February 21 Newsletter

February 1, 2021

Business Update

Some tips on how to establish trust in a virtual team
As the lockdowns continue it is likely that a lot of us are getting used to working as part of a virtual team. But there can be problems working virtually such as; reduced communication which make it easier to have misunderstandings and an increase in distractions that are unavoidable as home and work life become mixed.
As a leader, what can you do to improve trust in your team?

1. Communicate well and often
This can take many forms and often it is harder to read body language or notice what is ‘not being said’ in video calls. Try varying ways of communicating, e.g. phone calls, messaging, individual check-ins on email. Be available and approachable, and understand other personal issues that may be affecting your team.
2. Resolve any team issues
Be aware of any problems within the team and take responsibility for helping to resolve them. This may also include being open and honest about any issues that you are currently facing (personally or in the business).
3. Show empathy
It is important that the team feel that you care about each of them and their success. Demonstrate this by being completely engaged when you speak to them (i.e. put your mobile phone away to avoid being distracted!). out?
4. Lead from the front
Demonstrate your company values through your behaviour. This could include; achieving a good work/life balance (very important when the lines are increasingly blurred between work and home), be honest - say if you are having a bad/good day, we all have them! Show good customer care skills and share your experiences with the team.
5. Work hard on social time
This is one of the things I miss most about being in an office together. So how can you recreate these conversations? Maybe start every team meeting / daily catch up with your normal everyday conversations about family / friends / TV / what’s happening in the news. Have a team lunch where everyone orders a takeaway and you eat together (online!). Organise a virtual quiz or Escape Room. Recognise when someone is struggling or has gone over and above their normal duties and send them some flowers / chocolates / or a personal message saying how much you appreciate them.
It is hard, working virtually, but you also need to work hard to maintain connections within your team and to let them know that you care about them.

Accounting Update

Dividends
This is a topic that we are often asked about, and if they are used correctly can help to reduce personal tax bills considerably. A dividend is a type of return on investment to the shareholders of a business. Many directors who are shareholders receive a mixture of salary and dividends. There are 2 main types of dividend; final (paid once per year once the final accounts have been prepared) and interim (paid throughout the year).
There are some rules about how much can be paid as dividends for them to be lawful. They must be paid out of distributable profit (simply put, these are profits made to date minus any realised losses). Unlawful dividends may need to be paid back to the company by the shareholders.
Directors must show that enough profits are available to make the dividend, there needs to be evidence of profit available in the end of year accounts and cash available to make the dividend payments.
Finally, it is also worth checking your company’s articles of association because they may specify a certain way in which the dividends have to be authorised. The articles may also stipulate whether shareholders should receive their dividends in relation to the proportion of shares that they hold.

As ever, if you would like a chat to understand a bit more or if you have a general query, then please get in touch.

App of the month

Invoice Fetch

We have mentioned Receipt Bank a lot and its a great app but we want to focus in on the Invoice fetch function.

Do you have to log in to different websites to download bills and send them through each month?

Once you connect this up as soon as the bills are created Receipt Bank will login and collect them for you, with the auto publish all the data entry can be completed and your document will be sat in Xero waiting and you haven't needed to think about it.

This needs to be revisited every few months for new suppliers but its well worth the set up.
Team News
To be honest, we don’t have much news! Like you, we are continuing to juggle work and home life/home schooling. Some days are better than others but we realise that we are lucky to be able to work from home using technology and apps. We are looking forward to going back to our office and welcoming you there when we are able to. But in the meantime, if there is anything you would like to discuss, then please give us a call on 01908 751 972.

Keep safe and well,
Katherine, David and Kasia

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