Come and meet us….

….. at the Sheffield Business Conference.

2012 has been a fantastic year for My Management Accountant, with new clients continuing to join us, usually as a result of a personal recommendation.

We couldn’t ask for a better testimonial of our services.

However, we’re also looking forward to the opportunity to meet businesses who, perhaps, are currently outside of our network, and let them understand how we differ from their current accountants.

That’s why we’re exhibiting for the first time.

On 29 November 2012, we’ll be at the Sheffield Business Conference.

So if you’re a business owner who would like to learn more about our services please come along and meet us on the day.

If you know a business owner that would benefit from working with accountants who have a more hands on approach, please encourage them to come along too.

Click here to book your delegate place.

See you there!

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Top 10 Tips for SME’s

We were recently asked our opinion on the top 10 tips for new, and small established businesses.

The following list has been published in today’s Yorkshire Post Business section.

  1. Manage your cash.  There’s a lot of truth in the saying “turnover is vanity, profit is sanity, but cash is king”.  Without cash your business will fail.
  2. Understand your gross profit – the profit you make from selling your products.  It’s not uncommon for businesses to sell products for less than they cost to produce because they don’t know their true cost.
  3. Spend as little money as possible, especially in the early days.  For example, if you can, work from a room in your home rather than rent an office.
  4. Keep up to date, and neat, accounting records.  Use accounting software.  Software will help you prepare management information, vital in helping you manage your business more effectively.  Tidy records will keep your accountant happy!
  5. Set a budget.  It doesn’t have to be “war and peace”, but spend a few hours writing down your forecast for the next twelve months.  Every three to six months take time to review the forecast.  Amend it where necessary.
  6. Always file your tax returns on time, and pay your tax bill by the due date.  If you’re having difficulty paying, speak to HM Revenue & Customs and explain why.  Never ignore them, and never expect them to forget about you.
  7. Nothing gives a stronger negative impression than not having an office number, especially if you’re providing professional services, so don’t just have a mobile phone as your only contact number.  There are plenty of low cost solutions available without having to pay for a fixed line.
  8. Outsource the tasks that either take up your time, or you don’t enjoy.  It’s a false economy to thinks it’s cheaper for you to do them yourself.
  9. Employing someone new is more expensive than keeping hold of a current employee.  It’s in your interest to recruit, and then retain the best people.  Happy employees mean happy customers.
  10. You may be a small start up, but act like a large successful business.  Apple didn’t become successful by failing to manage cash, failing to plan, failing to produce regular management information or failing to deliver the service their customers want.

The hardest part of the exercise was to decide which 5 or 6 tips didn’t make it into the top ten!

So, what would you add to the list?

Posted in Business, Business Plans, Cash flow, Start Ups | Tagged , , , | Leave a comment

A thank you…..

Life, and business, has been good since the New Year, so this is long overdue.

It’s a thank you note to all the friends who supported me and my family through my treatment last year.  Whether you’re a client, a business contact or a twitter contact, to me you’ve become a very good friend.

Many of you said that the way I faced up to cancer was inspiring.  Whilst those words were very kind, and extremely humbling, I still don’t think I was doing anything extraordinary.  Simply a husband, daddy, son, brother and friend doing what he needed to do to make sure he was around to continue to share in the good (and not so good) times.

In actual fact, I was inspired by the way everyone else around me took on the emotional challenge, in particular my close family.  I know it was a very, very difficult time for all of them, however positive the prognosis.

I was inspired by the daily updates twitter runners posted onto my timeline.  Inspired enough to reach the start line of the Brighton Marathon on Sunday 15th April.

As I tweeted earlier in the week, the start of the Brighton Marathon is 214 days after I was diagnosed with stage 2 testicular cancer, and 144 days after my chemotherapy treatment ended.  I went through 3 cycles of BEP chemotherapy, which was 9 weeks of back to back treatment.

Written down like that in black and white, it doesn’t make 26.2 miles all that far.  I’ll certainly be running with a smile on my face.

I quote these statistics, not because I want a pat on the back – far from it.  I post these statistics because I want people to see that it’s possible.

I’m running the marathon as part of the Cerebra team, a charity that my wife and I are Ambassadors for.  This charity works with children affected by brain injuries, and their families.

I’m also running to raise awareness of CheckEmLads This charity was quick to provide support to me during my treatment.  If you need to speak to a testicular cancer survivor, then you need to speak to this charity.

All I ask is that you visit, and bookmark their websites.  You may never know when you need them in the future.

Thank you.

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And before you know it…..

….. we’ve reached the finish line.

Just like marathon day itself, I didn’t let the challenge scare me, I loved and appreciated the support along the way, of course was happy to have crossed the line, but mainly just feel relief that I can have a few weeks off.

9 weeks on since the start of chemotherapy.  I always knew they’d pass by quickly, even during the sleepless nights and lethargic days.  It seemed that no sooner was one treatment finished, another started.

And for a fitting bookend, I finished just in time for Thanksgiving, which as some of you will know, is very much celebrated in this corner of West Yorkshire.  Today, more than ever before, this family, and its many friends, has much to be thankful for.

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We’re at Canary Wharf already…..

Well, I’m about to start my third and final cycle of chemotherapy.

We are almost at mile 18 of this challenge, which as many of you London Marathon runners know that means we’ve reached Canary Wharf.

Canary Wharf certainly wasn’t my favourite part of the marathon.  The rising temperatures were beginning to take their toll, the seemingly narrow streets, the towering buildings reflecting sunlight in all directions, the noisy crowds and the start of twinging calves all made running through Canary Wharf an unforgettably painful few miles.  But, I made it through, breathed a huge sigh of relief as I ran down the exit road, composed myself and pushed on towards the finish.

Don’t misunderstand me, the last 8 miles were far from plain sailing BUT I chose not to listen to pre-race advice telling me “the first 20 miles of a marathon are easy, it’s the last 6 you need to worry about” – indeed I was at mile 24 before I realise I’d exceeded my “20 mile barrier”.

I’m sure, at times, the next three weeks of chemotherapy are going to have their tuppence say and add to the mounting side effects.  When they do, it’s best to try and breathe a sigh of relief, compose myself and never forget though that chemotherapy is pushing me one step closer to the finish line.

I’ve been overwhelmed by the support from current, and new, clients, from business associates, from old friends re-connecting on facebook, and from newer friends on Twitter.

And of course, from the support of my family, all of whom must find it so difficult to see me facing this challenge on my own – just as they did on marathon day – hopefully realising that it’s precisely because they’re supporting me every step of the way I’m able to eat up the miles so easily.

Boy, am I looking forward to a post-race stout!

Thank you all for your continued support.

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A quick word…..

….before I head into the unknown.

Yes, I know my chemo doesn’t start until Monday, but I wanted to post this update during the working week.  It’s when most of the people I want to read this are online.

The support and encouragement I’ve received, both before and since I published the previous blog, has been overwhelming.

I’ve had fantastic support from clients, and prospective clients alike.  2012 is shaping up to be a busy, and productive year for all of us.  I can’t wait for it to start!

I’ve always believed in being a collaborator with, rather than competitor to, other accountants.  From the offers of help I’ve had, it seems others share my way of thinking.  The same goes for other businesses – I will not forget the gesture, regardless of whether I do or don’t accept the offers.

My twitter time line has been on fire!  Whether from the charity sector, business community or the fantastic twitter running club.  All 140 character messages are greatly received.  And it’s been nice to finally speak to some of you this week!

And of course, the support I’ve received from my family and friends – local, national and international – has been as it always is, and that just makes me :-)

I am in no doubt that when I start my treatment on Monday there will be plenty of people willing me on.  Together, we’ll kick this cancer in the balls.  Pun intended.

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Finishing the marathon was just the start…..

As most of you know, earlier this year I completed one of my ambitions by finishing the London Marathon.

I knew at the time what “made the marathon” was the training.   The training was the true challenge.  The 5am starts, the sub-zero temperatures, the alsatians & barb wire and the resulting trip to A&E!  It was those long solitary runs which put a smile on face, and if I’m honest, a little tear in my eye as I waited in the starting pens on that April morning.

However, on the day itself knowing I had so many supporters – sponsors, the twitter running family, that woman on the Embankment that gave me her banana – giving up was something that just didn’t occur to me.

Of course, like all the other runners I had aches & pains, but they were instantly forgotten when I reached Buckingham Palace, turned the corner and saw the finish line.  A photographer captured that moment perfectly, and it’s that photo that sits on my bedside table reminding me of what I can achieve when I my mind and body face a challenge.

And for the best part of the last six months I believed that was it.  Job done, earned the medal, raised some money, next challenge please……..

Well, now I really understand the true value that marathon success has given me.

You see, a few weeks ago I found a “lump”, and making a very long story short which ignores ultrasound, consultation, surgery, further scans and multiple blood tests, in a few days time I start nine weeks of chemotherapy.

The positive news is there’s a 90% cure rate after treatment.

The analogy is simple.  I don’t need to spell it out.

I want to thank those of you who already knew this “news”.  Family, friends, clients, business associates, and twitter friends.  Your discretion, advice, support & friendship over the last few weeks has been a great help to me and my family.

If you didn’t already know it’s simply because the opportunity hadn’t arisen for me to tell you.  Now is the right time to share this with all of my good friends.

I have big plans for 2012, both personally and for My Management Accountant.  I know I don’t have to ask for your support over the next few weeks to help make sure I put those plans into place.

I just need to remember to take the photo to hospital with me.

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Taking care of the carers

This is a guest blog article written by Julie Sykes, MD of JCS HR Consulting.  If you’d like specific advice on the topic, Julie and her team can be contacted on 01484 602708, via info@jcs-hr.co.uk or at their website www.jcs-hr.co.uk.

Taking care of the carers

Employers can support their businesses by helping staff with extra caring responsibilities outside work.

Supporting employees caring for disabled children or elderly relatives might not seem the highest priority in difficult times. But employers have a legal obligation to do this, and cuts in local authority finances are likely to make it harder – and more time consuming – for parents of children with special needs, for example, to get the right level of support. Ensuring that your staff are aware of the help available to them could result in less employee work time being lost as a result, as well as improved staff loyalty.

Obligations

Under the Employment Rights Act 1996, employees who have been with their employer for more than six months have the right to request flexible working if they have caring obligations for dependants, such as disabled children under 18, or elderly relatives. Although employers are not required to grant such a request, they must:

  • give it genuine consideration
  • call a meeting to discuss it, if they are unable to simply agree to it
  • have a real business reason if they have to turn the request down

Failing to do so could lead to a tribunal claim. The other risk faced by employers is a claim under the Equality Act if they discriminate against an employee because one of their dependants has a disability (or indeed any other aspect protected by the Act)

Going the extra mile

Caring for a disabled child or relative places a lot of strain on employees, taking up a lot of their time and almost all of their emotional energy. This inevitably has an impact on their work not to mention their work-life balance. Understanding your obligations in this area is one thing, but if you are able to better understand the issues being faced, and to offer some practical advice or possible solutions you are likely to reduce the potential burden on your business and improve employee contribution and loyalty.

Independent support could significantly reduce the amount of work hours spent, or time off taken off, by employees to deal with all the issues of trying to ensure that their children or relatives get the support they need.

It makes good business sense – as well as demonstrating the kind of approach that employees are increasingly seeking from their employers – to be in a position to offer advice on sources of support. Employers with staff going through this process can get advice and support from charities such as Independent Parental Special Educational Advice and the National Autistic Society. Age UK can be helpful for carers of elderly relatives.

Julie’s article highlights some really important topics, both with regards to obligations as well as to additional help an employer can give to an employee in this siutation.

Doesn’t it make sense to go that extra mile and help employees, both to make sure their needs are looked after and to ensure your business doesn’t suffer?

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“Ghost” plumbers arrested by HMRC

It’s been announced today by HM Revenue & Customs that 5 plumbers have been arrested, and 600 more are being investigated for suspected tax fraud.  More raids and arrests are expected over coming weeks.

These individuals have been described as “ghosts” – people who have not declared income for the work they do – by HMRC.

Earlier this year it was my opinion that “plumbers” were just the start for HMRC.  My opinion hasn’t changed, and I believe all trades people – electricians, plasterers, joiners, builders, general construction workers – will soon be targeted by HMRC under similar initiatives.

My advice also remains the same.

If applicable, bring your financial records up to date as soon as possible, declare all income as soon as possible and make sure you contact HMRC before they contact you.

If you have any concerns at all please contact us here.

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Announcement: We’re now Xero Certified Partners

As you know, we like Xero, the online accounting system that is easy to use.  In fact, we like it so much we already have our own page dedicated to Xero.

Inbetween the recent long bank holiday weekends, Martin Bown, owner of Management Accounting Services, sat the Xero Certified Partners exam.

Achieving a pass mark of 96%, we’re pleased to announce that he passed with flying colours!

What does this mean to you?

Well, we’re now formally qualified to tell you how great Xero is, and explain how it can help you and your business!

Would you like to discover more?  Please contact us to hear our thoughts on the benefits Xero can deliver to you and your business.

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