Alison Tosh

By Andrew Neill Trainee Accountant

Regardless of the economic climate, there’s a trend in business that never changes… money comes in and money goes out!

Trying to keep up with all your transactions often leads to headaches and sleepless nights and as small business owners you tend to use traditional accounting methods such as a cashbooks and cheque journals which have to be filled in by hand as this helps to keep costs down. This takes up a considerable amount of time, time which can be spent better elsewhere! But there is a solution which makes things easier and more accessible without costing the earth and that’s Xero!

The self-proclaimed “Beautiful Accounting Software” and it isn’t lying! Xero gives you the opportunity to see the health of your finances at a glance and identify any trends and opportunities which can be crucial for to help your business expand. It’s easy to get lost in the accounting jargon and vast ledger screens but Xero is the perfect balance of simplicity, power and elegance. The software hides all the nuts and bolts and instead shows an easy to use and navigate dashboard which means you don’t need your accountant to tell you where your business stands, although don’t forget about us!!

So how Will Xero solve your business accounting problems? Let us count the ways…

1. The cloud is one of the most secure ways to store information. Even if you lose your laptop or device, no one can gain access to your data unless they have your login details.
2. As long as you have access to any computer or mobile device connected to the internet, you have access anywhere and with a best in class uptime of 99.7% since 2007, it’s unlikely you’ll ever find it off line.
3. If that’s not enough, there is free unlimited email support from experienced teams to help solve any problems or issues which you may have.
4. You can control the level of access to other users viewing your data. Much more secure than the old fashioned way of emailing files or sending out a USB stick with your data on it.
5. Cloud based software companies ensure that the security and privacy of data about you and your organisation is airtight. If you use online banking, then you are already half way to using cloud accounting.
6. Everything is online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
7. You can decide who and also how many get access to your accounts at no extra cost. From family members, staff to trusted advisors. Everyone can play an active role in the business finances and success and they can use Xero at anytime and anywhere.
8. It gives you flexibility to run your business from work, home, or on the go. You can see an up to date picture of how your business is doing, no matter where you are. And you can do your expenses on the go by simply photographing receipts on your smart phone and uploading them to Xero. You never have to worry about finding that receipt again! And the best bit? HMRC accept these online records so you have that covered too!
9. The beauty of automatic bank feeds gives you the ability to reconcile your account with ease both through your desk top and using Xero’s mobile app.
10. Xero is simple and easy to use, avoids the need of having to ask your account for a snap shot of your company’s financial health. Dashboard is easy to use and reports allow for any period entered to be compared and analysed.

Accounting really is made simpler and helps you the business owner, focus on your business more whilst Xero takes care of the accounts.

If you missed Ross speaking at the Go for Growth Seminar on 21st January 2015 at the Crescent Arts Centre, you can view his presentation slides on
“Financing My SME” here.

If you would like to speak to one of our advisors on raising finance for your company just email us at info@rossboyd.co.uk or why not give us a call on 02033977755.
We look forward to hearing from you.

By Victoria White, Assistant Manager Ross Boyd Limited

Planning is a vital process for any business. Mapping out what your business’ objectives are and how they’re going to be achieved is the first step on the road to success. While formal business planning tends to mean ending up with a large unwieldy document, which often doesn’t offer much value to the small agile growing business, it’s important to remember, as Benjamin Franklin said “By failing to prepare, you are preparing to fail”. However, creating a quality concise strategic plan supported by accurate and practical workings for your business is now easier than ever before.

With rapid changing markets and the introduction of much improved tablets, smartphones and software, both the need to and the opportunities to capture, create and communicate business plans, in straightforward, innovative and engaging ways, are vast. It’s also important to remember that it’s really about the planning process rather than the number of pages in the output plan. SME investors typically want a plan less than 10 pages.

For the SME market, there are a number of software applications that can shake up how your business plans are created and monitored. For example, Business Plan Pro includes both an online or desktop planning tool which contains hundreds of sample business plans and thousands of industry profiles to support your plan. Financial forecasts are made easier for you by providing integrated financial spreadsheet software that allows you to simply plug in the numbers with forecast calculations being done for you. Of course, if you put rubbish in you will probably get rubbish out, but an experienced business planer will offer real insights and real QA. Ross Boyd Limited have supported the preparation and review of thousands of plans; and we have a team with real practical business, tax, accounting and marketing experience.

Another great piece of accounting software, is Xero, simple and easy to use and available online it really works well for small businesses. Ross Boyd Limited have actively helped many SME clients make the transition to Xero and other systems for better and more user friendly financial management. CrunchBoards, a Xero add-on, takes your financial information further. It allows you to create dynamic data analysis and forecasting to support you’re planning process. This is an innovative software tool which gives you control over how data is analysed and presented and, as it’s a Cloud application, you can use it anywhere, be it in the office or on the go from your smartphone.

Even with all the technology and easy to use software available to produce your plans, business planning and forecasting can still seem like a daunting process. However, regardless of the stage your business is at, whether you want to enter new markets, acquire a new business, refinance or simply improve your profitability, it is difficult to do it successfully without taking the time to stand back from the day to day activities and plan it out.  Our team at Ross Boyd Limited understands this and we have the proven track record in business and strategic planning to assist you in developing the right plan for your business, using the latest products and technology.

By Dearbhail McParland, Associate Director Ross Boyd Limited

31 January is only a couple of weeks away and many taxpayers have still to complete their tax return. If that includes you action is required. Here are some tips

1. Submit on time to save penalties
The deadline for filing your 2013-14 tax return online is 31 January 2015. The deadline was 31 October 2014 for a paper filing and so if you have not already completed your return you must file online. If HMRC do not receive your return online by 31 January 2015 you will receive an automatic £100 penalty. After that the penalties can escalate quite quickly with £10 per day penalties commencing if your return is more than 3 months late.
If you have not registered online you should do this as soon as possible as it can take time to get the relevant codes and reference numbers for online filing.

2. Make sure you claim the right expenses
The general rule is that all expenditure incurred wholly and exclusively for the purpose of the trade are allowable for tax relief against income earned in your business.
HMRC’s helpsheet on “How to calculate your taxable profits” includes a reminder of the typical expenses that maybe relevant for your business.
Using a qualified tax adviser or accountant will help you ensure that you meet all your legal obligations. In many cases they can help you reduce your tax liability by ensuring all relevant expenditure is claimed.

3. Ensure you count tax already paid
If you receive bank interest and you are not registered to receive your interest gross, 20% tax will usually have been deducted at source and this should be claimed back on your tax return.
Your bank will generally have sent you an interest certificate after 5 April 2014 or they may detail your interest receipts on your bank statement or savings book. Ensure that you include the correct gross or net figure when completing your return. Check with your bank if you are unsure.

4. Utilise mileage allowance payments for your car
If you use your own car for business purposes and an employee you can claim 45p per mile for the first 10,000 miles and 25p per mile thereafter. If you get reimbursed for less than these figures, for example 40p per mile, you can claim relief for the balance on your tax return.
If you carry a passenger your employer can pay an additional 5p per mile tax free but you cannot claim this on your return unless your employer is paying it.

5. Get relief from donations
When you make a donation to charity they will be able to claim back basic rate tax on the amount donated, if you confirm that the payment is being made under gift aid.
If you are a higher rate tax payer you can claim additional relief at your highest rate, either 20% or 25%. If you pay no tax this year you will have to pay the amount that the charity has claimed back.

6. Avoid interest charges for being late
Pay your tax on time to avoid interest charges on the amount you owe. If you have not paid your balancing payment 28 days after it is due then you will be charged a 5% surcharge on any balance owing. If this is still outstanding six months later a further surcharge will become due.
If you are unable to pay your tax on time contact HMRC and seek a time to pay arrangement. Interest will still be charged but you may be able to avoid the 5% surcharge if an arrangement is agreed and adhered to.

We all know that January is a time for new starts, so why not take the opportunity to look at new accounting options for your company?

Ross Boyd Limited would like to invite you to a Breakfast Seminar at our City Centre Offices to showcase Xero… the Beautiful Accounting Software and explain how it could benefit your company….

Although Thursday 13th November 2014 was dark, damp and dreary, it did nothing to deter people from braving the elements to come and help us celebrate our move to the city!

Friends, colleagues and clients, old and new, were out in force at Established Coffee in Belfast’s Cathedral Quarter to join us in our celebrations, with entertainment supplied by Northern Ireland’s very own ‘Mentalist’ David Meade!

A great night was had by all and will be the start of many events we plan to hold in the future, so watch this space!

Celebration event to mark the move to Belfast city centre by RBL accountants. from SERIOUS PR on Vimeo.

We are pleased to announce that Brian Stewart will be joining the practice this month as Associate Director. Brian is a Chartered Accountant with 20 years’ experience in practice, and is joining Ross Boyd Limited from a Big 4 firm where he worked as an Associate Director.