'The essentials of business accounts' presentation by Matt Perkins, Head of SME Engagement at FreeAgent, for the 'Running your business in the cloud' event on Wednesday 17th July.

1. Matt Perkins
Head of SME Engagement
matt@freeagent.com
@perkinsmattj

2. Let’s talk about accounting

3. I’m a photographer -
not a salesperson
I’m a graphic designer -
not an accountant
Why is accounting such an issue?

4. The disconnect
• Accounting seen from a
compliance point of view
• Bookkeeping tools limited for
small businesses
• Business owners and
accountants disconnected

5. change
“technology changes; people don’t”
Deb Shultz

6. Cloud innately means...
collaborative
real-time
connected & present

7. From static to mobile
essential, not optional

8. E-invoicing
Companies
House
Banks
Accountancy
HMRC
Financing etc
Ecosystem
E-commerce
Web apps,APIs

9. What does that mean practically?
We have the technology
We just need to change the mindset!

10. The fundamental truth…
Whatever you want to achieve with
your enterprise, you can only do it
with a viable business model.

11. All businesses are the same

12. All businesses are the same

13. The basic business flow
Your Business
Cash in: from sales
and other income
Cash out: in wages,
bills and HMRC
Profit
Cash out:
to HMRC

14. Business viability
Cash in: from sales
and other income
Cash out: in wages,
bills and HMRC
Pricing
Costs
Volume
Efficiency

15. What components make up a
Sales flow?

16. Quote price for product or service
Sales flow
Take order
Complete order
Take payment
Find customer (or they find you)
File paperwork for compliance (eg: VAT due)
Pay taxes due on sale/s
Invoice customer

17. Chase payments consistently
Tips to keep on top of your finances
Invoice in an inconsistent manner

18. Tips to keep on top of your finances
Keep track of taxes (inc VAT) owed

19. Tips to keep on top of your finances
Keep track of business expenses incurred

20. Tips to keep on top of your finances
Review your financial position regularly

21. Matt Perkins
Head of SME Engagement
matt@freeagent.com
@perkinsmattj
Thank you for listening