5 online accounting systems to invest in to reduce your business costs

5 online accounting systems to invest in to reduce your business costs

A sudden change in the economy can have a huge impact on a small business – especially during these unprecedented times. Now, more than ever, business owners have to pay serious attention to the finite details, as the slightest alteration can quickly send things south. Thankfully, it’s not all doom and gloom. With the help of advanced online accounting systems and software, there are plenty of tools available to help you navigate the current economy and reduce your business costs. By automating processes, collecting data and forecasting trends, these systems can improve your businesses efficiency whilst saving you both time and money. 

So, if you’re looking to cut costs whilst improving your profit margins, here are 5 online accounting systems you should invest in:

#1. GoCardless

GoCardless allows you to automate payment collections directly to your business account with ease and efficiency. Not only can you automate Direct Debits, credit control and monitor transactions, you can also streamline your bookkeeping as GoCardless will automatically correspond each transaction to its respective invoice. 

By automating your payment collections, you’re able to minimise the risk of late payments, save time chasing invoices and improve your bookkeeping process, thus allowing your team to focus on higher-value tasks. 

#2. Dext, Hubdoc and AutoEntry 

Software like Dext (formally known as Receipt Bank), HubDoc and AutoEntry enable you to capture and store receipts and invoices electronically. By photographing/emailing receipts and invoices straight to your accounting software, you’re able to input information quickly and efficiently without wasting time on manual entries. These systems also utilise automation to ensure receipts and purchase invoices are stored correctly (minimising the risk of human error or intervention). 

With software available to ensure your financial records are stored safely and accurately, the real question is, why wouldn’t you input your records electronically? 

#3. Client onboarding systems

Client onboarding systems help you gain and retain new clients by ensuring your client’s onboarding experience is simple and effective. An efficient onboarding system relies on several successful processes (i.e. requesting documents, collecting payments and organising meetings). 

By investing in onboarding software, you’re able to automate many of those tasks, saving you time, money and resources whilst simultaneously improving your customer experience. 

#4. G Suite (now Google Workspace)

Rather than opting for Microsoft, consider using G Suite (now Google Workspace) to get more bang for your buck. G Suite allows you to store and share documents on the cloud, connect with your employees/customers and synchronise files across all of your devices – and that’s only the beginning. This user-friendly software optimises productivity, encourages collaboration and ensures all of your documents are filed and secured in one unified digital space. 

#5. EPOS systems 

EPOS (Electronic Point Of Sale) software is designed to improve upon the traditional till system. Instead of solely recording sales, EPOS utilises the data from your transactions to create detailed reports and business forecasts. This data allows you to track inventory, monitor sales trends and provide valuable analytics for your finance and stock systems. 

By offering you an in-depth analysis of your sales, EPOS can positively influence your business (and its profits) by forecasting trends, improving accuracy and automating processes to minimise error and wastage. 

Invest in the future of your business

The pandemic has demonstrated just how quickly the economy (and our lives) can change. Although you cannot forecast every economic fluctuation, you can adopt systems to streamline your businesses and reduce costs. That way, when the unexpected does happen, you already have the foundations in place to protect your business and minimise mistakes whilst also improving productivity and profit margins. 

How Zyla Accountants can help?

Zyla Accountants is proficient at using all these online accounting systems. We can help you go online without paper accounting. Analysing data to improve business performances was never this easy, we can help the clients to track down their sales, forecast trends, automate processes with fewer errors. You can achieve your goals of financial stability and improved business performance.

Contactus today to see how we can help you!

Also read: The Future of the Fitness industry: 5 Winning Strategies to Survive and Thrive in 2022

In conversation with Business Journalist Fraser Allen on the future of tax in the UK

In conversation with Business Journalist Fraser Allen on the future of tax in the UK

Recently our CEO Suzy Kerton did an interview with business journalist Fraser Allen talking about the potential of young businesses to boost post-pandemic recovery and the UK’s ageing tax system (a help or a hindrance to entrepreneurs?).

Fraser Allen invited four accounting industry experts to share their thoughts on the future of tax in the UK and whether the tax system is fully supporting business growth or not. These experts were: 

  1. Justine Riccomini  Head of Tax (Scottish Taxes, Employment & ICAS Tax Community), ICAS
  2. Suzy Kerton CA  CEO, Zyla Accountants
  3. Douglas Lawson CA  CEO & Co-Founder, MarktoMarket
  4. Craig Strachan CA Director, FOAL Drinks, The Start-Up Drinks Lab and The Alcoholic Water Company

Let’s see what these experts have to say!

“If a business has a national insurance bill of less than £100,000 a year, it can qualify for the employment allowance, saving £4,000 on its NIC bill every year,” she says. “I suspect a lot of small businesses are not aware of that. The Taxes Management Act was written in 1970. We desperately need it to be rewritten and brought into line with modern-day business practice. The two tax staples are income tax and VAT. I can’t see them changing in my lifetime, but everything else has the potential to be reviewed and there’s clearly some scope for fresh initiatives, such as environmental and online sales taxes.” said Justine Riccomini.

Further continuing, Our CEO, Suzy Kerton commented “I was visiting my sister in Dubai when another lockdown was announced in the UK. I stayed on and decided to open Zyla Accountants here too.”

Suzy Kerton

“I always wanted to start a business. At the ICAS conference, one year, I listened to CAs who had launched their own companies and that greatly inspired me. We enjoy helping customers to understand their finances through cloud accounting. The UK is a good place to start a business. I’ve seen the hefty upfront costs required to set one up in Dubai, and the UK definitely wins on that front. R&D tax credits are also a great incentive. There should be greater incentives for SME owners who already pay corporation tax on their profits and personal tax on their income, not to mention the VAT they generate.

Also, the HMRC tax portal needs further improvement. There’s a lot to be grateful for, though. The tax system in Argentina felt like Big Brother, and that experience made me appreciate that UK tax is based on self-assessment and honesty. That creates a good business culture and sets a standard for how businesses operate.”

Douglas Lawson CA expresses “So I was familiar with the 30% tax relief available through EIS [Enterprise Investment Scheme]. It’s amazing that we have this in the UK. If you can’t persuade people to invest in your business with a ‘gimme’ of that magnitude, you probably don’t have a very investable business.”

VAT was at the forefront of my mind when we were getting started. We were nowhere near the turnover threshold but it made sense for us to be VAT-registered so that we could reclaim it and improve cash flow. We’ve also taken advantage of R&D tax credits – incentivising us to spend money on innovation while getting a little cashback has been a benefit for us, responds Craig Strachan CA.

Closing note: 

We at Zyla Accountants believe that young businesses have the potential to drive post-pandemic recovery because they are more agile and flexible than their more established counterparts. They tend to be more creative and innovative, which enables them to come up with new solutions to old problems. Also, they often have a fresh perspective that is welcomed during difficult times. However, the HMRC tax portal needs updates and small businesses have more growth opportunities under the future of tax in the UK when leveraged in the right manner. 

For more information, 

Also read: How to remain profitable in the hospitality sector during tough Covid-19 conditions?

The Future of the Fitness industry: 5 Winning Strategies to Survive and Thrive in 2022

The Future of the Fitness industry: 5 Winning Strategies to Survive and Thrive in 2022

The Future of the Fitness industry has definitely been affected by Covid-19. For one, people are much more likely to stay home and quarantine themselves. Additionally, many people who would normally go to the gym are now working from home, which means they don’t have as much time for a workout. And finally, there’s just a lot of general chaos and uncertainty caused by the pandemic that is making people less likely to make any big decisions or changes like signing up for a new gym membership.

But the good thing is that people are becoming more health-conscious after the 2nd wave. The UK Fitness Industry has seen unpredictable growth in 2021. Wellness Creatives research shows that online fitness has been predicted to grow at 33.1% CAGR. This implies it would be valued at $59bn by 2027.

Here are 6 winning strategies to help you survive and thrive in 2022. 

#1. Take your Gym Online!

Online gym classes have gained a ton of popularity after the pandemic. They offer a ton of benefits that one can’t find with in-person classes. There are a few reasons why online gym classes have become so popular.

First, they’re safe and hygienic. One can take them from anywhere in the world, and there’s no need to wear a mask, sanitize every second, drive to a gym in public or find a babysitter. Second, they’re affordable. Many online gyms offer monthly memberships for less than the cost of a traditional gym membership. Finally, they’re great for people who are shy or uncomfortable working out in public.

So, our advice is to take your business online and start providing online fitness classes. Because it is the future of the fitness industry. You can also claim the R&D tax credit as the UK government is offering tax concessions to the businesses that are moving online. 

#2. Keep a tab on your invoices and cash flow

As per the Federation of Small Businesses, around 440,000 small businesses could be bankrupt because of late payment and improper cash flow. 

There are a lot of reasons why keeping tabs on your invoices and cash flow is important, but here are just a few:

  • It keeps you organized. When you can see at a glance how much money you have coming in and going out, it’s a lot easier to stay on top of your finances.
  • You make smarter decisions about where to allocate your resources. If you know that you’re going to be tight on cash in the next month, for example, you might decide to scale back on expenses or put some extra funds aside.
  • It gives you a better understanding of your overall financial health.

#3. Customer Retention Schemes 

With customer acquisition rates at an all-time low, businesses need creative ways of keeping their existing customers loyal and coming back for more. 

In order to do that, you need to have a customer retention scheme in place. This could be anything from a loyalty program that rewards customers for their continued patronage, to special offers and discounts that are only available to loyal customers.

Whatever retention scheme you choose, make sure it’s something your customers will appreciate. They should feel appreciated and valued by your business and feel like they’re getting something extra for being loyal customers.

#4. Nutritional Supplements and Fitness Apparel 

It can be difficult for many people to find time to run around looking for supplements and fitness apparel such as yoga mats, dumbbells, athleisure wear etc. The fitness supplements and apparels market is expected to grow by 30% in the coming year. 

So why not make some money off of these goods instead? And who doesn’t need more money? Plus, with a little help from taking your business online (by designing a website and marketing the products) you could increase sales by up to 50%. 

#5. Seek professional help 

Accountants can help in shaping the bright future of the fitness industry by helping to keep track of all of the revenue and expenses that go into running a successful business. 

An accountant can also help you set up systems for collecting taxes so that you’re always aware of what needs to be done in order to stay compliant with federal and state regulations. Finally, an accountant can provide valuable guidance when it comes time for making important decisions about your company’s finances.

Final thoughts 

Zyla Accountants can help you analyse the problems with how money is being spent, what profits are being made, and where your resources might be going. We have years of experience evaluating businesses’ financial stability and helping them make sound decisions based on solid information. 

Contactour CEO Suzy Kerton to see how she can help you improve your business during these difficult times. 

For more information, contact us at:

Also read: Xero prices updated: How it is going to impact Zyla’s pricing?

 

6 tips to remain profitable in the hospitality sector in 2022

6 tips to remain profitable in the hospitality sector in 2022

The hospitality industry has been hit hard by the pandemic. As businesses increasingly close their doors to help prevent the spread of the virus, the hospitality sector during a pandemic is seeing a sharp decline in bookings and revenue. 

Hotels, restaurants, and other tourism-related businesses are feeling the pinch as people cancel travel plans and stay home. In terms of customer behaviour, there is a good chance that many people will avoid large crowds and social gatherings in an effort to avoid exposure to the virus. This could lead to reductions in check-ins and sales for businesses in affected areas.

The full extent of the financial impact won’t be known until after the pandemic ends. However, some analysts are predicting the future of the hotel industry after the pandemic in the UK is going to be a roller coaster ride.  

Recently, in the UK, Chancellor Rishi Sunak announced that Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for local authorities to support other businesses. 

It is a positive sign for businesses hit by the omicron variant and looking for some backup to support their operational costs. We are continuously helping our clients to seek grants and furnishing them with the right advice. 

So, let’s see what else small and medium businesses in the hospitality sector can do to prevent further losses. 

How to remain profitable in the hospitality industry during the pandemic?

We all know that the service industries are typically among the first to feel the impacts of a recession in any economy. So, here we have talked about all those measures that we advise our clients with to cope up with these tough times. 

#1. Keep a close look at your cash flow

When entrepreneurs have to worry over how they will find the cash just to keep surviving, things start getting wrong from that point onwards. Consistent cash flow can ease pressures, and assist with focusing on core business exercises. 

Poor cash flow will force you to make wrong decisions about whether to cut expenses or not. 

That is why it is important to hire a professional accountant to do all this work on your behalf. They will invest energy in reconciling the ignored invoices to appropriately figure out what cash is owed and what is due.

#2. Keep your people happy 

Employees are the lifeblood of any company. Without them, nothing gets done. It’s therefore important to do what we can to keep employees happy and retain them.

Happy employees are more productive than unhappy employees. They’re also less likely to leave the company, which saves them time and money that would be spent on recruiting and training a new employee. They create a positive work environment that is beneficial to all.

#3. Focus more on loyal customers

Loyal customers are more likely to stick with you during hard times because they have a vested interest in your success. They are also more likely to recommend you to their friends and family members, which can help increase business during these tough times. 

They also provide valuable feedback about what you’re doing right or wrong so that you can continue to improve your services for future customers.

You can start a customer loyalty program! 

By rewarding customers for their past purchases, these programs can help create a cycle of shopping and buying that leads to increased sales. Some of the most popular rewards include discounts on future purchases, free items, or even prizes like free movies or dinners.

#4. Innovation is the key

There are many reasons why innovation in the hospitality sector is important. First and foremost, it keeps the business fresh and interesting for guests, which helps to keep them coming back. Additionally, innovation can help to improve efficiency and reduce costs within the hospitality industry. 

It means coming up with new ways to serve food or drinks, or coming up with new concepts for hotels or resorts. 

It could also mean finding new ways to make guests feel welcome and comfortable, or finding new ways to make the hotel experience more enjoyable. Ultimately, innovation in hospitality means finding new and better ways to meet the needs and wants of guests.

#5. Monitor the key financial ratios

There are a few key financial ratios that you should always be monitoring in your business. These ratios can give you a snapshot of how your business is performing and where you may need to make some changes.

Some of the most important financial ratios include:

  • The current ratio, which measures how easily your business can pay its debts over the short term
  • The debt to equity ratio, which measures how much debt your business has compared to its equity (or ownership) 
  • The profit margin, which tells you how much profit your business is making on each British Pound of sales 
  • The return on equity, which tells you how efficient your company is at using its shareholders’ money 

#6. Hire an accountant to manage your books

In order to get the best advice and improve your sales efficiency, it is important to hire a professional. One who is good with numbers and statistics. An accountant can help you in a number of ways:

  • They can manage your books and pay taxes on your behalf.
  • They can help you seek government grants with ease. 
  • Give the best advice when it comes to improving your business’s financial performance. 
  • Assist you in getting more investment to grow your business.

Final thoughts

The pandemic is having a significant impact on the hospitality industry. The financial fallout from the outbreak is already causing companies to delay or cancel planned initiatives.

The good news is that accounting professionals in the UK are resilient and resourceful. They can find ways to overcome the challenges of the hospitality sector during pandemic conditions.  

Zyla Accountants have been helping numerous SMEs like you to get back on track with success. We are more than happy to assist you in these tough times. 

Get ona call with our CEO Suzy Kerton to see how we can help you!

For more information, contact us at:

Also Read: Xero prices updated: How it is going to impact Zyla’s pricing?

 

15 things you didn’t know an accountant could do

15 things you didn’t know an accountant could do

When asked “What does an accountant do?” Many people answer with accounts, tax or compliance work. While that’s true, what many don’t know is that the good ones do so much more. The best accountants will become a part of your team; they will give you strategic advice to save money and boost revenue, they will help you work more efficiently, and they will not only help you plan for your future, but they will help you get there.

To better answer the question, “What does an accountant do?” Here is a taster of what they offer to you and your business.

Things an accountant can do…

  • Launch a start-up

You need to know that your idea will make money and may potentially need to convince investors of the same thing. An accountant can do that for you plus work out your start-up and operating costs and create credible revenue forecasts. 

  • Manage your cash flow

Getting a stable and consistent cash flow is every business owner’s dream. An accountant can make sure that you always have the money there to pay staff and suppliers, as well as cash reserves in case of an emergency. 

  • Help make you more tax-efficient

Everyone knows that an accountant can help you complete and submit your returns at the end of the tax year. What many don’t know is that they can also help you to lower your tax ethically as well as helping you deal with old tax debts and make sure your books are watertight if you’re audited.

  • Manage your debt

What loan should you choose? Should you use spare cash to pay back loans or reinvest in the business? What does an accountant do to improve your credit score? An accountant can help you develop a specific strategy to manage debt in a way that is best for your business.

  • Chase unpaid invoices

An accountant takes the ‘chasing money’ headache away from you by setting up an automated invoice system. When a payment is due or overdue, this will send out automatic reminders to your clients until they pay. Some accountants will even call clients who are very overdue with payments.

  • Improve your business strategy

Yes, your accountant can help you figure out where you want to go and what’s important. They will work with you to set realistic personal, professional, and financial goals, and then they will measure your progress to help you achieve them. 

  • Budgeting and forecasting

Working off a vague set of numbers can result in irreparable damage to a business. With an accountant, you can work to an exact budget where you know exactly what is coming in and going out, and how much money you have to reinvest, and all in real-time. As well as having the figures at your fingertips, you will also know the figures that you’re aiming for and how long you could last in a crisis. 

  • Writing and pitching loan applications

Applying for a loan is a tedious and difficult process, but not with an accountant. They can pull together your numbers to help you write a solid application, not to mention give you the forecasting figures that will win over any loan officer. 

  • Help you with recruitment and payroll

Should you hire a full-time employee or outsource? Will your bottom line benefit more from a salesperson or a technician? Can you afford to hire and train a new employee? All these questions are important and should be handled with confidence. An accountant can help you make the best choices for you and your business and make payroll easy. 

  • Set up your cloud accounting software

Accountants aren’t stuffy number crunchers who speak a different language, they are tech-savvy and future-driven. Using the best tools out there, good accountants can help you automate your business’s accounting so that you’re always on top of your finances wherever you are. As well as implementing this software in your business, they can also train you to use it confidently.

  • Help your business run more efficiently

In addition to accounting software, accountants can also help you unlock the power of other applications so that you can start working smarter, not harder. They can help you increase productivity with your invoicing, payroll, customer relationship management, staff scheduling and time-recording etc, and integrate all these tools together to create an effortless workflow.

  • Improve your inventory management

Many business owners don’t realise how much money is lost due to poor inventory management. What an accountant can do is help you identify the cost of holding inventory and how much revenue is lost, so you can start to place accurate (and cost-effective) orders.

  • Help you plan for the future

Do you want to sell your business in the future? Do you have a succession plan? All these questions need to be addressed and planned for early on in your business journey. As well as helping you develop a plan for the future, an accountant will keep this larger goal in mind and will help you stay on track. 

  • Listen and support you

A good accountant will become an essential part of your team. They will be your financial advisor for all aspects of your life and will be there to listen and support you whenever you need them (not just appear in your life at the end of the tax year). 

  • Give you peace of mind

Your business, your finances, and the welfare of you and your family are probably the three most important things in your life. An accountant can help ease this pressure, giving you the reassurance and confidence that everything is being done or is planned for. The result? Peace of mind and being able to sleep soundly.

To sum up: 

Zyla Accountants allow free 1-hour initial consultations to all new clients. This method allows us to actually get to know you and your business. We’ll use the session to get a good knowledge of your special conditions and examine how we can tailor our accounting services to help you achieve your financial goals and aspirations.

Takea call with our CEO Suzy Kerton and let her know your business’s accounting & bookkeeping needs!

For more information, contact us at:

Also Read: How to remain profitable in the hospitality sector during tough Covid-19 conditions?

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