Accounting For Receipts

Accounting For Receipts

Receipts for business expenditure.  They are small and they often go missing.  Do you know where all yours are?  If you had to complete a tax return tomorrow, could you provide your accountant with a carefully recorded, tidily managed pile of receipts for them to work from?  Or would you have to hand over a shoe box or plastic bag full of documentation that has little or no organisation to it?

As a sole trader, finding time for all the varied tasks required of you in business can be a challenge, particularly if your business is booming and you have no administrative assistance.  However, the time it will take to unravel records which have not been kept up to date will be considerable at tax return time so it is worth having an ongoing system that will avoid you having to spend three days with your receipts spread out across the living room carpet, scratching your head and cursing the cat for walking over the piles you have created.  You could hand the entire thing to your accountant to sort out, but the bill would be quite considerable.  By planning ahead you can avoid all the pain.

Have a System

You don’t need a complicated system when you are first starting out.  A set of well labelled envelopes for the receipts and an Excel spreadsheet for the accounts themselves will do for many smaller businesses.

Every transaction has its own unique reference number and this should be written on the receipt and the accounts spreadsheet so they can be matched up easily.  Any transactions that will go through the bank are treated in this way.

Keeping it Together

Keep all receipts for credit card transactions together in one plastic envelope, ideally in date order.  Then, when the bill comes in, you can number every line on the bill sequentially.  It is then possible to match the receipts to the items on the bill, recording the relevant number on the receipt itself.  I find that it is credit card receipts that tend to go walkabouts, and by reconciling the bill in this way every month, you can more easily search out the errant receipt before it goes into hiding and, like Lord Lucan, is never seen again.

The settled credit card bill and its lovely set of numbered receipts can be placed in an envelope with the date marked on it, and filed with the rest of the receipts for that month.  Obviously when you have paid the credit card the transaction is entered on the accounting spreadsheet so the bank account remains correctly balanced.

Don’t forget your petrol receipts if you are accounting for these.  One client keeps these in the car in a small folder and then hands them to me every couple of months for recording.  If you get in the habit of putting the receipts in the same place each time this can make a real difference and massively reduce those awful “dig through every possible drawer to find that receipt” moments.

Finally there are those pesky online bills.  Don’t forget to enter these to your spreadsheet and either save them with a clear reference number (in line with your chosen naming process above) on a memory stick that you can send to your accountant, or print, add the reference number, and then file in the relevant envelope.

Still Need a Hand with those Receipts?

If you struggled to get the supporting information for your tax bill organised for the last tax year and vowed never to go through that again, why not get in touch?  I can help you to set up a process that works for you so that your accountant doesn’t hide from you during tax return season.

Dream to Achieve: The Importance of Sleep

Lack of Sleep Sleep deprivation Sleep, Dream, Dreaming

As a society we push ourselves to work long hours, viewing this as a necessary evil in the pursuit of success.  Technology ensures we are constantly connected to our work, even when we are not physically at work.  Popular off-duty activities include fast moving sports and video games.  Even if we take up something calming like yoga, we often rush from yoga class to the supermarket, then home to deal with domestic responsibilities, negating the calmness brought about by the yoga.  With leisure time shrinking and the length of time we work, both per week and over our lifetime, lengthening is it any wonder that many people suffer from lack of sleep?

Many of my clients come to me complaining that they are too busy and have to work exceptionally long hours.  They are tired, stressed and beginning to feel resentful toward the business that they once loved because its demands are getting harder and harder to manage.  Often I hear them tell me they are skimping on sleep in order to keep on top of everything they need to do.

It is World Sleep Day on 15 March so what better time to investigate the impact of lack of sleep on our mental, physical and emotional wellbeing.

Long work hours result in not only tiredness but also a lack of attentiveness which in certain circumstances can have really dangerous outcomes.  Driving whilst tired is just as dangerous as driving whilst drunk;  our reactions are impaired and it is not unheard of for fatal accidents to result from people actually falling asleep at the wheel.  Those super long days driving between meetings are really not good for your health.

Distracted and Inefficient

Lack of sleep will make you distracted.  Concentration will be more difficult and you will possibly flit about from task to task, unable to quite finish anything.  The plethora of half done tasks will then start to annoy and upset you.  As your judgement and ability to plan is also impaired by lack of sleep, this may lead to poor decision making. You may also fail to realise that the time has come to stop doing a task because you are not achieving anything useful.

When we sleep we are not just laid in bed recharging ourselves like a battery.  Sleep is the time when our brain sorts out all the stuff we have done and learned that day and puts it into the right order to make sense of things.  If you don’t get enough sleep, that won’t happen and you will find you are struggling to learn.  In today’s fast paced world where continued learning is a critical skill in the workplace, lack of sleep can therefore cause real problems.

Memory Failures

Both long and short term memory are affected by lack of sleep.  We might notice that we have to try harder to take on board new information and keep it available in long term memory.  The impact on short term memory is more immediately obvious; we can’t recall things that happened two minutes ago.  This is the point where you go up and down stairs fourteen times before you finally manage to remember that you went up there to get your glasses.

(Not) Getting Things Done

Efficiency and productivity are reduced, so an all-nighter will usually make you less efficient and productive rather than more so.  Brain imaging studies have shown that your brain must work harder when you are sleep deprived, making it less efficient and as a result you are also less efficient.  Taking the time to have the right amount of sleep will actually mean you get more done rather than less.

Because your brain is tired it will rely on the well-worn pathways created by habits. This is fine if the habit is useful, effective and appropriate.  It’s not so good if the habit is unhealthy.

Relationships

Lack of sleep affects our relationships as well.  We have less empathy when we are sleep deprived and can’t read facial expressions as effectively.  This can lead to misunderstandings and conflicts can arise, particularly if both parties are tired.  This can have an impact on relationships as well.  For example, new parents who are being woken throughout the night by their infant may find this places a strain on the relationship.

The Solution

The good news is that just one or two good nights sleep can reverse most of the detrimental effects of sleep deprivation.  The occasional late night/early morning can be coped with but for long term health as well as optimum efficiency and productivity, a regular sleep pattern is recommended.  The type of sleep is more important than the number of hours you are physically laid in bed as well.  There are four sleep stages and Rapid Eye Movement (REM) sleep is the most important.  Research suggests that we need about two hours of REM sleep per night in order to feel alert the next day.  Whether you are a morning or evening person makes a difference as well.  If possible, early birds should retire early and get up early whilst night owls might sleep from 2am – 10am and feel wonderful on waking.

If you have too much work and not enough sleep, why not outsource some of your admin so you can sleep in peace, knowing you don’t need to worry about your admin backlog.  Click Here to see the services I offer and  Click Here if you’d like to have a chat.

Social Media: Are you missing a trick?

Social Media Tips Tricks consistent posting schedule

Any half decent laxative advert will tell you that regularity is important for your health.  Regularity is also important for your business health too and the  health of your business can be maintained by ensuring your social media posts are regular.  Here are just a few of the many reasons why posting regular, good quality content can help your business to thrive.

Front of mind.

Front of mind is absolutely the best place to be as a business owner.  All marketing and networking activity is basically about achieving this aim.  In a highly connected world with a lot of noise, staying front of mind can be challenging and regularity is critically important to success.

It’s all about being the person or company that someone thinks about when they are ready to purchase.  Being where your clients are within the online world is important and then if you keep popping up with interesting content that they want to read and offers or advice that solves their problem, then when they are ready to purchase, you have a hope of being recalled to mind and contacted to see if your business can help.

Consistency and an attractive offer that solves a problem are the keys here.

People may think the business is closed, or not doing well, if you don’t post regularly.

Trust

Know, Like and Trust is critically important in business.  People buy from those they feel they have a connection with, share values with, and those they feel they can trust.  You earn that trust in real life by adding value, demonstrating that you know what you are talking about in your chosen field, helping people with problems and being present for people when they need your support or advice.

Letting people see your values, the things that are important to you, all of this makes your business human, and allows people to create a connection with you and see if you are likely to be the type of person they might want to learn to like and trust.  The type of business they think they might want to work with.

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Be Sociable

It is SOCIAL media.  A place to be social.  Don’t just post but also interact.  Keep an eye on your posts and reply quickly and effectively to anything people post.  The way you address questions and complaints is critically important and replying to comments, keeping the chat going, is a great way to show the human side of your business, be social and build a rapport with people.  It’s not just about selling, or even solely about adding value, though value is important.   It is also about starting, and maintaining, the chat.  It may not always be chat about business related issues, but the person with whom you chat about dogs may recommend you to someone who needs your services because they feel they know you and can trust you.

Medical and religious reasons excepted, it’s quite rare, and a bit difficult, to just stop talking to people in real life for several days, weeks or months.  As a minimum you might say “Hello” to people in the street, thank the salesperson, answer the phone, or ask a question.  Why would you suddenly stop talking on Social Media?  Why would you stop the chat?  Chat is good.  Chat builds trust.

SEO

If you update your content regularly and it drives traffic back to your website then you are getting more eyes on your carefully created website.  A website  which tells people who you are, what you do, who you do it for, how well you do it, why you do it, and what makes you stand out from others in your sector.   They may have gone there to look at your latest blog post which you helpfully linked to on Social Media.  But they will hopefully wander around your site once they land there, because people are in fact incredibly nosy.

Social Media itself pretty much relies on the human love of being nosy.  We like to see what others are up to.  You can check out all sorts of people and places without anyone asking you “What are you staring at?”  If you take the opportunity to post regular content that drives people to the place where you want them to stand and stare, roam about and learn a bit more about you, how cool is that?

Because Social Media moves so quickly, posting regularly is the best way to get seen.  Regular posts have more hope of being seen and clicked upon.

Consistency

You want to be seen as someone who is reliable and consistent.   If you pick up and put down your social media, you don’t look consistent.  Or reliable.  And we all want reliable from our business partners.  If there are huge gaps in your social media posting history, people stop thinking about you, or your brand, and start wondering about the reason for the gap.  As I said, we are basically nosy and you don’t really want people speculating about unwelcome reasons for your lack of posts.

tricks social media tricks

Tricks and Tips

So, if you are not posting regularly, are you missing a trick?  Or are you already convinced of the need to do this but worried that you don’t have the time to spend on the task with everything else you need to do?  Well, you can schedule ahead and this can be massively helpful as you can write a lot of content in one go and schedule it to go out when you need it to.

There are a number of schedulers available, I like to use Hootsuite, which has a limited free service.  I also use Tweetdeck for Twitter, also free, and like to schedule direct to business pages on Facebook.  This is free and I have a blog post on how to do this if you aren’t sure.  There are also other schedulers including MeetEdgar, Buffer and Hubspot all of which are highly popular.

There is another really effective scheduler.  It’s not free but it really cuts down the time you need to spend on Social Media Scheduling.  A VA can schedule your content for you and, unlike the schedulers mentioned above, can also source photos, and create Canva graphics or simple Lumen5 videos for your business, saving you the task of doing it.

It just so happens that I am a VA.  But of course you know that.

And it just so happens that I offer this as a service.  You guessed that part though didn’t you?

You can contact me here if you would like to know more about this service, or any of my other regular, reliable and time saving services.

Alternatively, you can just roam around the site.  I promise not to ask you if you are staring at  me.

5 Spells to Streamline your Time Management

spells halloween time-management time management, save time, VA, admin help

Soon it will be Halloween.  Then it will be Bonfire Night.  Then we are on the countdown to Christmas.  There are costumes and candy to buy for Halloween, Fireworks to purchase, bonfire night parties to arrange, then the Christmas planning is upon us.  The thoughtful gifts, the stocking fillers, and creating a cake early enough to allow it to be fed an entire bottle of brandy without it turning to mush.  The latter is not only possible, but it is also delicious.   The list goes on and on.

Time, always at a premium, doesn’t stretch to accommodate all the extra tasks you need to complete at home or in the business.   We all sit down some nights and wish we had a magic wand that would allow us to stretch time so we could get more done in a day.   Most of us don’t have a magic wand but these time management tips can help you to make the most of the time you do have available.

Multi-Tasking: Please Don’t.

Although it is tempting to tackle several things at once to get things done quicker, your brain is not set up to work that way.  It works best if you allow it to concentrate on just one task or group of tasks.  By minimising your brain’s need to keep switching tasks, you feel more in control and your brain works more efficiently, allowing you to get more done.

Avoid Interruptions

Interrupting your work to read notifications breaks your train of thought.  Daniel Leviton, author of “The Organised Mind” calls the desire to read notifications and Emails “The Novelty Bias”.   It can take several minutes to recover focus following trivial interruptions and over a whole day, those tiny interruptions can add up to quite a bit of lost time.

If you struggle to ignore notifications there are apps that will block access to Social Media for set periods of time so that you won’t be tempted.  Or, do as I do, leave your phone downstairs when you are working upstairs.

Is it the right time?

If you set aside particular times of day to work on tasks this can really add to your productivity.  Working on complicated or creative tasks when you are feeling fresh will ensure they get done more quickly.  Most of us experience a post-lunch dip in energy and this can be a really good time to check Emails and do routine housekeeping tasks in the office.  Knowing your optimum time for creativity and making the most of this time is a great way to make the most of your time.

Planning:  It’s not just for Project Managers

Have a goal in mind for each week and create a plan for each day.  If you plan out your week and list the key tasks you will complete each day in order to achieve your end goal, this is a great way to ensure you are making progress and stay on track.  Each task on your list should move you nearer to the goal you have in mind, whether that is planning an office party or gaining more business.

Having an accountability partner can be helpful as well.  They can ensure you stay on target by challenging you to complete the tasks you have set yourself that week or month.  Choose someone who will have the confidence to give you a kick if you aren’t meeting the goals you set yourself.

Environment

Whilst some people undoubtedly work well in a messy environment, I’ve seldom met anyone who worked well in a disorganised one.  Those who work with messy desks always have a hidden method of organisation that is not apparent to the casual observer.  They can always lay hands on the thing they need, and that’s the key.  Nothing wastes time like a fruitless search for the pen you had a minute ago, the stapler you know you had last week, or that critical document that you didn’t file away.  The document is probably somewhere in the pile of documents in the corner of the office. Unless it is somewhere else of course.  If this is something you struggle with, you can read tips on how to alter your environment to aid improve both time management and productivity  here:

witch broomstick help admin help time management

Finally, if you are struggling to cast these spells effectively, why not call in an expert?

If you need some heavy duty spells cast over your admin, working with a VA might be the answer.

If you would like me to fly to your rescue, then you can contact me here.