Running your business in the cloud: FreeAgent
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Transcript of Running your business in the cloud: FreeAgent
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Let’s talk about accounting
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I’m a photographer - not a salesperson
I’m a graphic designer - not an accountant
Why is accounting such an issue?
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The disconnect
• Accounting seen from a compliance point of view
• Bookkeeping tools limited for small businesses
• Business owners and accountants disconnected
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change “technology changes; people don’t”
Deb Shultz
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“Cloud” innately means...
collaborative
real-time
connected & present
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From static to mobile
essential, not optional
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E-invoicing
Companies House
Banks
Accountancy HMRC
Financing etc
Ecosystem
E-commerce
Web apps, APIs
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What does that mean practically?
We have the technology
We just need to change the mindset!
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The fundamental truth…
Whatever you want to achieve with your enterprise, you can only do it
with a viable business model.
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All businesses are the same
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All businesses are the same
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The basic business flow Your Business
Cash in: from sales and other income
Cash out: in wages, bills and HMRC
Profit Cash out: to HMRC
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Business viability
Cash in: from sales and other income
Cash out: in wages, bills and HMRC
Pricing Costs Volume Efficiency
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What components make up a Sales flow?
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Quote price for product or service
Sales flow
Take order
Complete order
Take payment
Find customer (or they find you)
File paperwork for compliance (eg: VAT due) Pay taxes due on sale/s
Invoice customer
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Chase payments consistently
Tips to keep on top of your finances
Invoice in an inconsistent manner
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Tips to keep on top of your finances
Keep track of taxes (inc VAT) owed
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Tips to keep on top of your finances Keep track of business expenses incurred
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Tips to keep on top of your finances Review your financial position regularly