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Great Reasons To Outsource Your Payroll

Great Reasons To Outsource Your Payroll

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Great Reasons To Outsource Your Payroll

Here at Direct Peak we know how tricky it is as a business owner. There is so much to manage, including marketing, sales, suppliers, customers, employees, pay roll, cash flow and more. We are a small business ourselves and we know how busy things can get – and how many plates business owners feel they need to keep spinning!

This is why we offer a service so you can outsource your payroll. We can take one of those many spinning plates away from you so you can focus on your business. There are other ‘spinning plates’ that we can take away from you so you’re able to spend time doing what you enjoy and what you’re good at. However, in this blog post we would like to talk about just some of the reasons to outsource your payroll.

  • Large businesses may have the budget to afford and maintain a large payroll department. But as an SME business it can be costly so why not outsource your payroll? Calculate the time, effort and cost of doing payroll in-house. This includes the payroll software costs, admin time, training costs, printers, printing and payslip distribution. Then take a look at a quote for out outsourced payroll services. You’ll quickly see you can save time, effort, money and stress by outsourcing your payroll.

 

  • Training staff can be time-consuming and costly, especially if there is nobody in the business to offer the training. When you outsource your payroll you are giving it to the professionals. We manage payroll for businesses day in and day out. You’ll know you’re in safe and fully trained hands when you use Direct Peak for your outsourced payroll.

 

  • Payroll doesn’t need to stop when someone goes on holiday, which can sometimes be the case when it is managed in-house. We have a team of payroll specialists that will look after your payroll for you. It doesn’t matter when you choose for your employees to be paid. We will make sure they are paid on your chosen date. Our holidays and time off will not affect your business or payroll.

 

  • There is not much worse for an employee than payroll mistakes. These can be painful, upsetting and stressful for an employee. If a payroll mistake happens more than once it can risk the loss of that employee to your business. Mistakes happen when people are doing more than one job or have multiple roles in the business. This is where outsourcing your payroll can help as you will have someone dedicated and focused on your payroll to ensure there are no mistakes.

If you’d like to know more about outsourcing the payroll for your business then why not call us now. We would be happy to give you a quote and tell you how we can help.

The Benefits Of A Financial Forecast

The Benefits Of A Financial Forecast in Peterborough

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The Benefits Of A Financial Forecast

We have been offering financial forecasts in Peterborough to our clients since we first began. Many lower middle market and smaller businesses don’t have financial forecasts for their business. They are therefore missing a really good opportunity to determine what really drives results for their business.

Meanwhile, the more valuable companies across all industries are earning above average profits and growing as fast as others in the market (or faster). These are the ones that have financial forecasts for their business. This means they can predict their results each year and month. This is based on previous years and reasonable market condition assumptions.

A financial forecast in Peterborough is like a prediction of future results for the business. It means you don’t have to guess about business offerings. It also means you’ll be able to make informed decisions for the best outcome for your business.

Here at Direct Peak we complete financial forecasts in Peterborough on an annual basis for our clients. This means they can see the forecasted results for the upcoming years. We then review this financial forecast with the client half way through the year.

Financial forecasts in Peterborough are really useful because it enables business owners to clearly see which products or services generate big revenues, but perhaps have poor gross margins. By understanding which areas of the business bring in the most profit you can find ways to make your business more profitable. We have worked with many clients that have adjusted their business strategies. When they have embraced the parts of the business that have much higher gross margins.

By being able to see into the future with a financial forecast in Peterborough you will be able to make a well-informed decisions. For example, to see if you need to hire new staff, the education and experience you’ll need from new employees. Along with what software, tools and support you may need from third parties. This is because your financial forecast will enable you to see where the business is now and where you want the business to be.

You’ll be able to see what parts of your business are not working by looking at your financial forecast. You can quite easily roll on, month after month, thinking all is well. However, it’s the annual financial forecast that will show you how things are going. It gives you a chance to take time out of the business. To review what you are doing right, and what really isn’t working for your business. This financial forecast will also help you find ‘D’ level customers. These are the customers that take all your time, but produce the least profit.

If you’d like to know more about how financial forecasts in Peterborough can help you, then why not call us directly or send an email. We look forward to showing you what you business can achieve.

The Four Foundations of Making Tax Digital

The Four Foundations of Making Tax Digital

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The Four Foundations of Making Tax Digital

It may start to feel like everyone is talking about Making Tax Digital at the moment. However, it is a really important thing for all business owners to be aware of as it will affect every business owner and every business. In this blog post we thought we would talk about the four foundations of Making Tax Digital. To enable you to gain a better understanding of why it was introduced and what it will achieve.

Better Use of Information

Making Tax Digital means that organisations will be able to see the information that is held by the HMRC. These organisations will also be able to check if the details they have entered are complete, up to date and correct. HMRC will then be able to use this information to tailor the services it offers customers. This will be according to their individual circumstances.

Tax in Real Time

With Making Tax Digital, organisations will no longer have to wait until the end of the year, or longer, to find out how much tax they should pay. Instead HMRC will collect and process the information that affects tax as close to real time as possible. This will help prevent errors and stop tax due or repayments owed building up. This should make paying tax easier for business owners.

A Single Financial Account

It is planned that by 2020, HMRC customers will be able to clearly see a comprehensives financial picture in their digital account. This will be very similar to the financial picture they can see through their online banking. This should make it easier for business owners to review their business financially and make better informed financial decisions.

Digital Interaction

HMRC customers will be able to interact digitally with HMRC staff on days and times that suit them. Digital record keeping software will also be linked directly to HMRC. This will allow business owners to easily send and receive information to HMRC from their own software as and when it suits them.

 

If you have concerns about Making Tax Digital or would rather bury your head in the sand, then why not contact us now. We can help you understand Making Tax Digital and take away that stress and worry for you.

Start 2019 Right With These Two Essential Bookkeeping Tips

Start 2019 Right With These Two Essential Bookkeeping Tips – Bookkeeping in Peterborough

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Start 2019 Right With These Two Essential Bookkeeping Tips

Here at Direct Peak we love numbers, accounting, finances and bookkeeping in Peterborough. However, we know that many small to medium business owners hate bookkeeping. This is often the most neglected element of a business. While it may not be fun and it certainly isn’t sexy – keeping on top of your bookkeeping can save you time and help you better manage your business. It will also enable you to make more efficient decisions for your business.

With 2019 upon us, don’t neglect your books this year. Start the year the right way, by following these two essential bookkeeping tips. Come December, you’ll thank us for it!

Keep It Separate

As a business owner you need to make sure that your business and personal accounts are kept separately. While it may be tempting to give clients your bank details and for the money to go into your personal account – this will not help you or your business in the long run.

Make sure you don’t pay personal expenses from your business account. No matter how good the deals are to book a holiday from your company credit card. Avoid it at all costs! Make sure you keep both accounts completely separate. Then you’ll find it much easier to view where your business is at and what is happening, financially wise, in your business.

Keep On Top

It is okay to hate bookkeeping. However, it is not okay to put it off. The longer you leave it, the more of a mess you will have to deal with. Also,the harder it will be to find errors and solutions in your records, Not to mention that missing invoice, bank statement or receipt.

If you really hate bookkeeping and keep finding that you are putting it off, or dreading doing it – then why not use the services of a professional bookkeeper in Peterborough? Even if you don’t need our full accounting services, you can still use our bookkeepers to keep you on top of your business finances.

 

Remember – you don’t have to do your books to know your books!

What Does Making Tax Digital Mean For My Business

What Does Making Tax Digital Mean For My Business?

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Unless you have been living under a rock, you will have heard about Making Tax Digital by now. From April this year the government has begun live testing of the system and from April 2019 Making Tax Digital will force businesses, which are above the £85,000 VAT registration, threshold to keep all records necessary for VAT purposes online.

So what does Making Tax Digital mean for your business?

Making Tax Digital allows small to medium business owners to keep online records of their income and expenditure for Income Tax purposes and send quarterly updates of this to HMRC via their payment software app.

If you are a business that is currently keeping your records in a cashbook, on a spreadsheet or on non-Making Tax Digital-compliant software then you will need to make changes. As of April 2019 you will need to change your systems and processes because you will no longer be able to log-in to HMRCs website and key in your VAT return figures.

When should I get everything in place for Making Tax Digital?

While many businesses are holding out until the last minute, we would highly recommend that you do not wait for Making Tax Digital to apply legally for your business, but instead voluntarily comply with Making Tax Digital for your VAT so you are ready and prepared for when it does become a legal requirement for your business.

By getting ahead of the Making Tax Digital deadlines you have the time to change your bookkeeping processes and also get to grips with using the new software. If you choose to change to Xero we would be happy to help you move the business across and we can train you and your team so you can get the most from the Xero system.

Changing accounting software can be tricky so to avoid last minute rushes, panics and headaches we would recommend that you give yourself plenty of time to plan for Making Tax Digital, because April 2019 will be here before you know it.

For a free report on what you need to do to comply with Making Tax Digital rules, please click the button below to get a free report.

What Making Tax Digital Means To A Small Business

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Here at Direct Peak, we are specialists Xero accountants in Peterborough. We work closely with our clients to help them get the most from their accounting and bookkeeping. With ‘making tax digital’ discussions and updates taking place all over the media, internet, tv and pretty much everywhere you look – it is not surprising that we are being asked about it.

So, we thought we would put together a few main points to help small business owners understand what Making Tax Digital will mean to their small business;

All businesses and landlords will be affected by Making Tax Digital
Making Tax Digital is compulsory and dependant on your business circumstances will need to start using it in 2018, 2019 or 2020.
You will need to record all tax affairs digitally and this can either be done by using online accounting software, like Xero accounting software, for example.
Your accounts team, finance team or your accountant will provide the information to HMRC on a quarterly basis, as electronic information.
It is expected that Making Tax Digital should reduce the amount of time, effort and stress it currently takes you to prepare and file your taxes.
Making Tax Digital will enable you to get a centralised view of all your tax information, entitlements and liabilities. This means, as a business owner, you will know exactly how much you owe at any point.

While Making Tax Digital will not make filing taxes any less financially painful, it should be faster and easier to prepare taxes, report taxes and file your taxes.

If you’re concerned about how Making Tax Digital will affect your business and what you need to do to make sure your business is ready for Making Tax Digital then please check out this information we have put together.

Alternatively, you can contact us directly and we will be happy to answer any questions you may have about Making Tax Digital for your business.

 

What Are The Benefits Of Accounting In The Cloud?

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Chances are that your clients do most of their business in the ‘cloud’ so why shouldn’t you do your accounting and bookkeeping in the cloud too? It won’t make any differences to your clients as they will still be able to pay you as they have done before, but the benefits to you and your business will be massive game changers.

With cloud-based accounting, using a system like Xero you will only need one file and this can be easily accessed by you in the office, by the team on the road, or from your holiday destination when you are taking a break from the office. It also means that your Xero accountant can access your system from wherever they are. This efficiency that cloud accounting offers can save you time and money.

You don’t need to worry about files being stolen or misplaced because cloud accounting is safe and secure. Cloud accounting systems are also instantaneous which means as soon as changes are made my colleagues, payments come in or bills are paid then it will show on your accounting system straight away. You will know what is happening with your business finances at all times.

We touched on it earlier, but a huge benefit of cloud accounting systems like Xero is that they are completely flexible. This means you can access your accounts from anywhere and from any device that has an internet connection. This means you can check how much money is in the account if you want to place the last order, check a client has made a payment on the way to a meeting with them, or check a payment has gone out to a supplier.

Cloud accounting with systems like Xero needn’t cost the earth and will work on a subscription basis that is affordable.

Why not contact us now to see how Xero cloud accounting could work for you and your business?

Peterborough Small Service Business Award Finalists

Peterborough Small Service Business Award Finalists – Peterborough Small Business Awards

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We recently found out that we were not only nominated for the Peterborough Small Business Awards. We also made it to the Finalist level for The Peterborough Small Service Business of the Year awards category.

As such a new and small business in Peterborough we are really pleased to have been recognised for this award. But, even more so to be the only accountants in Peterborough in the Peterborough Small Business Awards finalist list.

We have stiff competition for the Peterborough Small Service Business of the Year award category. We are against 5 other businesses which are Creative Content Company, Ethos Nursing, So Brand Creative, Streets Art Hire and Wilson & Co Homes. As you can see, these are all really good, strong businesses. Here at Direct Peak we are thrilled to be noticed and recognised in the same category as these other businesses.

In everything we do, we put our client first and help them as much as we can. This is why it feels so good for us to have been nominated for this award by people that see this as something we do. We are grateful to the people that took the time to nominate us – whoever you are!

Later in August a public vote will open and this makes up part of our total score. We will also get a call from a mystery customer, which is another part of our award total. And, on the 3rd September we will be attending an interview with the judges to take about who we are and what we do. The interview makes up the final part of our score.

Then we have to wait until October, when we will be attending the Peterborough Small Business Awards to enjoy a night of food and dancing. This is when we will find out who the winners are for all the awards.

We would like to congratulate all finalists on getting this far in the awards. We wish you the best of luck for the finals and look forward to seeing you all there.

Do Small Businesses Need To Hire A Xero Accountant?

Do Small Businesses Need To Hire A Xero Accountant?

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Xero accounting software recently completed some research to see when business owners felt that an accountant in Peterborough should be hired for business. What they found was some real uncertainty about when an accountant should be hired. There was also uncertainty about the actual value an accountant brings to a small or start-up business.

The biggest reason that small business owners employ the services of a Xero Accountant in Peterborough is because they didn’t start their business to be swamped in financials and paperwork. So it is the first job they take off their list to outsource to someone else.

This makes perfect sense. Why wouldn’t you hire a Xero accountant in Peterborough to take care of the numbers while you focus on what you do best; running a successful business!

As a small business you will always be looking for different ways to save money. You may see a Xero accountant in Peterborough as an additional expense that can be taken out because it is unnecessary.

On paper this may be the case. But tasks such as organising invoices, collating receipts and filing taxes can be extremely time-consuming. This is especially the case for someone without huge amount of experience.

The best Xero accountants in Peterborough will save your money by taking these time-consuming tasks off your hands. However, they will also always be looking at ways that your business can make more money. When you hire a good Xero Accountant you will find them to be more like coaches. They will encourage you to achieve more for your business.

An accountant can add huge amounts of value to your business in various ways. This could be such as increasing your revenue, reducing your expenses, planning your cash flow, helping grow your business and business planning. They can even help at identifying new market opportunities that you may not have considered before.

The added bonus of using could accounting software, such as Xero, is that you don’t need to hire a Xero accountant in Peterborough full-time because they can work remotely using the same date from their own office.