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5 things Kirkwood Wilson can do to support you during testing times

5 things Kirkwood Wilson can do to support you during testing times

In your personal life, having someone around that you can confide in and talk to during difficult times is incredibly important. You might have not thought about it before but this is similar in regards to businesses. When you’re undergoing testing times with your finances and business processes, having a support base, like your accountants, on hand to listen and advise can provide great peace of mind and some relief from some of your stresses. Read on to hear how, at Kirkwood Wilson, our accountants are always on hand to support you during the difficult times and the good.

How a certified accountant can support you in testing times

Over the past few months, the Covid-19 pandemic hit businesses in unimaginable ways. With many businesses being forced shut, with no cash flow, it has been a crucial period of time for accountants to support their clients.

Here at Kirkwood Wilson, Accountants in Ormskirk, we specialise in digital accounting and during the Covid pandemic, with many forced to work remotely, we have supported each and every one of our clients.

Here are our top reasons how certified accountants, specifically Kirkwood Wilson Accountants, can support you during testing times:

  1. Help you to understand governmental business support packages
  2. Bring you up-to-date with digital accounting software
  3. Advice on cash flow management
  4. Point you in the right direction for gaining finance
  5. Support you by having a general chat and listening to your worries.

1. Help you understand governmental business support packages

It has recently been announced that GDP tumbled 20.4% in April to June 2020, with the UK now in a recession. To limit the burden on the economy during Covid-19, the UK government put in place a number of business support measures, such as; the job retention scheme, deferral of VAT payments, and more.

During testing times like the Coronavirus pandemic, as a business owner or manager trying to keep on track with the schemes, managing workload, and trying to maintain business, is rather a handful. So here at Kirkwood Wilson Accountants in Ormskirk, we’ve been helping our clients every step of the way advising on financial steps to take.

2. Bringing you up-to-date with digital accounting software

If you didn’t already know, Kirkwood Wilson Accountants specialises in digital accounting. As digitising your business is now more important than ever, Kirkwood Wilson are on hand to help streamline your bookkeeping processes and get stuck right into the world of digital.

3. Advice on cash flow management

Keeping the cash ticking in has been one of the biggest worries for businesses over the past few months. As business survival is the top priority for most and ultimately cash flow being king, at Kirkwood Wilson, we’ve been supporting our clients as much as possible to feel more in-control of their finances. Whether that is cash flow forecasting or advice on possible finance options, we’ve been on hand to help with any worries!

4. Point you in the right direction for gaining finance

By applying for R&D tax credits, grants and other finance offerings, this could be crucial to survival. Here at Kirkwood Wilson, we are up-to-date and always aware of best practice and ways you can claim back. We are more than happy to talk you through anything!

5. Support you by having a general chat and listen to your worries

Having accountants you can trust, and are there for you on a rainy day, can provide you with security and peace of mind. The team at Kirkwood Wilson are here to listen to any and every worry you might have and offer you advice to point you in the right direction.

Get in-touch today via our contact form or on 01704 546 000 if you require a local accountants in Ormskirk to help your business during these testing times.

Future-proofing your business with Kirkwood Wilson

Future-proofing your business with Kirkwood Wilson

Here at Kirkwood Wilson, we’re a ‘glass half-full’ bunch. We focus on the positives, regardless of what life might throw at us or our clients, we always search for every positive where we can. However, since the outbreak of Covid-19, there’s no denying that we’re living in unprecedented times. Factor in Britain’s departure from the EU and the future for many UK businesses is looking a little scary.

The importance of planning

Now, more than ever, it’s imperative to plan for the future of your business. We’re not suggesting that we get out a crystal ball – no one can know exactly what’s around the corner – but what we can do is plan for most eventualities.

There are 2 main considerations for this:

  • Business continuation
  • Cash flow.

By now, with the nudge-along from Covid-19, a lot of businesses have taken a large part of their operations into the cloud, which we’re very proud to say we’ve helped many clients get stuck into the digital world. This means that for a lot of businesses, say hypothetically if a total lockdown were imposed again, some of these businesses could continue as normal (or as much as possible) throughout this next period. Apps and digital accounting software have enabled so many people to be unleashed from the power of paper – hurrah!

The importance of cash flow management

The other important consideration is cash flow. It’s one of the things that we, as accountants, live for (and go on and on about – a lot).

Think of cash flow as a lovely plant. Get it right and your business will flourish. Get it wrong and your once lovely plant will wither and die – how dramatic! Your business grows, you grow. You’re happy, we’re happy!

In the most basic sense, you need to make sure that you have more money coming in that you have going out. This is the crucial point of cash flow management. Understanding how your cash flow is doing can help prevent issues like buying in too much stock, general overspends, and long payment terms. By getting on top of your outgoings means you will naturally have more money available should the worst happen.

Here are some of the positives of staying on top of your cash flow:

  • You will be able to make informed decisions about your business
  • There will be funds available if you encounter any unexpected glitches (like say, a pandemic!)
  • You will naturally feel more in control of your finances, which in turn will make you happier and more positive
  • You will be able to spot any issues in cash flow, i.e. when you might have cash in abundance or when cash might be a bit tight.

Good cash flow management will help you future-proof your business, making it crucial for helping you to nurture your business.

How WE can help YOU

At Kirkwood Wilson, we help our clients take back control of their business. We don’t just work for you, we work with you and help you thrive. We are providing cash flow forecasts more and more, enabling business owners to put the right plans in place for them (taking away all guessing and not just what they can afford today).

We want to help businesses better manage their cash flow – do you need help? We want to help people grow, raise their ambitions and realise their potential. It’s what we do, it’s what we’re good at, and it’s what we’re passionate about.

Don’t look at where you’ve been, look at where you’re going, and we’ll help you every step of the way. Get in touch with us today to learn more about how we can help you.

Pressing the pause button on life

Pressing the pause button on life

Since the outbreak of Covid-19, business owners have worked harder on their businesses than ever before. Whether that involves hard work to keep up with demand, or hard work trying to keep afloat, everyone has definitely worked to their limit. Throughout the Covid-19 pandemic, we have all been thrown into unprecedented circumstances, meaning that we have had to adjust our processes and business procedures like never before.

The new normal

And now that ‘normality’ is slowly returning, here at Kirkwood Wilson, we are speaking to more and more people who are feeling burnt out with the stress of the last few months. We have been advising people to slow down and take stock.

As we have all been through very unusual circumstances in recent months, it is important to slow down our thought processes, limit our stress levels, and pause for a moment. As many of us know, some of our best ‘light bulb’ moments often happen when on a walk or in the shower, usually when you are away from your desk or laptop and having a moment of rest.

Whether you’ve been busier than ever before or your business has been so quiet that you may have thought about closing down, now is the time to hit pause and take a look at everything that has happened, what could happen again, and ways in which we, your accountants, can help.

Kirkwood Wilson are here to help

We are proud to say that we have helped so many clients to get their business fully set up in the cloud, with Xero, ReceiptBank for bookkeeping, stock systems, appointment software, invoice chasing software, virtual meeting software – you name it, we’ve done.

We recommend to our customers that by building up your bank of business apps, the easier it is to stay on top of all your accounting requirements. All of these types of apps and software help with the day to day running of your business online, sometimes eliminating the need for any extra staff, sometimes even eliminating the need for a business premises. What a saving that would be!

The biggest addition to our own ‘app stack’ is Futrli, which helps to manage cash flow which in turn helps you to better manage your business and do what you love.

In these new ‘different’ times, automation of so many simple tasks is one of the main priorities for many business owners. Without doubt, these are difficult times, for many different reasons. We recognise this, and we are here to help.

If you would like help putting together your own digital support please just get in touch with us today. We can help and advise on the best software and apps available. Call the team today on 01704 546000.

Kirkwood Wilson are Local accountants in Lancashire

Why choosing local accountants in Lancashire is the best move for your business

Shopping locally is something we all do, whether it is a conscious effort or another unconscious decision that we make. Being able to pop round the corner for the necessities in life is easy and something that we all rely upon. We can all agree that we wouldn’t go miles out of our way to buy our shopping for the week, so why would you do this when choosing your accountants? Locality is a crucial element to receiving top quality, reliable services, so we think choosing accountants in Lancashire might be the best decision for you and your business. Read on to see what the team here at Kirkwood Wilson have to say about this.

Benefits of choosing a local accountancy firm

When choosing the right accountancy firm for you, firstly, you want to ensure that you will have easy access to their experts. After all, if you are expected to leave your money in their hands, you want to make sure you can build a secure relationship with your accountant.

By aligning yourself with a local accountancy firm, you are allowing your business more chances to build a strong professional relationship with your accountant than would be possible if you invested in an accountants some distance away from you and your business.

Familiarity helps to strengthen bonds and relationships, which means having a local accountancy firm close to hand could strengthen your professional relationship with your accountant.

Another benefit that many wouldn’t consider is the local economy. By investing in a local accountant, your business will be making a conscious effort to keep money circulating in the local economy. By keeping money within the local economy, the positive impact in terms of jobs and prosperity can have a truly beneficial impact for all the businesses and people in the area.

Why choose an accountants in Lancashire?

Here at Kirkwood Wilson, we have many clients in and around the Burscough, Lancashire area and we know the true value of working with local clients. The team at Kirkwood Wilson put their clients first, as an utmost priority. We are happy to say that we tailor our services and packages around you to ensure you receive a bespoke package that is exclusively tailored to your needs.

We pride ourselves on our ability to offer high-quality services, from reliable business advice to up-to-date digital accounting services. For more information on the best accountants in Lancashire or advice on our digital accounting services, contact us today.

Online accounting

Is Xero Making Tax Digital compliant?

HMRC’s new ‘Making Tax Digital’ (MTD) policy has been introduced to enable businesses and individuals to organise their taxes correctly by utilising modern digital software. As we all know, in today’s modern age most things are moving online to make life easier and to provide a more environmentally friendly, paper-free approach to filing documents. This is why MTD was conceived and in order to accurately implement this policy, Making Tax Digital compatible software is a big must for you and your company.

Making tax digital compatible software

A significant element of HMRC’s Making Tax Digital policy is that businesses are required to implement a fully digital tax system. Therefore, it is vital that appropriate software is installed and utilised to comply fully. As provided on HMRC’s list of Making Tax Digital compatible software, Xero has been verified as completely MTD compliant.

Xero has specifically created new features that are designed with you in mind to ensure that the Making Tax Digital implementation is as easy and pain-free as possible. These new features are available in every package that Xero has to offer – at no extra cost.

Xero and Making Tax Digital

Since Xero has been working closely with HMRC over the last three years, they have recently implemented their MTD for VAT solution to assist businesses with becoming MTD compliant and to support them through this changeover. Xero has worked hard to produce a new VAT process that works in line with the MTD policy – just what every business needs!

The new VAT Solution includes:

  • Additional reports
  • VAT outlines
  • The means to post VAT adjustments
  • The ability to submit in real-time to HMRC

Xero software has been specially designed to make the move towards Making Tax Digital for VAT as effortless as possible. Xero not only caters to your invoicing, payroll, billing, and expenses needs, but it can also implement your online VAT processing system.

Xero has even put together a free training course for anyone who feels they require a walkthrough of the MTD journey, so they have everything needed to become an expert in MTD for VAT compliance!

For more information about our digital accounting services, or for a Making Tax Digital consultation, contact Kirkwood Wilson today. Call 01704 546 000 or email enquiries@kirkwoodwilson.co.uk.