Success Stories – Mrs Garlic

Success Stories – Mrs Garlic

Success Stories – Mrs Garlic

Article credit: Sage 

Chris Pappas, Managing Director of Mrs Garlic, talks about their business journey with Sage.
Click below to view the video.

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Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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How To Take On The Challenge Of Fast Business Growth And Win

How To Take On The Challenge Of Fast Business Growth And Win

Article credit: Sage 

Growing can be a painful process. Teenagers are perhaps more aware than anyone else about the true meaning of “growing pains,” but they’re not alone. The same idea applies to the corporate world where fast business growth can present a number of challenges.

Overcoming these challenges is the ultimate proof that a particular business model works. At this point, perhaps we should remind ourselves that today’s successful businesses started small. And the path towards global domination was not free of obstacles and issues.

So, what are the main challenges posed by growth? And how can these challenges be tackled?

A small to medium-sized enterprise (SME) deals with two distinct environments: an internal environment (partners, employees, day-to-day operation) and an external environment (what we could generally describe as “the market”).

It’s natural to assume that external factors will pose most challenges. These pressures will then prompt the internal elements to react and overcome these challenges. This situation generates both opportunities and challenges.

Impact of decisions

Entrepreneurs and managers generally associate growth with the right choices and decisions. Having said that, it’s important to stress that every decision has an impact both internally and externally. Taking the “right” decision from an external perspective can generate internal tension. This can also jeopardize growth.

Aligning all factors in order to generate convergence and growth is a big challenge. Growth piles the pressure on existing resources and this, in turn, can generate friction between different departments or employees. It is, therefore, crucial to plan growth and anticipate the challenges ahead.

Failure to do so and prepare accordingly can impact negatively and compromise the future of the company. Some would describe this scenario as a “shot in the foot.”

The quest for survival starts with achieving sustainability. SMEs are part of an environment that is continuously evolving. Markets do not stand still either. Regulation, new business models, and disruptive technologies can change the rules of the game in a short space of time.

And there’s also competition, the quest for efficiency gains and cost reductions, not forgetting ever demanding consumers. These are just some of the challenges facing an upwardly mobile business.

Ready to take on the challenge? To tackle the challenges of super fast growth, here are three things worth considering.

1. Business growth requires capital and investment.

The challenge here is not only to achieve a sustainable return but also to maximize the value of the overall business. From a strategic point of view, it’s worth looking beyond organic growth. One possible solution is to seek strategic partners to achieve better operational efficiency and maximize gains in scale.

2. Strategy and management are key elements of sustainable growth.

A clear strategic view of the short, medium and long-term range provides direction and a reference point for management. Short-termism does not provide a solid foundation to build business success. Corporate governance and good practice will help boost day-to-day management and support long-term decision-making.

3. You need a strong culture, environment, and people.

These three elements are interconnected and have a direct influence on overcoming any “growth pains”. It is important to develop an internal culture that promotes employee engagement. It’s generally accepted that people who feel engaged and motivated in their work are more productive. Leadership plays a fundamental role in this process. A good manager will seek to promote a dynamic environment that is collaborative, meritocratic and that offers employees opportunities for further development.

Survival of the fittest

Survival of any given business depends on developing an effective strategy that not only confirms the viability of the business model (sustainability) but also lays the foundations for its future development.

Markets do not stand still and new players hold the potential for considerable change in a short space of time. Uber and Airbnb are two such examples. Mobile network technology, geo-localization, and smartphone technology converged to provide a new approach to finding a taxi or accommodation when travelling.

This step change opened new markets and posed many challenges to established players.

As a conclusion, “growth pains” will always exist as environments and markets are not static realities. The capacity to face and adapt to these new challenges is what really matters.

It is therefore essential to create a vision for the future that is flexible and provides a sense of purpose and direction. Such a vision needs to be supported by tools that are both comprehensive in scope and flexible enough to provide instant results.

What plans do you have in place to achieve fast business growth? Share your stories in the comments below.

Survival of the fittest

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

Contact Us

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Four Accounting Hacks That Keep Businesses Afloat – And Profitable

Four Accounting Hacks That Keep Businesses Afloat – And Profitable

Article credit: Sage 

Many business owners are not equipped to survive the years of hard work and reach overall success. Lack of finance is one of the biggest reasons for this. For many small and medium business owners, managing finances is one of the most challenging tasks.

Poor accounting practices leave business owners in the dark as to their financial standing. While in many companies, this is a role fulfilled by the Chief Financial Officer (CFO), in a small or medium enterprise, this is just one of the many hats the business owner needs to wear.

Business owners make life sacrifices, take risks to follow their dreams and pursue their passions.

It is vital that they have the necessary information to ensure that they can focus on their business and leapfrog into the future.

Here are four fail proof hacks to keep your business financially sound:

1.     Separate business from personal accounts

Dedicating an account to a business’s income and expenses is vital to ensure that personal and business expenses are kept tidy.

This is also useful when it comes to tax season and saving money. If a bookkeeper or accountant charges by the hour then having them stick to work finances instead of handling personal expenses will save them time and the business money. An itemised business account also helps with managing and projecting cash flow.

2.      Track business expenses

Supporting the bottom line isn’t just about increasing sales and revenue but also about keeping expenses in check.

Tracking and limiting expenses will automatically increase profit and also bodes well for tax planning. This not only helps with having a clear picture of the business’s financial standing but also helps with reducing costs and potentially increasing tax rebates.

3.     Get automated: Find a good software accounting tool

Good accounting software that can grow with a business, preferably from a supplier that also started small and understands the challenges of this market, helps a business owner keep a finger on the financial pulse of the entity.

The introduction of accounting software has also made the costs of this service more financially viable. Technology has the ability to automate and speed up the calculations of business expenses such as tax and payroll and ensure that these are accurate. By automating accounting processes, this will free up time for staff to focus on other activities.

4.     Accurate invoicing and payment collections

Ensuring that invoicing is accurate, delivered on time and up to date is an essential element of financial success. Using an automated accounting system keeps you up to date on clients who need to pay and when. This also ensures that the cash flow of the business is always kept healthy.

Sage 200 Evolution

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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How Accountants And Bookkeepers Can Create An Efficient Workflow

How Accountants And Bookkeepers Can Create An Efficient Workflow

Article credit: Sage 

Streamlining workflow for your practice will not only make you more efficient and productive, but it will make you more profitable. Managing workflow for your practice is critical. By not taking the time to identify and craft a workflow, you are an heir to your client’s workflow, or even, their prior bookkeeper. (And I’m guessing their prior bookkeeper wasn’t their bookkeeper anymore for good reason.)

The very general flow for bookkeeping or accounting work is data input, data processing, data output. However, there are many differences in each of those key stages. While no two accountants have the same process, there are several key pieces to keep in mind.

Take the necessary time to look at the underlying business process, consider your experience, how you want to accomplish your tasks and look for opportunities to increase your workflow efficiency. Some key questions to ask yourself in order to create an efficient workflow as an accountant or bookkeeper:

What is your method for obtaining records from your clients?

Streamline the way you obtain records from your clients to create efficiencies. Define how you want to obtain data and documents from your clients. There are already so many options even in this first phase of work. Do you want to go paperless? Will you utilize accounting software? Accounting software can automate your workflow, saving time, especially when you use it year-round. The less friction you have between obtaining records, the better.

How are you processing data?

Next is the processing of the data and where your professional expertise can shine through. The bookkeeper or accountant should be the one who keeps up with compliance and tax reform, who determines how transactions should be allocated, and who ensures the workflow is smooth and the financial reporting consistent. It is easy at this stage to fall into the habits of the client or previous bookkeeper by continuing to allocate transactions where they had. The worst reason to do anything a certain way is that that’s the way it’s always been done. I’d much rather do my research for the correct and compliant way, pointing out the risk to myself and the client if not followed, rather than to continue blindly.

How are you providing output?

Finally, the data output. What have you committed to providing your client? Is it a financial statement package? If so, what financial statements are included and how often is it delivered?  Is it a video explaining to them their financial health and how it compares to the previous period? Again, the options are endless for the tools and methods you choose to work. Be sure to set expectations up front with your clients.

Conclusion

It is imperative to take control of your client engagements to succeed as an accountant or bookkeeper. By selecting a common data input method, data processing or workflow, and data output, you will achieve a streamlined and easily replicated system. This repeatable system for your clients will reduce time and energy creating new processes for each client; and therefore, increased profit.

If you haven’t fine-tuned these three vital elements of the bookkeeping or accounting process, it’s not too late. You probably already have tools and workflows you prefer and now it’s about applying the learnings and repeating the system across more of your clients. It may take some time, but between the more predictable workflow and the increased productivity and profitability, I promise it will be worth it.

Increased Productivity And Profitability

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

Contact Us

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How To Establish Payment Terms

How To Establish Payment Terms

Article credit: Sage 

People always focus on the price, yet can get fazed when they are asked, so what are your payment terms? And when you get asked that question, you need some answers ready.

Payment terms are in effect all about offering someone credit. And that means, are they good for it?

Because once you issue an invoice, and don’t take cash for your goods and services at the point of sale, you are offering your customer a line of credit. And that means you take on the risk of them paying late, or worse, not at all.

Now, let’s make one thing clear, the best outcome is to get paid immediately. The best invoice you can issue is one which acts as a receipt.

Let’s hear what Stefan Fritz, Managing Director of the Lady of Avenel boat business, has got to say about how to establish payment terms. He’s skipper of the Lady of Avenel boat, a traditional sailing boat based in northern Scotland.

It’s a lifestyle business, something which Stefan and his team love doing. He is quite firm about terms: “We take a deposit before we do anything, if there is no deposit, we won’t do anything. And generally, we get paid for the trip immediately…we don’t have a problem chasing money too much.”

Great advice for anyone in business, but of course it all depends on what business you are operating. For many businesses, especially in the B2B world, payment terms must be negotiated, alongside the price. With B2C businesses, there often is more of an opportunity to dictate good terms, for you the business owner, right from the kick-off.

Examine your cash flow 

Examine Your Cash flowWe asked expert Nicky Larkin for her opinion on how to establish payment terms. The Managing Director and founder of Goringe Accountants, Nicky was a finalist of the British Accountancy Awards 2012. She is also Chair of the FSB Reading & West Berkshire branch. Goringe, based in Reading, has around 700 clients.

She has wide experience in setting up finance teams and systems, managing all aspects of financial and management accountancy, installing the best financial practice and gaining company financing.

Nicky told us: “To establish payment terms, its key to look at your cash flow, because it’s really important to ensure that you have sustainable cash to grow your business, it’s very easy to have a profitable business, but actually you could be over trading and your growth could be stunted because you have a lack of cash.”

And, it’s fair to say, that most of your customers will be looking for good terms and those terms could make the difference between winning a deal, or not. So, you have to box cleverly.

First, there’s that question, are they good for it? You should always check companies and individuals out, especially if you are offering a lot of credit. There are services available which can give you a good steer on a customer’s financial standing and likelihood to pay.

But don’t forget, that no matter how many stars and ticks you get about a company, on the day it comes down to whether they can pay on the agreed date. So, as well as any checks you might get to help you, use your gut instinct.

Ask yourself how well do you know a company or the individual buyer? What are people saying about the company online, or better still, are you able to speak to any suppliers who already deal with the company? What do they say about them?

 

How long can you wait?

How Long Can You WaitSo, the next question is how much credit do you want to give them and for how long? It’s a good discipline for every company to adopt with a new customer, no matter how big the order, or attractive the margin. Be wary of companies that will use you to bankroll their business – selling your goods, taking the money and then delaying payment to you.

Let’s hear from Nicky again: “Obviously in each sector there are often traditions of payment terms, so you might only have a certain amount of flexibility for your payment plans, but whatever you can, try and shorten your payment terms to your customers as much as possible, so whether you can look at up-front payments, whether it’s deposits, or payments that are made early, or in advance, perhaps you might offer special little discounts by having your payments made in advance to give your clients some encouragement.

“Afterall if your clients have lots of cash in the bank and they won’t be earning a lot of interest in there, so they might appreciate a couple of percentage points off your price if they pay up in advance.”

The most common terms offered to companies is 30 days, which is a fair amount of time that suits both parties. Which might be an odd thing to say, from the seller’s point of view, but don’t forget that those 30 days can be as important to you, as the buyer, as it’s time for you to ensure that your products are delivered on time, are up to the job and perform as expected. Likewise, with services, have you offered what you promised and what was expected? It’s a fair breathing space for both parties.

Some companies require you to give them 60 days, or even 90 days (which are not uncommon requests, especially in certain sectors), but if asked for this, you have to ensure you have the cash flow to stand it (back to Nicky’s earlier point).

You have to ask yourself the very honest question, can I afford not to be paid for 60, or 90 days, effectively two to three months, for these goods, or services. And that’s not the only question. You have to say to yourself, two to three months is a long time in business, so your risk of not being paid has increased.

But, payment terms are part of the negotiating process, so remember what Nicky tells us about getting to as few days as possible. Less than 30 is great and anything over 30 requires you to make sure you can afford it.

And don’t forget that these terms must be on your invoice. They must be clear to your customer and confirmed in contracts, letters, or emails. They must not become an issue between the negotiating parties.

The last word of great advice goes to Nicky: “What’s also really good is if you try to be really strict with your payment terms. If you ask for money in advance, make sure you follow up on that. If your payment terms are 30 days make sure you are chasing up in advance of those 30 days and asking clients if they have their invoice and are set up to pay on 30 days. Make sure that you are really clear and your clients are prepared to pay within these terms.”

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

Contact Us

For An Obligation Free Quote

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