business Archives - Page 2 of 2

Why knowing your numbers is important

Posted on June 10, 2022 | by Jade Donno

Every Sunday, Paul reads The Sunday Times to keep up to date with current affairs and to read the great reports in the business & money section.

In his column, Julian Richer of Richer sounds talks about the importance of knowing your numbers and taking an interest in the bookkeeping and accounting side of your business as well as the selling.

On a recent team meeting, facilitated by Heather Townsend of the Accountants Growth Club, it dawned on us that very few clients actually go into their accounting software, study the reports, and ask questions on a regular basis. We are now spending extra time explaining things like profits and balance sheets.

One of our long-established clients used to regularly ask us questions regarding overdrawn director’s accounts, why they didn’t have any cash in the bank, and if they were really making a loss. They joined our successful business growth plan and we explained how a balance sheet works and the impact of stock on the profit and loss account. We discovered that a lot of time was spent on R&D and a lot of stock had never been counted, especially if it was fully assembled. By understanding how it all worked fully and how to run off the reports this business owner will have a much better understanding of their business.

The article in the Sunday Times by Julian Richer does a great job of illustrating just how important it is to know the broader financial details of your business and not just your turnover. It is also important to understand your profit, KPIs, and your balance sheet!

We are committed to trying to help our clients have a better understanding of their numbers as it can really help with making decisions to do with their business and improve cashflow. We offer all new clients training on their accounting software so that they have a basic understanding of how it works, and we regularly publish blogs on a huge variety of topics so that our clients are able to educate themselves even when we are not available.

Help your employees prioritise self-care

Posted on June 1, 2022 | by Jade Donno

Self-care is arguably more important now than ever before, with the pandemic & cost of living crisis causing stress levels to reach new heights. If you want your employees to be at their best, this means that you need to start encouraging employees to focus on their self-care. If you don’t, you will have a very stressed and burned out workforce who will turn to negative behaviours to cope.

Why the need for self-care?

People are suffering from stress and burnout and it doesn’t seem to be dissipating.

A survey by the University of North Carolina Chapel Hill and Harvard Medical School found that 55% of respondents said they were more stressed in May 2020 than they were in January.
According to mental health charity, Mind, the Office for National Statistics revealed that depression rates doubled during the pandemic (in June 2020, 2% of adults experienced depression in that month alone compared to 9.7% of adults who experienced it between the period of July 2019 to March 2020).
A Korn Ferry study revealed that 73% of American professionals were feeling burned-out and the top reasons cited were no separation between work and home and unmanageable workloads.
Older research also commissioned by Mind found that 57% of the people surveyed drank alcohol after work to cope with stress. In addition to this, 28% said they smoked cigarettes, 16% took prescribed sleeping aids, and 15% took antidepressants.

As you can see from these statistics, employees are not coping with the constant stress and strain that has been the past 2 years; such a situation is unsustainable. To prevent it from getting worse and to nurture the health of both your employees and your business, you need to promote self-care and proper stress management techniques as part of your culture.

8 ways to encourage self-care

Understand your employees’ needs – discuss self-care with your employees and ask them what they want or need. How can you help them create a better work-life balance? Which elements of their work do they love and what to do more of? Are they struggling with something that you can help them with e.g. prioritising their work to reduce anxiety?
Make the effort to meet physically – especially with staff members who are working from home or hybrid working, make sure you meet up with your employees for a physical one-to-one. A cup of coffee or a walking meeting can do wonders.
Practice what you preach – whatever you are promoting as self-care, make sure you are leading by example! It could be properly switching off at the weekends, walking during your lunch break, meditating in the mornings, eating healthily or getting a good nights sleep for a few days in a row. Whatever you’re doing, schedule self-care into your calendar, share your efforts, encourage and motivate people to get involved and be their inspiration.
Encourage them to write their to-do list the night before – writing lists helps reduce anxiety, so if this is done the night before, we can sleep better and wake up raring to go. Encourage your employees to do this. It not only helps with productivity but also facilitates better prioritisation and focus.
Actively help individuals with time and stress management – a big source of stress for many workers is not having time to do everything they need to. As we all know, this is usually due to poor time management rather than not having the time in the first place! To help your employees work more effectively, give them the information and tools they need to succeed. (e.g. ever heard of The Pomodoro Technique?).
Offer flexible hours and/or an outcome-based model – to facilitate a better work-life balance, give your employees the chance to create their own flexible schedules. If you do this and set clear goals and KPI’s for what they need to achieve, you will see an improvement in productivity and job satisfaction.
Remind your employees to use their benefits – do you offer your team flexible working hours, discounted gym memberships, a study allowance or any health-related benefits? If there is something that could help them relax, develop and re-find their mojo, you need to motivate them to take advantage of these benefits. Even if it’s just taking the afternoon off to recharge!
Always show your appreciation – acknowledging employees and their accomplishments and showing them how much you value what they do can seriously help with productivity and motivation. We all know how much of a difference it makes when someone gives us a job well done – it lifts our spirits and makes our week. Self-worth is a big factor when it comes to stress, anxiety and general mental health, so make sure to recognise your employees and their efforts as much as possible.

Your employees are your greatest asset!

Employees are the life force of your business. They are the foundation, the cogs in the machine, so you must take care of them. If you don’t, cracks will form! Start investing in self-care now and you’ll see that your team, and your business, will be far stronger and resilient in the long run.

6 key changes businesses should have made over the past 2 years

Posted on May 17, 2022 | by Jade Donno

The pandemic has been transformative in many ways. It has changed how we view our health, how we communicate and, of course, how we run our businesses. Whilst we certainly wouldn’t want to do it again, it has taught us a lot of valuable lessons. In light of the lesson we’ve learnt, we thought we’d share 6 key changes we believe all businesses should have made since the pandemic:

1) Hybrid Working

Before the pandemic hybrid working was a lot less common, however this is no longer the case. Recent studies have shown that 76% of companies have adopted a hybrid working model since the pandemic because it has proven to be so effective!
Employees are more productive, more engaged and generally happier when provided the opportunity to choose their work environment. Your employees and your profit margin will thank you for adopting a more flexible working model!

2) Internal Communications

Learning to navigate a business in social isolation has really highlighted the importance of effective communication, not only between team members but between firm owners and partners too.
We made sure to have daily zoom meetings with the whole team throughout the pandemic so that we all had a chance to see and talk to each other, even if there was nothing particular to report. Without these open streams of communication we would not have been able to adapt our businesses, engage our teams or maintain operations during the Covid-19 crisis.
Therefore, you must continue to prioritise and invest in your internal communications. After all, if the pandemic has taught us anything, it’s that effective communication is a valuable commodity.

3) Digital Processes

Working from home forced us to adapt in more ways than one. However, the most notable difference has been the global shift towards virtual working and digital processes.
Adopting cloud-based software has innumerable advantages, but perhaps the most noteworthy is its ability to increase efficiency. In a recent survey, 48% of respondents agreed that cloud computing increased their efficiency thanks to cloud automation and broad network access.
So, if you haven’t already, do yourself a favour and start streamlining your processes by using a digital payment process and introducing automation tools to your workflow.

4) Advisory Services

If guiding our clients through the pandemic has shown us anything, it’s that our advice is both valuable and scalable. Developing your advisory services is something you need to make sure you are doing.
Offering tailored advice can be a simple way to utilise your expertise, enhance client relations and increase revenue. So don’t limit yourself to debits and credits – expand your services by offering relevant business advice!

5) Outsourcing

In a time when we had to adapt quickly many businesses had to outsource labour and resources to operate, and that continues to be the case. Labour shortages have forced us to seriously evaluate what we can and can not deliver in-house.
Yet, despite the great resignation and the global pandemic we’ve come to find there are actually many benefits to outsourcing.
Outsourcing can improve revenue, increase efficiency, and reduce operational costs. What’s more, it enables you to delegate tasks outside of your expertise, allowing you to channel your energy into what you do best. Don’t be afraid to ask for help as you’ll need it if you want to scale your business.

6) Refined client base

They say that every cloud has a silver lining. Whilst the pandemic did present us with many hardships, it also allowed us to take a good look at our client base.
If you’re yet to do so, we highly recommend reviewing your client base as well. Who are your high-value clients? Which clients drain your resources? The aim is to identify which clients you can afford to let go in order to save yourself both time and money.
Although culling clients is never easy, refining your client profile can be extremely beneficial if done respectfully. This will help you make space for more clients that fit your ideal client profile!

Future-proof your business

Unfortunately Covid-19 won’t be the last challenge we face. There will always be another bump in the road or another fire to put out. By implementing these suggestions you have the ability to streamline your business, optimise your performance and keep up with your competitors, all of which are essential when preparing your firm for the future.
Try not to be despondent when times get tough. Remember, challenges are also opportunities for growth and innovation.

3 hacks for embracing change in the workplace!

Posted on January 28, 2022 | by Jade Donno

Embracing change is the secret to business growth. It allows us to learn how to do things better and adapt to survive, which is an essential skill in today’s economy! This is easier said than done though. We all like our comfort zones, and it can be really difficult to break out of them. Then, we also have to help our employees get out of their comfort zones as well!

If you want to move your business forward, here is how to embrace change in the workplace and how to get your team to get behind it too.

1) Get yourself in the right mindset, so you can lead by example

You won’t be able to implement a change if you’re not behind it yourself, so take some time to embrace it first. What are the positives that will come from this change? Why is it needed? What will you and your team get out of this change? Re-frame this in your mind, and you’ll be far more effective in embracing and then leading this change.

2) Communicate the change to your support team

The worst thing you can do is spring change on your team and not communicate what it really means. You want to implement change in your business successfully and your team is a major key player in that, so you really need to communicate this in the right way.

To avoid resistance from your team, make sure to:

Communicate changes that are happening as early as possible -NOT at the point where it needs to be implemented.
Involve the right people in the process as early as possible – they have valuable insight and need to be the ‘champions’ of this change.
Share the overall vision with the team – your team needs to understand how this all links together and having a shared purpose increases the chance of success.
Communicate “what’s in it for me?” for every team member, not just how it will help the business – reward is a massive motivator so help your team get personally invested.
Provide them with sufficient training and support – how do you need to support them to implement the change successfully?.

3) Nurture the right habits and behaviours in the long term.

When times get tough and things are going wrong, this is when your team will revert to old behaviours and habits and how things were done before. To avoid this, start nurturing the right behaviours now by working on resilience and wellbeing. This will help to make sure that the change is a long term one.

Try implementing one or more of these strategies:

Rewards – take your team out for lunch or give them the afternoon off if they need motivation.
Check-ins – have monthly 1:1s to make sure each team member has what they need to succeed.
Good habits – encourage self-care among your team, especially everyone getting enough sleep, exercise, good food and recharge time.
Mindset – help your team reframe their thinking if they are struggling and lead by example.
Nurture initiative – if team members need help, don’t solve their problems straight away. Ask the right questions to guide them to the answer. This will help them start to identify and initiate change to improve working practices themselves too!

Following these hacks will not only help you and your team embrace change, but it will set you up for positive growth in the future!

Should business employ a business coach?

Posted on January 31, 2019 | by Jade Donno

Should Business’ Employ a business coach? – Absolutely!

A note from Paul

Over the years I have seen many people that say they are business coaches and I really would not trust them to deliver, especially those that are part of a franchise and just follow set procedures.

A business coach should understand your business, understand you and work to empower you to put your business in the direction that it wants to go.

Our first coach

My first encounter of a coach was about 20 years ago and the lady Gabriel Blackman-Shepperd was a life coach, she helped me to understand issue facing me at the time and my vision of the future, interestingly some of my vision at that time remains today. Gabriel understood me and worked really hard to focus me.

Coming to present day I have used three business coaches, all of whom have had a significant impact on my business.

Tough Times

Starting 1 Accounts Online was at a really difficult time, coming off of a terrible experience in my business career & my youngest daughter becoming confined to a wheel chair; I had lost a bit of the original spark I had and needed some guidance on where we were going.

The government had a great scheme in place where they funded a coach and I took on the services of Dominic Bowles who really helped me and my wife Jenni.

Dominic worked hard on the ethos of our business and his advise will always be part of our business regardless of changes.

Dominic helped us get personal and business goals which we smashed! We also learnt that family values are so important to Jenni and me and that this had to come through our business as well, something we had lost sight of over the previous couple of years!

Dominic has been back a few times since and we really value his input.

Pricing change

When we first started our Online business we had a specific business model that we identified would not work in the long term and this was based on price. Price was OK to start with as it was only Jenni and me working from home but to move the business forwards I needed to really understand my pricing.

I signed up to a program with Mark Wickersham who is well known in our industry and via webinars and reading I started to understand pricing, my market place and the real psychology behind price. This time spent with Mark was really important to us.

Once I had what I wanted I stopped the coaching and I think it is really important to know when you have gained what you need from your coach, but do not be afraid to return to brush up on your knowledge.

Skip to the present

Our latest coach Heather Townsend has been a really interesting partnership. I first met Heather at the Practice Excellence Awards where we won best New Practice in the UK, as you can imagine I was on top of the world and thought I knew everything. Heather said that she would love to work with us and could really help us, at the time I really doubted that!

Six months ago we joined Heathers Millionaire Accountants program and it is really only today that I have seen real value in the process. Heather no doubt will tell people that I am a really difficult person to recognise my achievements as my growth is never enough, she constantly reminds me that 62% growth last year is really good and yes I suppose it is.

Sitting back today reflecting on Heathers input to our business has been enormous. With Growth comes pain and my real pain was systems and lack of robust systems to grow with us. We started setting up Karbon four months ago and Jade (our practice manager and my daughter) has worked relentlessly in getting this right for us. Karbon have also been a great partner in improving the software.

We have also changed our Tax and Accounting software to TaxCalc and the monthly saving has been over £800 per month, more than covering Heathers fees.

We have introduced daily team meetings, led by Jade and weekly full meetings led by Jade as well, these meetings have really helped to Gel the team together and our apprentices are now flying and having an important and significant impact on our business and our clients businesses.

We are also instigating our monthly management meeting with three of us focusing on driving the business forwards.

I also spend Wednesdays working from home and specifically working on the business, as a business owner this is so important to the business.

All of the above has been so positive on the team, our client service and the bottom line that we are looking forward to Heather and her team working hard to reach the goal we both promised our selves at the start of the process.

Top Tip –

Chose your coach wisely, give them at least six months to prove themselves and re-evaluate what they deliver to your business. Heather may not want to be but she is stuck with us for at least another six months and more than likely beyond!

Boring to Soaring

Posted on January 5, 2018 | by Jade Donno

Paul writes his first book

Our director Paul has written his first book. The book tells of how he started his business life as a young lad collecting golf balls from the local golf club, to building a business, merging a business and ultimately building the current business.

1 Accounts Online is a growing business that could be described as disrupting the accountancy profession.

What to call the book?

After asking friends, family and clients for title suggestions on Facebook Paul decided to call the book ‘Boring to Soaring’. This title seemed fitting to describe how the business has moved from the boring traditional world of accountancy to soaring into the clouds and changing the perception of the profession.

The book details Paul’s journey through business so far which has had some bumps and challenges along the way. Paul frankly speaks about his own mistakes in business and how he overcame them. Ultimately, when the chips were down, and he hit his lowest point in business it was both determination and the support of friends and family that he proved that you can bounce back stronger.

Paul also talks about his long and strong relationship with Sage UK. Like any relationship, it has been both challenging and rewarding working with a large organisation. Paul encourages smaller businesses to work with larger organisations and never feel like they are too small to make a difference. He claims that anyone can be a specialist or even a ‘thought leader’.

The book is aimed to help any business owner showing that whatever your business is, many of the issues and problems are just the same. The book has some key messages, tips and advice that Paul hopes will help small business owners to have confidence and grow.

The 14 key lessons at the end of the book include:

Learn from your mistakes
Be Nice
Branding
Outsource to Good Quality People
Just say ‘Yes’ and feel the fear
Know your numbers
Go Online
You are not a bank
Collaborate with your team
Social Media
Never too late to learn
Automate as much as you can
Awards
ENJOY

The most important lesson?

The most important lesson is to enjoy what you do and have some great fun on your journey.

Want a copy?

If you would like a copy of Pauls book please email boring2soaring@1accounts.co.uk

All proceeds for the book are being donated to Little People UK. This is a charity very close to our hearts. You can also donate to this charity by following this link: http://littlepeopleuk.org/ways-you-can-donate/justgiving

Looking to publish a book?

There have been many people that have helped in the production of our book, but I can’t thank the printers enough for their help and patience. If you are looking to publish a book please speak to Danny at Gipping Presshttp://www.gippingpress.co.uk/

From strength to strength

Posted on December 7, 2017 | by Jade Donno | Leave a Comment

Multi-award winning accountancy firm 1 Accounts Online Ltd is celebrating success as it enters into a fifth year of business with ambitious growth plans for 2018.

1 Accounts was established by Paul Donno in December 2013. The aim of the new business was to offer clients an alternative to the traditional accounting model through the use of cloud based solutions.

The company began operating from a home office with just 2 members of staff and a handful of clients.

Fast forward to December 2017 and the number of clients has increased to over 160. Additional staff have been recruited to support the growing client portfolio. The team now stands at seven, including two Chartered Accountants and two apprentices. The company is committed to the apprenticeship scheme and developing talent internally.

An expanding team

1 Accounts has moved offices twice in the last four years to accommodate the expanding team and now occupies a large, modern office space in Haverhill High Street. In July Paul partnered with Cambridge businessman Mark Coplowe to launch 1 Accounts Cambridge to extend the company’s reach into Cambridgeshire.

Awards

1 Accounts has been recognised with a number of national accolades and awards including Highly Commended for the British Accountancy Awards in 2013 and 2014 and Winner of the Best New Practice Award in 2016. They were also awarded Most Innovative Sole Practitioner in the 2020 Innovation Awards in 2016 and in November this year were shortlisted for the Practice Excellence Pioneer of the Year Award.

Ambitious Plans

Paul and the team have ambitious plans for this year and they are looking forward to pursuing the opportunities that the future holds.

“I have always enjoyed being an early adopter of technology and saw the potential of cloud based accounting from the very beginning. Starting a new company based solely on a cloud based service was a risk but I am delighted to say that it has paid off.

“We have carved a niche as experts in the online accounting arena and have formed solid relationships with the leading providers of online accounting software – Sage and Xero.

“We are using the technology to do things differently to a traditional accountant. No time sheets, fixed fees paid by monthly direct debit and we use the software to automate the compliance. We can then use the time saved to add value to the client’s business.

“This approach works really well, as can be seen by our growth over the last four years. I am confident that, with our talented team and investment in systems and processes, we will continue to go from strength to strength.“

Tag: business

Why knowing your numbers is important