August 20 Newsletter

July 31, 2020

We hope that this newsletter finds you and your families well.

In this newsletter we will be looking at how to automate your finance department, understanding the latest government scheme changes and introducing our new team member!

BUSINESS UPDATE

How to automate your finance function

We've all heard about the digital revolution but only around 20% of the UK's businesses have adopted automation and the cloud. So what, why and how should you automate?

What

Anything that doesn't involve human decision-making. In Youtopia we work with businesses to automate bookkeeping using software such as Xero (accounts software), Receipt Bank (invoice/receipt management) and GoCardless (direct debit collection).

Why

Reduction in human error, consistent coding (more accurate cost comparisions) and by connecting direct bank feeds this means you can make accurate decisions using current data. Many businesses that we work with simply couldn't have functioned during the Coronavirus using desk top systems. It has also enabled scenario based cash flow forecasting which has been a lifeline and alerted business owners to any cash flow holes so that they can prepare and plan.

How

Understand your current processes, then speak to an expert about how to streamline your processes to become more efficient. Each business's needs and app stack is different, and there is a huge array of over 800 apps which should help your business no matter how niche it is!

If you would like to find out how automation could help your finance department, then please get in touch for a free of charge chat.

GOVERNMENT SUPPORT UPDATE

More changes are happening in the coming months with the Coronavirus Job Retention Scheme (in addition to the flexible furlough scheme which started on 1st July), here is a summary:

August

Government will continue to pay 80% of wages up to a cap of £2,500, but employers will pay ER NICs and ER pension contributions. This works out to be about 5% of the gross employment costs.

September

Government willl pay 70% of wages to a cap of £2,187.50 for the hours the employee doesn't work. Employers will pay ER NICs, pension contributions and 10% of wages to make up 80% total to a cap of £2,500.

October

The government will pay 60% of wages up cap of £1,875 for the hours the employee does not work. Employers will pay NICs, pension contribtions and 20% of wages to make up 80% total up to a cap of £2,500. The scheme closes on 31st October 2020.

February 2021

The government will pay a Coronavirus Job Retention Scheme Bonus of £1,000 for every employee who has been furloughed and is still employed on 31st January 2021 (subject to conditions). Please see here for the latest information.

The Self-Employment Income Support Scheme has been extended. If you are eligible you will be able to make a claim for a second and final grant from 17th August 2020. These are the main points:

Amount

Taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months' worth of profits, and capped at £6,570.

Eligibility

HMRC will contact you if you are eligible, this will be bases on the same criteria as used for the first grant. You will also need to confirm that your business has been adversely on or after 14th July 2020.

Please get in touch if you would like any advice or help in relation to the schemes.

TEAM NEWS

We are excited to announce our latest team member; Joe Ensall!

Joe is joining us at the beginning of August as our Relationship Manager. He has a huge amount of Xero and other connected apps knowledge that he is happy to share. We have known Joe for a long time and know that he will be a perfect fit in Youtopia.

How can Joe help you?

Xero advice/support

Discuss how to move your finance department onto the Cloud

How to streamline your financial systems

Find out if Youtopia could help you.

Joe's email address to contact him on is: joe@youtopiasolutions.co.uk

Until next month,

Stay safe,

Katherine, David, Kasia and Joe

< Older Post Newer Post >