It is deeply steeped into British culture that talking about money is uncouth. You simply don’t do it. When it comes to your business, it can be difficult not only to talk about finances but also understand them as well.
Going through profit and loss sheets isn’t the reason you went into your business. Handling receipts and invoices are not the stuff that makes up a dream business.
Yet, getting grown up about your business money can be the difference between making it a success and struggling to make ends meet.
Your finances are like the roots of a plant. You can’t see them but they feed your business and help it grow. Healthy roots that are well cared for will produce a big strong plant in full bloom. Untended roots that aren’t watered or fed will eventually lead to the plant withering up and dying.
How do you feed and water your business finances?
You start by making sure you have a system that can adapt to the changing market and your business as it grows. You may not realise this but not all finance systems are the same.
Some systems, like Xero, are constantly evolving. They are built for today’s modern markets and are as flexible as the people who use them.
Some other systems are very much set in their ways. You have to adapt your business to how they work. It can be clunky, time-consuming, and confusing. Unless you are trained in finances, it can be hard to understand what is going on.
That’s why we like using Xero for our clients. It means they have full transparency with what is happening with their money.
Sophie Dale, Designated Finance Manager, explains: “When you have a better idea of your business accounts, you can see where your money is coming from and going to. With this, you can make better decisions about your money.
“But you need to know what you are looking at in the first place. With Xero, everything is there in front of you immediately and we are always around to help explain anything that you might find confusing.”
Xero makes it easy to access information about your money so that you can make those important business decisions. And because it is cloud-based, you don’t need to worry about losing any data.
It is also compliant with HMRC’s Making Tax Digital, which is another tick on your list. It will make your accounts compliant and straightforward.
In fact, outsourcing your accounts is one of the best ways to get your head around your finances. They take on all of the hard work, leaving you to do what you do best: your business.
Sophie explains that, “being flexible is key here at Designated. We’re all experienced and experts in our field so when you outsource your finances to our team, you get a dynamic and fresh approach.
Because we’re not your average grey number crunchers, we’re interested in supporting our clients to grow. We’re invested in their business and can help them make the right decisions based on their finances.”
When you can understand what’s happening in your finances, you get a better understanding of how your business is performing. You can water and feed them with good accountancy services, like Xero, and ensure your business continues to bloom.
If you would like to speak to someone about how Designated can save you 15% on your Xero package, get in touch. Call us today on 020 7952 1460 or email email@example.com