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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.

digital tax for individuals

6 benefits of hiring an accounting firm for your business

As part of having your own business, it is expected that you manage the accounts to balance the books. While this is something that many business owners take on as part of their ownership duties, as your business grows, it can be somewhat difficult to stay on top of as the accounts can often become exponentially complex. There are many reasons why you should hire an accounting firm for your business, which will not only save you money but save you hours and hours of wasted time trying to understand those difficult numbers. When wondering ‘why hire an accounting firm’, you should see it as an healthy investment and something that will benefit you in the long run.

1. They save valuable time

As a business owner, or a manager of a business, your role will often consist of a variety of different tasks that will take up a lot of your time. It is often due to this that it becomes hard to have control over all aspects of the business. The business account is one of the most important areas of a business and ultimately determines whether the company is in a loss or a gain.
By hiring an accounting firm for your business, you can put your trust into someone else to take care of this crucial aspect of the business, ultimately meaning that you will save a lot of time and worry.

2. They are the tax experts

Tax returns may seem straightforward but, as many of us can relate to, they often are much more complicated.
There are a variety of ways that you can reduce your tax bill, as well as submit your tax returns, and as a business owner, it is unlikely you have the time or the expertise to utilise such methods. This is where a qualified accountant can be your knight in shining armour.
Accountants are experts in all aspects of taxation and they know the best way to slash your tax bill and free up additional funds for you to reinvest as you see fit. By hiring an accountant, you will manage things in a much-controlled manner.

3. Efficient in terms of cost savings

As part of the role of an accountant, they are in charge of managing the finances for a business and will often notice where money is being unnecessarily spent. It is fairly common for businesses to just accept expenses as part of their monthly outgoings and won’t review whether what they are paying for is necessary.
This is where your accountant would notice this outgoing and flag it to ensure you aren’t overpaying for resources or services.

4. Offer financial advice

Accountants are knowledgeable about all aspects of business, meaning that they are able to offer advice about everything from financial acquisitions to day-to-day business operation. As they will see your financial statements and numbers on a daily basis, they will know the best recommendations to make based on the financial situation of your business.
They can offer advice and tips on cost-cutting and help surge your growth and offer long-term benefit advice.

5. Can rescue you from accounting issues

It takes years to qualify as an accountant, which says something about the complexity of the job. It isn’t something that any of us could start doing on a whim and be a huge success at as we don’t have the extensive knowledge that accountants have.
It is often when people who don’t have the knowledge attempt to do such accounting tasks that mistakes happen. An accounting mistake can be extremely problematic as they could end up costing you thousands of pounds in revenue and might even be the end of your business. This makes it even more important to hire an accountant that you can trust with the finances of your business.

6. Knowledgeable on the software

Not all of us are wizards when it comes to technology; quite frankly a lot of us struggle when it comes to dealing with innovative software and this is what makes accountants even better!
Accountants know all aspects of software, especially the parts that are confusing and hard to understand. Especially with the surge of popularity for digital accounting, accountants can help you reap the advantages of new financial technology.

Why hire accounting firm like Kirkwood Wilson?

Here at Kirkwood Wilson, we are proud to say that we are a local accounting firm who are on-hand to support our clients through every aspect of their business. We are here to help, whether you are looking for business advice or assistance with some financial queries.
As experts in digital accounting, and digital accounting software like Xero, we are here to facilitate your every need regarding your business finances. So if you’re wondering “why hire an accountant for your business”, we say hire Kirkwood Wilson and see how we can benefit your business.

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What to consider when choosing your accountants

It is important to bear in mind that choosing an accountant that is right for your business is not always an easy process; after all, as you will be handing over your finances to this accountancy firm, it is essential you choose a company you can trust. Here at Kirkwood Wilson, we thought we would help you with this process and advise on some things to consider when you are choosing an accountant.

Ask around

A famous adage that never goes out of fashion: ‘word of mouth’. This still stands as one of the most popular forms of referral in various industries. Many people rely on word of mouth recommendations as it is thought to be one of the most trustworthy sources of information, so ask your business connections.
If your business contacts are happy with their accountancy firm, they are likely to place you in the right direction. Some people find it easier to follow recommendations from people they know, so be sure to keep your eyes and ears open and see if any of your contacts can recommend any accountancy firms.

Do some detective work

No matter how many glowing recommendations you receive about certain accountancy firms, when you are choosing an accountant, you should be doing some detective work of your own. Hop onto Google and find their website. You want to look at the accounting services that a firm offers and see if it is suitable for you and your business needs.

For example, if your business operates through digital accounting software, you won’t want to pick a firm that hasn’t branched out into this service yet, as you will just end up back at square one.

Think local

When you are choosing an accountant, you want to think about locational factors.
Picture this: you’re sitting at your desk and suddenly you have a huge accounting issue and don’t know how to fix it. What do you do? Pick up the phone and try to solve it?
This kind of example is exactly why having a local accountant comes in very useful. You can just quickly pop round the corner and have your problem solved with a click of your fingers. By choosing an accountancy firm that is local to you, for example an accountants in Lancashire, you can rest assured that your needs will always be met and any worries will be eased immediately.
Here at Kirkwood Wilson, we are happy to say that we strive as local accountants in Lancashire. Many of our clients are situated close to us and always comment on the assurance that they get knowing that their accountants are a mere few miles away.

The relationship with your accountant

As with any encounter or partnership in life, when choosing your accountants, you want to feel comfortable with them. When you make the decision to commit to an accounting firm, it is a decision that should not be taken lightly. You should be sure that you feel comfortable with the firm and feel at ease that your finances will be handled in the best possible way.
This is why it is important to ensure, when choosing your accountants, that you pick a firm that sets you at ease and stands out from the crowd. Here at Kirkwood Wilson, we are proud to say that we work hard to ensure that each relationship we have with our clients is a deep and meaningful one. We want our clients to feel comfortable picking up the phone at any time and just giving us a call. After all, their commitment to us is what makes us strong.

To learn more about Kirkwood Wilson and the services that we offer, just get in touch with us today and see how we can help you.

Why is Xero better than its competitors?

Getting personal with your accountants

When it comes to choosing an accountant, finding a firm that can offer a personal touch is very important. Your accountants will be diving into all of the ins and outs of your finances and building a trustworthy relationship is an absolute must. Here at Kirkwood-Wilson Accountants we are so proud of the bespoke, personal service we offer to our clients. Read on to understand the importance of a client-accountant relationship and how to get the absolute most out of it.

Importance of client-accountant relationships

When choosing an accountant, finding a firm that will put their clients first has to be the top of your priority list. Accountants are there to guide you through the toughest financial decisions, whilst offering in-depth and relevant financial advice, so finding one you not only trust, but can build a good working relationship with is essential.

Accountants aren’t just for the end of the tax year. They can also offer financial advice for your business, making them a year round trusted advisor. For that reason, you will also want to ensure that you will have easy access to the experts within the accountancy firm.

Here at Kirkwood Wilson Accountants, we offer all the services you would expect from an accountancy firm but we also design and tailor our services around your unique requirements. Our team of friendly and approachable accountants will gladly go the extra mile, offering a personal touch, whilst ensuring that you receive a high quality accounting service. Something that all of our clients find invaluable.

How to get the most out of your relationship with your accountant

If you have been calling your accountancy firm only once a year, it’s time to make a change. Start checking-in once a month to really get the most out of your relationship with your accountants. By being proactive, instead of reactive, you can nip any accountancy errors in the bud, whilst keeping up to date with the changing financial landscape, laws, and regulations.

By switching to an accountants who offers a more personalised approach and leave you feeling like a valued customer, you will benefit in the following ways:

  • You will feel assured that your accounts are in the best hands, cared for by experts who truly understand your business goals
  • You will have your own unique package based on your business needs, giving you exactly what it is you require from your accountancy firm. This means that no time or money is wasted on services you do not necessarily require
  • You will feel supported in your business and financial goals and will not spend months dreading the end of the financial year.

Choosing an accountant

When it comes to choosing an accountant, finding one that treats you as a valued customer and not just a number is indispensable.

Kirkwood Wilson Accountants put together bespoke packages that allow you to receive the support you need regarding specific aspects of your business at a time when you need them. Providing that personal service is something we are truly passionate about and is the main reason why we have seen such growth across our business over the last twenty years.

Switch accountants today

If you are thinking of switching accountants, don’t leave it until the end of the financial year, start looking now. Kirkwood-Wilson Accounts offer a range of services including:

As a family owned business, we understand the unique challenges you will face and have the knowledge and expertise to support you in overcoming them. We also offer advice on commercial finance options that allow businesses of all sizes to achieve their investment goals by supporting your business’s growth and helping you maintain a healthy cash flow.

Switch accountants today and start benefiting from dynamic, effective, and client-focused accounting that you can trust. With Kirkwood Wilson, you know you are choosing an accountant that you can not only trust, but will be there to support you throughout the lifespan of your business.

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 ‘Making Tax Digital’ (MTD) policy has been introduced to enable businesses and individuals to organise their taxes correctly by utilising modern digital software. Xero is making tax digital, through their cloud-based ‘making tax digital’ compatible 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 HMRC’s Making Tax Digital 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. This is where Xero comes in. 

As provided on HMRC’s list of Making Tax Digital compatible software, Xero has been verified as completely MTD compliant.

Is Xero Making Tax Digital Complaint?

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. This is why we recommend Xero as the most suitable option when you’re considering ‘Making Tax Digital’ compatible software.

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 HMRC Making Tax Digital 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!

Here at Kirkwood Wilson Accountants, we recommend Xero as our number 1 choice for Making Tax Digital compliant software.

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 [email protected].