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Running your business in the cloud: FreeAgent

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'The essentials of business accounts' presentation by Matt Perkins, Head of SME Engagement at FreeAgent, for the 'Running your business in the cloud' event on Wednesday 17th July.

Published in: Business, Economy & Finance
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Running your business in the cloud: FreeAgent

  1. 1. Matt Perkins Head of SME Engagement matt@freeagent.com @perkinsmattj
  2. 2. Let’s talk about accounting
  3. 3. I’m a photographer - not a salesperson I’m a graphic designer - not an accountant Why is accounting such an issue?
  4. 4. The disconnect •  Accounting seen from a compliance point of view •  Bookkeeping tools limited for small businesses •  Business owners and accountants disconnected
  5. 5. change “technology changes; people don’t” Deb Shultz
  6. 6. Cloud innately means... collaborative real-time connected & present
  7. 7. From static to mobile essential, not optional
  8. 8. E-invoicing Companies House Banks Accountancy HMRC Financing etc Ecosystem E-commerce Web apps,APIs
  9. 9. What does that mean practically? We have the technology We just need to change the mindset!
  10. 10. The fundamental truth… Whatever you want to achieve with your enterprise, you can only do it with a viable business model.
  11. 11. All businesses are the same
  12. 12. All businesses are the same
  13. 13. 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
  14. 14. Business viability Cash in: from sales and other income Cash out: in wages, bills and HMRC Pricing Costs Volume Efficiency
  15. 15. What components make up a Sales flow?
  16. 16. 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
  17. 17. Chase payments consistently Tips to keep on top of your finances Invoice in an inconsistent manner
  18. 18. Tips to keep on top of your finances Keep track of taxes (inc VAT) owed
  19. 19. Tips to keep on top of your finances Keep track of business expenses incurred
  20. 20. Tips to keep on top of your finances Review your financial position regularly
  21. 21. Matt Perkins Head of SME Engagement matt@freeagent.com @perkinsmattj Thank you for listening

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