they want or what your market research suggests they want. In fact, surveys and market research may just be telling you what you want to hear (more on this below). Find new, data-based ways to discover your customer needs. Then at least you’ll know that what you’re doing is based on genuine customer knowledge, needs, and insights.

2) Find Real Data

To succeed, you must find data that truly reflects the real world, rather than data that reflects what people say they will do or how they perceive they do things.  According to Stephen, “Survey data and market research data are some of the lowest forms of data. We don’t know our own behavior very objectively, especially if we project into the future.” For businesses, this means honing in on data rather than opinions. Sometimes the best research is the research we conduct in-house, with our own data and our own eyes.

3) Money Doesn’t Matter

Well, of course money does matter, but it’s not always the most powerful way to retain, motivate, and incentivize staff. Seek different ways to incentivize that will achieve real results. Look at the real reasons for what your employees are and are not achieving and try to change that. Keep in mind that for many people, money really isn’t what’s most important.

“Human behavior change is really hard,” Stephen told the Xerocon crowd. “Figuring out how incentives really work, as opposed to guessing, is important. The real moral of the story is, rather than relying on people to do the right thing, come up with incentives to help encourage them to do it.”

Stephen shared the tale of how Cedar Sinai Medical Center in LA came up with a number of methods to change their doctors’ behavior. They wanted to encourage their doctors to wash their hands after seeing patients – a simple task that could dramatically reduce the spread of disease. They tried issuing a memo imploring people to do the right thing. They tried offering Starbucks gift cards as a reward. They even tried having nurses jump out to surprise doctors with applause whenever they spotted them washing their hands. A lot of it was pretty creative, but none of it worked.

Finally, someone had the idea to appeal to a doctor’s conscience. Physicians were asked to place their hands on petri dishes, which were then sent to a lab to cultivate whatever bacteria had been found on their hands. The horrifying results were posted as the screensavers on all the hospital’s computers. By appealing to medical professionals’ own values in such a visceral way, the 9% observed hand-washing rate increased to nearly 100% virtually overnight.

4) No ‘Magic Bullet’ Data

A lot of data makes it difficult to determine why people behave the way that they do. Consider workforce science – the process of understanding what employees do, why and under what situations. Look deeper for data that explains the reasoning behind employee and customer behavior.

5) Throw Out Convention

Many businesses continue doing things the way they always have, purely because that’s the way the last person did it. Wrong!  Rather than working within the traditional framework, throw it all out and consider how you would do things if you were starting from scratch. Even if you don’t actually do it—the thought experiment alone can yield powerful results. You’re guaranteed to find room for improvement.

6) Be Like a Child

“Thinking like a freak means to be willing to think like a child a little more often,” Stephen said. Children often ask ridiculous but wonderful questions. By emulating that degree of open inquiry you can help ensure that you’re asking the most unthought-of, unconventional questions too. As much as a child continually asking why can be tiresome, they do make you look at a situation, problem, or opportunity in a whole new way. This opens the door to a better, more efficient, less costly or more inspiring way of approaching business.

7) Make Decisions, Not Habits

Often we believe that we are making informed decisions, and yet the truth is that we are acting out of habit. If you want to implement real change then you need to make a goals list, keep track of the decisions you are making, and measure your achievements. Make real decisions and act on real goals—and make the effort required to do things differently in order to break old habits.

Fortunately for all of us at Xero, Stephen believes accounting has a bright future. No matter what kind of transactions currency the future may bring, there will always be a need for an accounting system which is:

•    User-friendly
•    Accessible
•    True
•    Accurate
•    Dynamic

Overall, he says the keys to being successful in business today are to:

•    Experiment and test early
•    Measure consistently
•    Be prepared to change or abandon a once successful idea if or when it begins to fail

So look beyond the traditional data. Understand that the way things have been done before isn’t always the best way forward. Seek to uncover the reasons behind why people do what they do and what will truly incentivize them. If you can do those things you not only help your business, you’ll be well on your way to thinking like a freak.

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The power of mentoring

Michelle Kent, designer and founder of Suitcase Susie Ltd launched her business in June 2014, and in the first six months of trading was stocked by the Royal Festival Hall shop at London’s Southbank Centre and had been selected by the Royal Academy in their RAted Open Call for Designers. Michelle felt there were gaps in her knowledge and skills that would prevent Suitcase Susie from growing and so she entered the Sage ‘Mentoring Matters’ competition in the hope of gaining the extra support needed.

To her delight she was successful and won £2,500 worth of mentoring which she chose to take with competition partner Rockstar Mentoring Group.  At her request, Michelle was matched with leading business mentor Chelsey Baker.

“I chose Chelsey because of her experience in marketing, PR and communications – areas in which I have little experience and I really wanted to create brand awareness and generate publicity. She’s also an expert in pitching for fundraising and I knew this was something I’d need help with too.”

The challenges of a new business

There were a number of challenges for Michelle and Suitcase Susie.  Along with the time constraints of working full-time in a demanding role as PA to the President of the Royal Institute of British Architects, Michelle had never run her own business before.  Getting any new business off the ground is hard, but it was made even more difficult when Michelle was creating a collection of 46 new pieces, across three designs from scratch.

In addition to the difficulties produced by working essentially, two full-time jobs, there was the challenge and financial burden of producing new product samples and fulfilling the minimum order quantities from the manufacturers. Then there were other practical issues to be dealt with such as sourcing couriers for shipping both within the UK and around the world.

Marketing and PR for a new business

Marketing and PR is essential for any new business.  For a new brand and product range, it’s even more vital to spread the word as retailers and consumers first need to be aware of the brand in order to create a desire for the collections.

Michelle met with Chelsey once a month for 6 months and was supported via email in between these face-to-face sessions. Objectives were set at each stage of the business which helped to plan, focus and set realistic expectations. Action plans were implemented then reviewed at the beginning of each session to acknowledge achievements and challenges.

As a result of the mentoring, Michelle was able to make the most of her first trade show, ‘Home 2015’ in January, which led to a number of new stockists.  Another outcome was achieving prestigious press coverage, which would have cost thousands of pounds in paid advertising.

Using Kickstarter

However, Michelle has struggled to meet the 100-piece per item minimum order quantities and some stores have requested a mix of china and textiles before they’ll stock Suitcase Susie.

Chelsey helped Michelle to create a funding package and together they have worked on a Kickstarter campaign, preparing the strategy, scripting the video and planning the rewards.

With the help of crowd-funding, Michelle will be able to increase the range of home textiles as well as put more of the china pieces into production. Then she’ll be able to supply more independent retailers and catch the attention of department stores to ultimately achieve regular orders that exceed the manufacturers’ minimum requirements.

The benefits of a mentor

“Winning this prize from Sage and Rockstar Group couldn’t have come at a better time for me.  Chelsey has been fantastic to work with and she has really helped me take Suitcase Susie to the next level.  Not only has Chelsey provided the expertise and insights that I needed, but she also helped me to prioritise and set achievable goals each month. Starting a business can be lonely, especially with no family in the UK, and Chelsey provided the encouragement I needed and believed in me. I highly recommend mentoring for the support it gives and couldn’t have asked for a better mentor than Chelsey.”

The mentoring relationship progressed right from the start and was equally rewarding for Chelsey. “I admired Michelle’s determination and strength of character; she has worked extremely hard/tirelessly in launching this new collection. Not only is she highly creative with her design work but she has the passion and drive to go with it – a must for any start-up.”

“It was a real pleasure to work with Michelle and pass on some of my knowledge and business experience. Setting up a business from scratch can be quite daunting and it’s very easy to become overwhelmed. By providing support, motivation and offering a different perspective I can help to spot potential problems. People often become so engrossed in the business they often miss many opportunities; this is where mentoring really pays off.

“I am incredibly passionate about helping anyone who is determined, driven and willing to work hard; Michelle knew what she wanted and now she is pursuing her dream.”

Michelle’s ambition is to partner Suitcase Susie with a charity that contributes to regenerating the environment and encouraging wildlife to flourish. Ultimately, she would like to expand the product range to include bed linen, other home textiles and travelware and to take the brand global.

Michelle says, “If you are inspired by travel and wish the holiday would never end, get on board with Suitcase Susie.”

To see the tempting rewards on offer and to support Michelle’s Kickstarter campaign which launches on 1^st June 2015 visit http://ift.tt/1Hjt9gs

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5 imaginative ways to keep your employees motivated

It’s often said that a company’s staff are the most important asset it has. And it’s often said for a reason: it’s usually true. The way you manage and motivate your people can make the difference between a business that does ok and one that performs beyond all expectations. Paying close attention to how satisfied, motivated, […]

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QuickBooks’ Weekly Roundup – week 1

Welcome to our weekly roundup, a new series where we provide you with some of our most popular posts of the last seven days. We believe it’s a great way of keeping you up to date with we’re doing here at QuickBooks and by placing all of our information in one easily digestible article allows […]

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Charities and accounting software: figuring out the best approach

As charities contend with a drop in donations and remaining financially viable, they’re increasingly looking to technology to help. In fact, eight out of ten chief executives say they would be “investing in IT/new technology and online solutions”.

Getting the right accounting software can help charities to manage gift aid, understand the most successful sources of funding and get more detailed data to show their impact. We offer some advice about how charities can choose the right software and get the most of their investment.

Investing in software

Charities are always under pressure to keep infrastructure and administration costs low and any purchases need to be carefully considered.

However, a lack of investment can be equally problematic, as charities miss out on valuable data that could help secure new funding sources or provide information to help show their supporters how their donations are helping.

Accounting software can also help to minimise the impact of some of the key challenges facing charities today:

• Financial sustainability: accounting software can help you to understand the financial status of your charity and to make better informed decisions thanks to the data it provides.
• Drop in public and government donations: while the software can’t create more donations, it can help you to analyse your most successful sources of funding, so you can focus on areas that are working well and minimise your costs in acquiring new donors.
• Administration time and costs: many tasks that need to be handled manually can be automated with the right software, freeing up your team for income generation or managing services.
• Measuring impact: with the increased focus on demonstrating the positive effect that charities make, having access to the right data is essential. The Charity Finance Group said that “public trust and confidence are essential for an effective and successful charity sector, and high standards of financial management and performance reporting are an important part of maintaining this.”
• Legislation: keeping up to date with the volume of charity regulations takes time. The right accounting software ensures you’re compliant and helps you report your figures correctly.

Choose the right software

With so many advantages, it’s clear that the right software can make a big difference. But there are a growing number of packages available, so it’s important that charities follow the right process in choosing one that suits them.

From developing a specification through shortlisting and trials to making the purchase, it pays to be clear about what you are looking for. Each charity’s needs will be different but here are the key things that will apply in most cases.

Designed with charities in mind

Charities have different needs from general businesses and need to be able to track donations, gift aid declarations and ensure their accounts comply with Charities Statement of Recommended Practice (SORP), including providing a Statement of Financial Activities (SoFA), which replaces the Profit and Loss statement used by companies.

Choosing software that has been optimised for charities ensures you’re complying with legislation and have the information you need.

The right data

It’s important that you understand the data and reports you need for your organisation. Any software you choose should be flexible enough to fit your requirements, and simple to use.

Available anywhere

With many fundraisers out at events or with supporters, choosing software that lets them stay connected is really helpful. Choosing software that is available through the cloud means they can update information from anywhere with an internet connection.

Other employees can make use of this feature too. From your finance director to your chief exec, everyone can be assured that they will always have access to the figures they need.

Trusted provider

You need to know that your data is safe and your software provider can ensure that you stay compliant as new legislation is introduced. Choosing an established software company means they’ll be there to support you, now and in the future.

Did you know?

Sage software has built in functionality to help charities and not-for-profit organisation’s manage their finances and stay complaint with legislation? Find out more about our exclusive offer for charities on Sage 50 Accounts today.

*Only available to charities and not-for-profit organisations. New Sage Accounts customers only. Offer based on one user license. Limited time only

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12 signs that mean you’re an entrepreneur

If you were to think about the word “entrepreneur” and then think about the associated behaviours around this word, what would you come up with? Tenaciousness? Visionary? Leader? Ruthless? In fact, words such as “insecure” and “troublemaker” are just as likely to make the cut when describing an entrepreneur. In her article for Entrepreneur magazine, […]

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The future of payments

When you’re running a business, it can be tricky to keep up to with the latest payment technologies in rapidly evolving market.

That’s why we have put together our annual Payments Landscape report, a study of payments in the UK.

Now in its fifth year, the report provides an insightful portrait into the industry. Having surveyed 1,000 business decision makers and 1,000 UK shoppers, the result is a clear picture of what’s happening in the industry, from on and offline trends, to emerging innovations, new technology and the rise and fall of consumer preferences.

This year the report has found that UK consumers and businesses are poles apart in their opinions of adopting new and innovative payments technologies. Despite consumer appetite for new and innovative ways to pay, underscored by the wide-spread adoption of contactless card payments, businesses are demonstrating an alarming reluctance to invest which could leave them stuck in the slow lane.

The report also provides insight, comment and analysis on the differing attitudes of business and consumers alike to a range of hot topics and trends in the payments industry, such as:

• Why 2015 will be a pivotal year for payments, with cashless payments set to overtake cash
• How the cost of cash to the UK is nearly £18bn annually, or £3,520 per SMB
• Despite the rise of mobile payments, only 5% of consumers are looking to adopt Apple Pay
• More than 1 in 4 consumers are likely to shop somewhere with a greater range of, or more innovative, payments methods

As a business who wants to stay one step ahead of the competition, our report contains everything you’ll need to know for the upcoming year and beyond.

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Selecting a pension provider – Part 2

Last week, QuickBooks’ Pauline Green went through some of the things you’ll need to consider when selecting a pension provider (If you missed, check it out here). Now, she continues her suggestions for what you’ll have to focus on when going through this important process. Where can you get independent advice? There are lots of […]

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The power of mentoring

Michelle Kent, designer and founder of Suitcase Susie Ltd launched her business in June 2014, and in the first six months of trading was stocked by the Royal Festival Hall shop at London’s Southbank Centre and had been selected by the Royal Academy in their RAted Open Call for Designers. Michelle felt there were gaps in her knowledge and skills that would prevent Suitcase Susie from growing and so she entered the Sage ‘Mentoring Matters’ competition in the hope of gaining the extra support needed.

To her delight she was successful and won £2,500 worth of mentoring which she chose to take with competition partner Rockstar Mentoring Group.  At her request, Michelle was matched with leading business mentor Chelsey Baker.

“I chose Chelsey because of her experience in marketing, PR and communications – areas in which I have little experience and I really wanted to create brand awareness and generate publicity. She’s also an expert in pitching for fundraising and I knew this was something I’d need help with too.”

The challenges of a new business

There were a number of challenges for Michelle and Suitcase Susie.  Along with the time constraints of working full-time in a demanding role as PA to the President of the Royal Institute of British Architects, Michelle had never run her own business before.  Getting any new business off the ground is hard, but it was made even more difficult when Michelle was creating a collection of 46 new pieces, across three designs from scratch.

In addition to the difficulties produced by working essentially, two full-time jobs, there was the challenge and financial burden of producing new product samples and fulfilling the minimum order quantities from the manufacturers. Then there were other practical issues to be dealt with such as sourcing couriers for shipping both within the UK and around the world.

Marketing and PR for a new business

Marketing and PR is essential for any new business.  For a new brand and product range, it’s even more vital to spread the word as retailers and consumers first need to be aware of the brand in order to create a desire for the collections.

Michelle met with Chelsey once a month for 6 months and was supported via email in between these face-to-face sessions. Objectives were set at each stage of the business which helped to plan, focus and set realistic expectations. Action plans were implemented then reviewed at the beginning of each session to acknowledge achievements and challenges.

As a result of the mentoring, Michelle was able to make the most of her first trade show, ‘Home 2015’ in January, which led to a number of new stockists.  Another outcome was achieving prestigious press coverage, which would have cost thousands of pounds in paid advertising.

Using Kickstarter

However, Michelle has struggled to meet the 100-piece per item minimum order quantities and some stores have requested a mix of china and textiles before they’ll stock Suitcase Susie.

Chelsey helped Michelle to create a funding package and together they have worked on a Kickstarter campaign, preparing the strategy, scripting the video and planning the rewards.

With the help of crowd-funding, Michelle will be able to increase the range of home textiles as well as put more of the china pieces into production. Then she’ll be able to supply more independent retailers and catch the attention of department stores to ultimately achieve regular orders that exceed the manufacturers’ minimum requirements.

The benefits of a mentor

“Winning this prize from Sage and Rockstar Group couldn’t have come at a better time for me.  Chelsey has been fantastic to work with and she has really helped me take Suitcase Susie to the next level.  Not only has Chelsey provided the expertise and insights that I needed, but she also helped me to prioritise and set achievable goals each month. Starting a business can be lonely, especially with no family in the UK, and Chelsey provided the encouragement I needed and believed in me. I highly recommend mentoring for the support it gives and couldn’t have asked for a better mentor than Chelsey.”

The mentoring relationship progressed right from the start and was equally rewarding for Chelsey. “I admired Michelle’s determination and strength of character; she has worked extremely hard/tirelessly in launching this new collection. Not only is she highly creative with her design work but she has the passion and drive to go with it – a must for any start-up.”

“It was a real pleasure to work with Michelle and pass on some of my knowledge and business experience. Setting up a business from scratch can be quite daunting and it’s very easy to become overwhelmed. By providing support, motivation and offering a different perspective I can help to spot potential problems. People often become so engrossed in the business they often miss many opportunities; this is where mentoring really pays off.

“I am incredibly passionate about helping anyone who is determined, driven and willing to work hard; Michelle knew what she wanted and now she is pursuing her dream.”

Michelle’s ambition is to partner Suitcase Susie with a charity that contributes to regenerating the environment and encouraging wildlife to flourish. Ultimately, she would like to expand the product range to include bed linen, other home textiles and travelware and to take the brand global.

Michelle says, “If you are inspired by travel and wish the holiday would never end, get on board with Suitcase Susie.”

To see the tempting rewards on offer and to support Michelle’s Kickstarter campaign which launches on 1^st June 2015 visit http://ift.tt/1Hjt9gs

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Employment intermediaries rules: how to work out if you’re affected

You may not know if your business qualifies as an employment intermediary, and we couldn’t blame you. But it’s extremely important you know if you are affected by the legislation that was included in the Finance Bill 2014 concerning false self-employment (so-called Onshore Employment Intermediaries). Besides bringing new tax and National Insurance considerations for both businesses and contractors, this law means that ‘intermediary’ businesses will now have to make quarterly reports to HMRC in…

Read more »

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Charities and accounting software: figuring out the best approach

As charities contend with a drop in donations and remaining financially viable, they’re increasingly looking to technology to help. In fact, eight out of ten chief executives say they would be “investing in IT/new technology and online solutions”.

Getting the right accounting software can help charities to manage gift aid, understand the most successful sources of funding and get more detailed data to show their impact. We offer some advice about how charities can choose the right software and get the most of their investment.

Investing in software

Charities are always under pressure to keep infrastructure and administration costs low and any purchases need to be carefully considered.

However, a lack of investment can be equally problematic, as charities miss out on valuable data that could help secure new funding sources or provide information to help show their supporters how their donations are helping.

Accounting software can also help to minimise the impact of some of the key challenges facing charities today:

• Financial sustainability: accounting software can help you to understand the financial status of your charity and to make better informed decisions thanks to the data it provides.
• Drop in public and government donations: while the software can’t create more donations, it can help you to analyse your most successful sources of funding, so you can focus on areas that are working well and minimise your costs in acquiring new donors.
• Administration time and costs: many tasks that need to be handled manually can be automated with the right software, freeing up your team for income generation or managing services.
• Measuring impact: with the increased focus on demonstrating the positive effect that charities make, having access to the right data is essential. The Charity Finance Group said that “public trust and confidence are essential for an effective and successful charity sector, and high standards of financial management and performance reporting are an important part of maintaining this.”
• Legislation: keeping up to date with the volume of charity regulations takes time. The right accounting software ensures you’re compliant and helps you report your figures correctly.

Choose the right software

With so many advantages, it’s clear that the right software can make a big difference. But there are a growing number of packages available, so it’s important that charities follow the right process in choosing one that suits them.

From developing a specification through shortlisting and trials to making the purchase, it pays to be clear about what you are looking for. Each charity’s needs will be different but here are the key things that will apply in most cases.

Designed with charities in mind

Charities have different needs from general businesses and need to be able to track donations, gift aid declarations and ensure their accounts comply with Charities Statement of Recommended Practice (SORP), including providing a Statement of Financial Activities (SoFA), which replaces the Profit and Loss statement used by companies.

Choosing software that has been optimised for charities ensures you’re complying with legislation and have the information you need.

The right data

It’s important that you understand the data and reports you need for your organisation. Any software you choose should be flexible enough to fit your requirements, and simple to use.

Available anywhere

With many fundraisers out at events or with supporters, choosing software that lets them stay connected is really helpful. Choosing software that is available through the cloud means they can update information from anywhere with an internet connection.

Other employees can make use of this feature too. From your finance director to your chief exec, everyone can be assured that they will always have access to the figures they need.

Trusted provider

You need to know that your data is safe and your software provider can ensure that you stay compliant as new legislation is introduced. Choosing an established software company means they’ll be there to support you, now and in the future.

Did you know?

Sage software has built in functionality to help charities and not-for-profit organisation’s manage their finances and stay complaint with legislation? Find out more about our exclusive offer for charities on Sage 50 Accounts today.

*Only available to charities and not-for-profit organisations. New Sage Accounts customers only. Offer based on one user license. Limited time only

The post Charities and accounting software: figuring out the best approach appeared first on Sage Blog.

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QuickBooks’ Weekly Roundup – week 1

Welcome to our weekly roundup, a new series where we provide you with some of our most popular posts of the last seven days. We believe it’s a great way of keeping you up to date with we’re doing here at QuickBooks and by placing all of our information in one easily digestible article allows […]

The post QuickBooks’ Weekly Roundup – week 1 appeared first on UK Small Business Centre | QuickBooks.

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5 imaginative ways to keep your employees motivated

It’s often said that a company’s staff are the most important asset it has. And it’s often said for a reason: it’s usually true. The way you manage and motivate your people can make the difference between a business that does ok and one that performs beyond all expectations. Paying close attention to how satisfied, motivated, […]

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The future of payments

When you’re running a business, it can be tricky to keep up to with the latest payment technologies in rapidly evolving market.

That’s why we have put together our annual Payments Landscape report, a study of payments in the UK.

Now in its fifth year, the report provides an insightful portrait into the industry. Having surveyed 1,000 business decision makers and 1,000 UK shoppers, the result is a clear picture of what’s happening in the industry, from on and offline trends, to emerging innovations, new technology and the rise and fall of consumer preferences.

This year the report has found that UK consumers and businesses are poles apart in their opinions of adopting new and innovative payments technologies. Despite consumer appetite for new and innovative ways to pay, underscored by the wide-spread adoption of contactless card payments, businesses are demonstrating an alarming reluctance to invest which could leave them stuck in the slow lane.

The report also provides insight, comment and analysis on the differing attitudes of business and consumers alike to a range of hot topics and trends in the payments industry, such as:

• Why 2015 will be a pivotal year for payments, with cashless payments set to overtake cash
• How the cost of cash to the UK is nearly £18bn annually, or £3,520 per SMB
• Despite the rise of mobile payments, only 5% of consumers are looking to adopt Apple Pay
• More than 1 in 4 consumers are likely to shop somewhere with a greater range of, or more innovative, payments methods

As a business who wants to stay one step ahead of the competition, our report contains everything you’ll need to know for the upcoming year and beyond.

Discover more trends that are shaping the marketplace here http://ift.tt/1Hjt8ZS

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How to set up a small business while working on the side

Many of us feel like we’re tied into full time employment yet have a burning desire to break free from the self-imposed PAYE shackles and start our own business. Starting a new business can be scary. It’s a leap into the unknown and there is a lot to consider. When you’re employed full time by a company and looking to start a business in your spare time, these pressures can be a lot higher….

Read more »

The post How to set up a small business while working on the side appeared first on Crunch Blog.

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Selecting a pension provider – Part 2

Last week, QuickBooks’ Pauline Green went through some of the things you’ll need to consider when selecting a pension provider (If you missed, check it out here). Now, she continues her suggestions for what you’ll have to focus on when going through this important process. Where can you get independent advice? There are lots of […]

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Land your dream gig with the ultimate contractor CV

Landing that lucrative high-day-rate, work-from-home-if-you-like contracting gig is always satisfying – but the application process can often be a stressful affair. As more and more people enter the contracting market competition is hotting up, and to make sure you land the juiciest gigs you need to make sure all your application ducks are in a row. Skills sharp? Great. Examples of recent work? Check! Recommendation from a friend who already contracts…

Read more »

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12 signs that mean you’re an entrepreneur

If you were to think about the word “entrepreneur” and then think about the associated behaviours around this word, what would you come up with? Tenaciousness? Visionary? Leader? Ruthless? In fact, words such as “insecure” and “troublemaker” are just as likely to make the cut when describing an entrepreneur. In her article for Entrepreneur magazine, […]

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Weekend Favs June Six

Weekend Favs June Six written by John Jantsch read more at Small Business Marketing Blog from Duct Tape Marketing

My weekend blog post routine includes posting links to a handful of tools or great content I ran across during the week.

I don’t go into depth about the finds, but encourage you check them out if they sound interesting. The photo in the post is a favorite for the week from Flickr or one that I took out there on the road.

Good stuff I found this week:

meistertask – highly intuitive task management tool from the mindmeister folks

Firefly Connections – tool that automatically creates and sends a weekly newsletter for you

Zenefits – free online HR platform to bring payroll, benefits and other HR functions to one place

Related posts:

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3. Weekend Favs June Eighteen My weekend blog post routine includes posting links to a…

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Turn Your Website into a Lead Generation Machine

Turn Your Website into a Lead Generation Machine written by Alex Boyer read more at Small Business Marketing Blog from Duct Tape Marketing

The Duct Tape Marketing website generates leads, does yours? Created using placeit

Your website is a very powerful tool in your marketing toolbox. It is completely customizable, flexible and is the base for all of your marketing efforts in the modern world. Without it, you would be missing out on the countless people that search for your industry and product online.

But even with a powerful website and a content marketing strategy, most websites don’t instinctively collect leads on their own. You could have all of the website visits in the world, but unless you have an opportunity to nurture those leads and convert sales, those metrics are just hollow numbers that may not affect your bottom line.

The most useful websites to small business owners actively collect leads for the owners to convert. They have mechanisms in place that get their visitors to volunteer their information. With that, you have a lead that is not only well informed about your brand and product, but has also expressed interest in learning more.

Preparing the site

Before you can actively seek your visitors’ information, you must first have the infrastructure to collect that information. There are numerous tools that allow for lead capture on most websites. You can have a subscription plugin, something like WPSubscribers. This tool allows you to put a widget in the sidebar, header or footer that allows your customers to submit their information (you’ll see something similar on the right of this post.)You may have seen several sites with popups (you may have even encountered ours on this site.) These can be created by tools like Smart PopUp or PopUpAlly..

Of course, most of these tools can be integrated with the email service you already use. If you aren’t using email services like to reach out and collect email lists, you really should, but that’s a topic for another day.

So how do you get them to submit their information? Well, as usual, it all begins with content.

Give them value

An email address is valuable these days. So many people look to keep their inbox as free as possible. It means something to most people to hand it over. That is why you must be willing to give them some value in return.

Be prepared to create something special in return for their email addresses. Most businesses create weekly newsletters to send to their customers. Here at Duct Tape Marketing, we offer our “Best Stories on the Web Weekly,” a collection of some of the best small business marketing tips and stories on the web. It just takes a bit of time to curate and load into an email blast, and you’ve got a valuable piece of content for your audience.

Another strategy is to offer an eBook or White Paper in exchange for the information. You’ve heard of companies that use this strategy. In my hometown, there’s a local lawn service company that offers a “Guide to choosing the right lawn service” for free. The white paper offers very valuable information without selling, all while providing their salespeople the information they need to follow up and complete the sale.

You can even collect your content in themed eBooks and get more mileage out of the great content you’ve created in the past. These are very similar to white papers, just a bit longer.

Your website is powerful, but you can lose business if you can’t use it to gather leads and close sales. Unlock all of its power by turning your website into a lead generation machine.

Alex Boyer is a Community Manager and Content Ninja for Duct Tape Marketing. You can connect with him on Twitter @AlexBoyerKC

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3. Lead Generation Is About Being Found Traditional lead generation tactics, directory advertising, trade show participation, half…

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