Kirsty Godfrey-Billy’s Post

Many business owners have anxiety about the future, but manage their business using Xero historical reports (which don't tell you much about the future). They sit there staring at standard P+L and Balance sheet reports, expecting to gleen a game changing insight into profitability. They sit there staring at the balance sheet wondering if they can afford to buy new equipment, or even pay for the old gear. They sit there hoping Xero will tell them whether to hire people or fire people. They sit there hoping Xero will tell them if they have enough work in the pipeline to meet all their financial obligations. But if you don't have the right tools, know where to look or how to find things, the answers will continue to evade you. Stare all you like. This is where a Virtual CFO Association member can help. #smes #accounting #virtualcfo

Just wrapped up Xero Q4 updates. Feeling energized and ready to help clients navigate the new financial year with confidence. Let's make it a great one! 🚀 #Xero #Accounting #Finance

Are you and your business just getting started with Xero? Here Andrew H. takes a look at some of the key steps to help ensure a smooth and purpose-driven implementation of Xero, and get your business quickly up to speed: https://lnkd.in/e98-ad7y #xero #accouning #business

Do you use Xero and need to create regular financial management reports each month? If this involves creating adjustments for prepayments and accruals as well depreciation nettTracker can save you a huge amount of time. If you're an accounting/bookkeeping firm that provides fractional CFO services for multiple clients, then the time savings become even more significant. I've just created this short 15 minute demo showing a basic client set-up from start to finish, and most of this time spent only needs to be done once. You'll find a link to the demo in the comments. (I know Xero has it's own fixed asset module, but nettTracker has a few more tools 😉 ) Later this year we'll be releasing version 2 of nettTracker with increased automation for prepayments, a refreshed user interface and the ability to monitor HP and other loans ensuring all the appropriate interest charges are recorded in the profit and loss. If you'd like to know when that version is live please drop an email to [email protected] and I'll add you to the list.

I enjoy it when the accounting community thinks they are in the middle of a serial drama plot! May's episode whipped up by Xero's announcement of their subscription plan changes. If you are an accountant that doesn't see Xero's value then you probably aren't the right fit for it and that's absolutely fine, there will be something more suitable for you out there. Xero can't be everything to everyone and they probably don't want to be. For me personally, whilst I don't believe there is one solution that fits all, I do find that my clients investing in Xero saves them time, money and headaches in the long run. If I put a pound of the cost to each minute they save I quickly run out of pounds and the minutes keep building. And that's without thinking of the value the cost adds to the business in terms of giving the ability to strengthen cash flow, enhance profit and enable better decision making. £30-£50 is insignificant to what the return on investment can be IF you use the software to its full potential. I consider Cottons Group relationship with Xero to be a partnership and I'm glad to see our partner moving forward and having positive strategy. Who wants a partner that sits still and doesn't take opportunities?! It's certainly not what we would advise a client to do. Looking forward to June's scandal which hopefully comes from Xerocon where I'm sure we are going to hear about what else the product is about to bring to the table for everyone's cost v benefit analysis 😂 #allpublicityisgoodpublicity #ValueOverPrice #softwareselection

We feel like we tell our team everything, so why do they tell us that communication from the top is poor? Most founders I speak to want to be more transparent and trust their staff with more information than they feel like they were trusted with in their previous roles. But founders operate on a different rung of the context ladder and often we fail to ask ourselves: “What does my team actually need from me?” “What will my team do with the information I’m giving to them? Do they understand it?” “Have I asked my team what they want to know? Do I understand what they want to know?” We can be guilty of taking financial information - often directly from board packs, accounts or Xero - and letting employees drink from the firehose. We think we’re showing them everything because that’s what we get. But it’s our job to make sense of those numbers - the team needs us to process them first. That’s hard. Most of us weren’t trained to speak in financial terms and when we first started speaking to accountants we just nodded along politely. This can be how our employees feel. We’ve got to grips with them over time - we might go over these numbers every day, but they might only see them once a month, or once a quarter. And they only see them briefly as we quickly move through slides they do understand: the great work the team is doing; marketing; pipeline etc. We reinforce that commercials are boring and complicated because that’s how we treat them. In my experience, even the employees that give us a warm feeling in our tum tums because they are “commercial” don’t often understand a P&L. They probably don’t see their clients’ P&Ls. When we tell the team how much profit the business makes, we can create resentment, unless we can explain what that profit means (jobs, opportunities, training etc). We might use the same EBIT (earnings before interest and tax) figures that we use in most board meetings, but the team would actually love to hear figures AFTER tax. They want to know what we contribute to society and how their work contributes to funding their public services. As a founder, wanting more management information, we need to recognise this goes both ways. Our first responsibility is to ask “what do my staff need from me?” before we increase their workload by asking them to pull information from us. … If there’s interest, I’ll share how to put this into practice and run a more effective all hands meeting. Let me know in the comments. What information do you share with your business that you know is appreciated? What does your business tell you that really helps your job?

Running a group or multi-entity business on Xero? Kayleigh Graham from Telleroo and I will be discussing best practice in a webinar on Tuesday at 11am (UK)! #consolidation #intercompany #groupAP Sign up here:

I recently had a reality check and it gave me the chance to acknowledge how much Not Just Numbers do for our lovely clients. A client recently went through an acquisition by a much larger group, everything looked rosy. Within a few months things started to unravel: • Xero switched to Sage 50 • Xero add ons gone • Software got replaced by spreadsheets • Direct Debits stopped • Automated credit control stopped • Paper started creeping back on Everything we had done for the client to create a well-oiled, automated machine was being undone. The clock was turning back. I often use the analogy of ‘Speedboats vs Tankers’. Small businesses are like speedboats - we’re agile, fast moving, can make decisions quickly and turn on a sixpence. Big corporates are like tankers - slow, lumbering and take so long to turn that the opportunity might have gone by the time they face the new direction!

Are you sitting comfortably? Then we'll begin... 📗 Once upon a time, there was once a successful entrepreneur named Sam, who managed a growing construction company. Sam made some good choices in the beginning. They used Xero for their accounting ✅ They used Starling for their banking ✅ Everything was running smoothly ☕😁 Seeing an opportunity for growth, Sam expanded operations rapidly - it was all hands to the deck! But, instead of learning how to do everything in Xero, they took a short cut - relying on post-it notes & spreadsheets. Things in Xero were starting to look very wrong. Errors were cropping up. Sam felt overwhelmed and stressed - spending long hours fixing Xero instead of enjoying time with family. One day, Sam noticed a Xero expert in the midst - someone who could come & solve all the Xero troubles 🦸 That day, Sam booked a bespoke Xero Training session. A week later, Sam had a Xero to be proud of 😇 Everything in Xero made sense. Tasks were completed in minutes instead of hours. Sam was finally confident that things were up to date & working as they should. And they all lived happily ever after 😀 The end. https://buff.ly/3UB2kQN #Xero #SmallBusiness #Accounts #XeroTips #Cashflow #Payroll #Bookkeeping #Planning #Forecasting #XeroTraining

Are you considering a Xero subscription but feeling overwhelmed by the setup process? 😟 Worried about the transition from your old system and how to manage your receipts effectively? Feeling unsure about reducing your accountant’s fees or outsourcing your finance management to save costs? You're not alone! These are common concerns for small business owners. But fear not, because Numbers Nerds is here to help! With Numbers Nerds, you'll not only get expert guidance on setting up Xero seamlessly but also receive assistance in managing your receipts, separating personal and business expenses, and optimizing your financial processes. Our team understands the challenges small businesses face and provides tailored solutions that fit your needs and budget. Say goodbye to stress and confusion, and hello to financial clarity and peace of mind! Let's work together to streamline your finances, reduce your tax burden, and set your business up for success. Call us today at 0203 9171712 to learn more about how Numbers Nerds can support your journey to financial freedom. #NumbersNerds #XeroSetup #FinancialClarity #SmallBizSupport #TaxSavings