As a small business owner I also know how difficult it can be to manage your business 'long distance' and keep up to date with things while you take that well-earned break.


Don't forget to send your bank manager a post card...and a few other tips to keep the bank happy whilst you're away! 

So you are off for a well-earned rest and relaxation on a sunny beach (sounds nice), however your business still requires attention while you are away. Here are some things to consider before you order that holiday cocktail…
 
Plan ahead - make a note of all bills that are due while you are away, make future dated payments through the bank or make use of standing orders to ensure you do not miss any important bill payments (and thereby incurring penalty payments).
 
If you have amounts owing from your customers while you are away, make sure you send out statements and agree payment dates in advance of your holiday period.  Remember that your customers may also be on holiday and there may be delays in paying invoices. You don’t want to be facing a cash shortfall for the sake of a few phone calls.
 
Make full use of mobile banking apps or on-line banking.  Being in another country doesn’t mean you cannot still access your bank.   Set up text banking alerts and make sure you can log into banking apps to keep track of your cash balances. (Check on data charges before you leave)
 
Having a cloud accounting system means you can log in anywhere anytime, perhaps this is something to consider to keep track of your transactions. To find out more about cloud accounting click here http://www.cmw-bas.co.uk/blog/keeping-records-on-apps-and-the-cloud-2
 
Do you really trust your staff?  While you are away, it is essential to have the employees in place that you can trust to keep your business running as you would wish, therefore you need to be able to completely trust your staff to keep records, access your bank account and talk to your customers in the same way that you would. 
 

This was an extract from the August edition of the YBC newsletter - click below for other tips on delegation, managing staff absence, keeping on top of monies owed and planning for your quiet times...

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Following on from the previous topic, there are a number of cheap and cheerful (and extremely easy to use) cloud accounting software packages just tailor made for small business owners.  Here are just a few:  Freeagent, Xero, Quickbooks online, clearbooks and Kashflow.  These have the advantages over desktop packages in that all data is kept securely on-line, your accountant or business advisor can login and keep up to date with financial information and most of them have mobile applications to help you ‘on-the-go’.  

There are a number of apps for smartphones too that are extremely easy to use: eg receipt bank to record receipts immediately and timesheet timetracker to record all billable time (useful for consultants out in the field),  as with everything do your research or ask for advice.

What is the best way to keep accurate records for your business?  There are many ways, simple paperwork (receipts, invoices, printed paypal and bank statements) are perfectly acceptable to HMRC, however you should make sure they are filed and kept in a safe and secure manner. 

Electronic receipts are also acceptable to HMRC and with the huge choice of apps available for smartphones it is a very simple process to keep electronic copies of receipts and statements. 

To record cash income and outgoings, simple spreadsheets are an effective and extremely cheap way of producing simple income statements and balance sheets, however for your business you may need something more sophisticated.  As with everything it pays to talk to someone who can help you decide what is best for your business.