In today’s competitive business world, it is not uncommon for people to do their own bookkeeping and accounting. There are many reasons why this is done – the most common being that you can save money doing so. Of course, saving a couple of hundred pounds on retainer fees is an enticing prospect, but there are actually many more ways in which hiring the services of one will help you make money instead. Here are 7 ways an accountant can save you money:
1) They free up your time
Time IS money, so the more time you free up doing your bookkeeping, taxes, and financial statements, the more time you can dedicate to the tasks that will actually generate money for your business.
Not to mention that it will take you a lot longer to do all your finances than a professional anyway. Why would you waste your time when you could be doing what you do best and what you actually enjoy?
2) They help you be more tax-efficient
Accountants can help you save money by being more tax-efficient. This means claiming what you can, obtaining loans if you are entitled to financial support, and maximising the tax deductions you are entitled to.
3) They help you avoid fines and penalties
You need to file your taxes correctly and you need to do this on time. With legislation changing all the time, this isn’t easy, and you could be leaving yourself vulnerable to penalties and charges, simply because you didn’t know.
By hiring an accountant, you can always be reassured that you’re filing on time and that your taxes are correct. You can have peace of mind that you won’t get a surprise letter from HMRC and you don’t even have to deal with them at all if you don’t want to.
4) They identify opportunities for growth
Accountants keep your records up-to-date so you will always know the figures of your business. At a glance, you’ll be able to see how you’re performing, what’s coming in and what’s going out, and also your liquidity.
There is power in data! For example, your accountant can help you ascertain how long you could survive if there was a recession, where you can cut down expenses to save money, and where you should be delegating most of your budget if you want to grow.
5) They assist in gaining funding
It takes a lot of time to secure financing from banks and as we said previously, time is money. Your accountant can help you secure loans and financing really easily from creating a business plan and helping you budget to applying and assisting you in the loan process.
6) They advise on investments
If you’re interested in investing, an accountant can help you understand different investment options. From stocks and money markets to real estate and investment vehicles, they can show you how you can grow your money and which opportunities are the best for you and your business.
7) They offer invaluable business advice
As well to accountancy, accountants can offer business guidance to help you increase your chances of success. They can help you build a business from the ground up; they can help you with goal setting and planning, budgeting and forecasting, and pricing to increase your profit margin. This isn’t even everything that’s included in their advisory services so make sure to take advantage of their knowledge.
To sum up:
While you can save a couple of hundred pounds doing your own books, you won’t save as much with an accountant and you could actually end up losing a lot more. With an accountant on your team, you can save both time and money while having the reassurance and peace of mind that you’re making sound business decisions for your future.
We have a team of experienced professionals who can provide a range of services to help you with your finances. Whether you need help preparing your taxes or want to outsource your bookkeeping, we’re here to help.
Contact us today to know more about our services!
Also read: How to generate more revenue without spending a penny?
If you’ve lost clients due to the pandemic, you are not the only one. Countless businesses have lost substantial revenue, some of which have been forced to declare bankruptcy or shut their doors for good.
When we lose clients, it can be tempting to jump back on the sales horse and concentrate on winning new business. Of course, this isn’t wrong, but there are better ways to generate new revenue than trying to win more leads initially.
In this article, we outline six ways to generate more revenue from your existing client base without spending a penny!
Increase revenue from existing clients
- Prioritise the money you are owed first
Talk to the clients who owe you money and negotiate how they will pay their debts. You have already provided this service, so chasing up and agreeing on payment dates is the first thing you need to do. Next, bill any WIP or completed work that has been invoiced.
- Review and start charging for your ‘freebies.’
We all like to go above and beyond for our clients, but sometimes this comes at a cost. Review what you are currently giving away ‘for free’ above and beyond the service your clients are paying for and start charging for it. Usually, this is an area where significant amounts of extra revenue can be found.
- Consider increasing your fees
You may be hesitant about raising fees during a recession, but ask yourself: when did you last do a fee increase, and how much more time are you spending with your clients to support them right now? If you’re doing a lot more for less, explain to your clients that you need to increase your fees to keep giving them the level of support that they need.
- Analyse your current client portfolio and help them get more from you
Look at your existing client base and segment them into A, B, C and D clients. Clients are your most valuable and tend to bring in the most business, and/or they pay very well. B and C clients are good quality clients who usually make up most of your business. D clients are generally not in line with your company anymore or are low payers and/or are picky.
Using your analysis, identify which clients need more help from you and who could benefit from other services that you offer. Start increasing your communication with your A and B clients and ditch or convert your D clients.
- Follow up with old, cold leads and catch up with your good referrers
You can ring old prospects or existing clients to check-in and see how they are doing. Due to the social restrictions during the pandemic, there isn’t going to be anybody that won’t appreciate you asking how they are. Make sure to catch up with your good referrers too!
- Increase other marketing activities
What other marketing activities can you do that won’t cost a penny? One of the best tasks you can do for your business is to focus on increasing your online presence. This enables you to stay in front of prospects and clients, and it ensures that you are remembered when they are ready to buy your service.
To sum up:
Your clients already like you and trust you, so they will be a lot more willing to buy more from you. If you’re looking to increase your revenue during times of difficulty, always turn to your existing clients first. You may find that you don’t need to go out and find new business after all.
Booka call with us today and let’s see how we can help you!
Also read: How to convert from QuickBooks to Xero?
QuickBooks has always been the gold standard for small business accounting software. But in recent years, a new contender has emerged on the scene and is quickly gaining popularity: Xero.
In this post, we’ll take a look at some of the key differences between QuickBooks and Xero, and we’ll explain how to convert from QuickBooks to Xero. So if you’re looking for a more powerful and customizable accounting solution, Xero may be the right choice for you. Stay tuned for more information!
Why choose Xero?
Xero is affordable cloud-based accounting software that offers a wide range of features for small businesses, including invoicing, tracking expenses, and creating reports. It also integrates with other applications that small businesses may use, such as PayPal and Google Drive.
One of the benefits of Xero is that it’s always up-to-date. Whether you’re accessing it from your computer or phone, you’ll have the latest version of your financial data. Xero is also mobile-friendly, so you can take your business finances with you wherever you go. And because it’s cloud-based, there’s no need to install any software on your computer.
Converting from QuickBooks to Xero in the UK
Xero is an excellent option if you want to switch over from another accounting software. They will pay for your conversion, and allow up to 2 years of historic data entry without charge!
There are a few steps you’ll need to follow in order to convert your QuickBooks data over to Xero.
- First, export your QuickBooks data into a CSV, XLS, or XLSX file.
- Next, create a new Xero account and import the file.
- Finally, map your accounts and reconcile your data.
Movemybooks (recommended by Xero) is a great option to transfer your data from any of the following programs: Sage50, Accounting or QuickBooks Online.
Our experts can help with every step of the process, from setting up your Xero account to importing your data. They’ll also be on hand to provide support and advice as you get used to using Xero.
How can Zyla Accountants help?
Xero is a popular accounting software in the UK for small businesses.
Zyla accountants are experts in helping clients to convert from QuickBooks to Xero. The process of converting can be difficult, but Zyla makes it easy for their clients. We are QuickBooks and Xero certified in the UK. We have a team of expert bookkeepers who can help you seamlessly transition from QuickBooks to Xero.
Clients who have switched to Xero report that they are happy with the change and find that it saves them time and money.
Contact us today to get started!
If you’re a business owner, it’s important to keep track of your business expenses. Not only is it required by law, but keeping track of your expenses can also help you save money and make more informed business decisions.
In this blog post, we’ll discuss the importance of tracking your business expenses and provide some tips on how to do it effectively.
Importance of tracking your business expenses
There are a few key reasons why it’s important for UK businesses to keep track of their expenses.
- It ensures that you’re not spending more than you should be – tracking your expenses helps keep you accountable and ensures that you stay on budget.
- To ensure that you’re claiming all the tax reliefs and deductions to which you’re entitled – by keeping track of your business expenses, you can make sure that you’re taking full advantage of tax breaks and allowances.
- To help with financial planning – tracking your expenses gives you a clear picture of how much money is coming in and going out, which can be helpful when planning for the future.
How to keep track of your business expenses?
#1. Dedicated business account and card
If you’re running a business, it’s worth considering the benefits that such an account can provide.
- First, it can help you keep track of your expenses and income more easily. This is particularly important if you have a lot of business-related expenses.
- Second, it can give you a sense of professionalism and help you build credibility with clients and customers.
- Third, it can offer some tax advantages. Lastly, it can help simplify bookkeeping and financial record-keeping.
#2. Link your bank account with your accounting tool to automatically import transactions
When it comes to bookkeeping, it’s important that you take advantage of every opportunity for efficiency and automation. Linking your bank account with your accounting tool like Xero is one way to make sure that everything runs smoothly when it comes to tracking expenses. It will save you time, as well as ensure accuracy in your records.
#3. Start Reviewing and categorizing your business expenses more often
By reviewing your expenses regularly, you can catch any errors or discrepancies in your records. This can help you avoid any costly mistakes down the line.
Second, by categorizing your expenses, you can get a better sense of where your money is going and where you may be able to save some money. This can help you optimize your spending and make sure that your business is running as efficiently as possible.
#4. Use accounting tool to categorize and keep your expenses all in one place
You might want to use software to categorize and keep your expenses all in one place. Perhaps you want to get a better overview of where your money is going each month, or maybe you need to track expenses for tax purposes. Whatever the reason, using accounting software can help you stay organized and on top of your finances.
The software can make it easy to categorize expenses, so you can see where most of your money is being spent. This can be helpful in budgeting, as you can identify areas where you may need to cut back or save more money. Additionally, keeping all of your expenses in one place can help prevent you from accidentally forgetting about a purchase or duplicating payments.
#5. Hire an accountant
Hiring an accountant to keep track of your expenses is a smart financial move. Accountants are experts at managing money and can save you time and hassle by keeping track of your spending for you.
They can also offer valuable insights into where you can cut costs and save money. If you’re serious about getting your finances in order, hiring an accountant is a step in the right direction.
To sum up:
Zyla accountants can help you keep track of your expenses in a number of ways. We can work with you to create a budget so that you can see exactly where your money is going each month.
Additionally, we can review your bank statements and credit card bills to look for any unusual or unexpected charges.
If you have any questions about how to keep track of your expenses, be sure to ask Zyla accountants for help.
Our team at Zyla Accountants is always looking for ways to improve their processes and this time it involved working with Dext. We are pleased to tell you that we have achieved Dext Pro Certification and it will help us to work with vital skills and productivity.
One reason why Zyla Accountants became Dext pro certified is that we want to be the most knowledgeable and qualified accountants in the field and in turn help our clients.
The Dext Pro certification is one of the highest levels of certifications that an accountant can achieve. It demonstrates a mastery of accounting principles and practices. Earning this certification proves that we at Zyla Accountants are dedicated to providing the best possible service to our clients.
What is the Dext Certification Programme?
In light of recent events, we have focused on ways to improve our interaction with clients. Dext allows us to access and process information from any location so that records stay up-to-date even when you’re not in the office!
The application process has three different levels – Partner (non-ACTIVE), Pioneer (light use) or Pro (heavy user). Dext Certification is a system that rewards users for using Dext’s core features. This means we’ll receive higher levels as the amount of time spent on Dext increases, and our level unlocks new perks!
Dext Certification calculates these levels based on certain key metrics including:
- No. of Active Clients
- Digital Submissions%,
- Auto-Publish and
- Supplier Rules
How Dext Pro Certification will help Zyla Accountants?
This Pro certification will help us serve our clients better in a number of ways:
- We will be one of the first in the industry to hear about Dext’s latest product innovations.
- Our processes will become more efficient and smooth and we will be able to give more time to the clients.
- More and better use of their Optimize tool features that can help our clients grow.
- Since all the clients are submitting their paperwork timely on Dext, it will allow us to provide financial insights better.
At Zyla Accountants, we believe that accounting isn’t about number-crunching, it’s about understanding your business. We provide tailored solutions to help you manage your finances and grow your company. From bookkeeping and tax planning to auditing and payroll, we can take care of everything so you can focus on what you’re good at – running your business.
Our team of accountants has the knowledge (now Dext Pro Certification) and experience to help you make smart financial decisions for your company.
Contact us today to learn more about how Zyla accountants can help you!