6 minute read
TIM’S VIEW
No time
for standing still during a pandemic
In March 2020 I remember discussing if our Budget Day event should proceed. We postponed and shortly after went into lockdown for what I expect we all thought would be for a few weeks.
As I write this we still aren’t quite in the clear and like everyone else I am looking forward to 19 July and being able to start hosting events again at Chargrove House.
Looking back over lockdown there have been some huge changes to how we operate, similar to many others I’m sure. We were fortunate thanks to Richard, our IT Director, that we could switch to home working when we had to. Some of our working practices needed to change though and we had to move forward quickly with adopting technology.
We introduced MyWorkpapers which meant less paper and everyone being able to share files regardless of where they were. We now invoice directly from Xero and we have added GoCardless to provide another means of being able to settle invoices without having to write a cheque. Whilst it hasn’t always gone smoothly and there may be refinements to be made thank you all for your support as we have made these changes. We have also introduced Futrli for forecasting allowing businesses to project their numbers into the future to help with planning.
Our most recent change has been bringing Little and Company on board and I welcome our new team members and clients to the fold. I am sure this is a move that will be good for all.
Having started with Randall & Payne as an apprentice back in 1981, it’s hard for me to believe that this September will be my 40th anniversary with the firm. So much has progressed in such a short space of time, I wonder what the firm will look like in another 40 years! Of course I will have retired but I am certain your success will continue to be our priority, a mantra which applies to our people just as much as our clients.
I would like to thank the Randall & Payne team for all they have done throughout lockdown, not only for helping look after you, our clients, but also for looking out for each other.
Our WhatsApp group and coffee and catch ups on Zoom have provided much needed respite and allowed us to connect. And finally, the Partners and I have been truly impressed by the way the team have adapted, never waivered from what needed to be done and always with a sense of humour and pride in what they have been doing.
Accounting in a changing world
and how we embrace it
In a rapidly changing world it’s a challenge to ensure we stay ahead of the digital game and continue to provide a professional and efficient service to our clients.
Nikki Cairns Client Director
It has always been our aim to digitalise the way we work and it is fair to say the pandemic brought the need for this way of working to be expedited much quicker than we had anticipated. I am proud to say that we have a self-motivated and knowledgeable team and a cyber secure system, so work continued seamlessly when working remotely became a necessity for us all.
MyWorkpapers
MyWorkpapers is designed for accountants and auditors and is entirely cloud-based, delivering innovative digital files that can be accessed with a secure internet connection. It was the answer to our accounts and tax teams working remotely which meant it was rolled out much quicker than intended. The fluidity of the software means we are also exploring the use of it within our Management Services team. We have seen copious improvements as a result: Productivity � The files can be accessed by multiple users simultaneously wherever our staff are working with a secure internet.
� The system removes the delays caused by an accounts file being physically in the hands of another staff member.
� The software integrates seamlessly with other accounting software i.e.
Xero, making data retrieval smoother.
Other benefits � A step closer to the paperless office. � Work/life balance improved by being able to work from home.
� Reduced stress levels with no daily commute.
� Data is more secure with no physical files.
Xero invoicing
You may be aware that due to working remotely we moved our invoicing over to Xero, which hasn’t been without its challenges, such as the limitations with the software which does not give an itemised description. We are working with our provider to improve this but overall we are confident that this digital invoicing process will help us all to manage our finances in a timely and more efficient way.
Video calls
Whether via Teams or Zoom, video calls have given us the opportunity to check in with our clients more frequently without the need to spend time out of a busy working day to travel. Although we look forward to being able to meet with clients face-to-face again, video calls will continue to play their part in the way we keep in touch.
With the Government mandating that VAT registered businesses must follow the Making Tax Digital rules from 2022, and self-employed businesses and landlords from 2023, we encourage you all to investigate, embrace and invest in the digital solutions available to you.
You don’t know what
you don’t know
“There are things we don’t know we don’t know.” A saying never more pertinent when you are caught up in the day-to-day running of a business.
Shaun Pegler Client Director We have seen a significant rise in the appetite from existing and new clients to have a greater depth and Not only are there gaps in knowledge, breadth of understanding of the numbers within their but often we don’t even know it. businesses Conversation is key to finding out what the gaps are.
You trust your accountant to keep you compliant but do we do enough to ensure your success? This simple answer is we try but as successful business owners already it’s not always clear what you don’t know.
The more we speak to clients the better understanding we will have of what they are thinking; whether they have a problem that needs fixing or just know something needs to change to ensure longevity. The earlier we have these conversations the quicker we can work together to find solutions. Speaking to us could help improve your financial position and help move the business forward. Having experts in different specialisms means that we will give you the right advice about the areas of your business which need attention, and using your numbers we can show you what can be improved upon or may need changing.
We have seen a significant rise in the appetite from existing and new clients to have a greater depth and breadth of understanding of the numbers within their businesses. We have been able to support clients through financial forecasting, drilling into data, providing advice and support and sometimes simply acting as a sounding board. Some of the common questions which have started the most productive conversations include:
Question:
How can I use the numbers to improve my business or ensure longevity? Response: With the increased use of cloud technology, your financial information will paint a real-time picture of where you are now, what areas you need to improve and how you can safeguard your business’ future. Our Management Services team can help to get clients set up, or transfer to, a software package which best suits their business needs.
