July 20 Newsletter

June 30, 2020

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

In this newsletter we will be imagining the post-pandemic workplace, taking a look at strategic management accounting and our App of the Month is Unleashed.

BUSINESS UPDATE

The post-pandemic workplace

The coronavirus has changed the way that workers think, move and operate. Some of these changes will stay, this is what we expect to see in the future:

Create less hierarchical work environments

People will be trusted to do their job and assessed on outcomes. People will become more involved questioning established values and priorities. This will mainly be done by questioning whether activities are aligned with the company vision, and seeing if there is a better way of doing things. By engaging with everyone this will ensure that you are working towards common goals and vision.

Phased return to office

Although working from home works for many people, a return to the office could bring more collaboration. There may be an option to make work more flexible and to be able to accomodate different work requests from the team. Could this be an opportunity to re-examine teams and seating in line with new Covid guidelines?

Strong leadership

Not everyone will return to work in the same frame of mind and many will have had different experiences during the pandemic. It is important to acknowledge this and to provide emotional support if needed. People are likely to feel unsettled and anxious, so by setting individual goals or talking about career progression this could help people feel more secure and reintegrated.

It is important to remember that this is new territory for everyone, which provides an opportunity to re-examine old working methods and create new ones that will benefit the team and the business.

STRATEGIC MANAGEMENT ACCOUNTING

What is strategic management accounting?

It uses management accounting data about a business and its competitors for developing new business strategy.

What techniques does it include?

Project costing - analysing whether an investment or new product/service line is worth pursuing.

Budgeting - monitoring and tracking spending to identify profit/cash holes and set a benchmark to compare against.

Customer profitability analysis - looking at revenue streams and associated costs per customer to provide insight into pricing.

Why would it be beneficial for my business?

More data and information means more informed decision making. This can help you in 4 key areas:

Pricing

Business/Market development

Product/Service development

Merger and acquisition activity

At Youtopia we use a variety of tools to be able to gather data about your business, but really it is our knowledge about our clients' individual businesses together with other data collected where we add the most value and insight.

Please get in touch if you would like to know more about the help that we can offer to help you to make better informed decisions.

APP OF THE MONTH

Unleashed is an inventory management app

Unleashed provides online inventory software for Xero, allowing accurate costs, margins and stock control.

Payable Transactions Updates

Unleashed sends Xero payable transactions for payment and reconciliation as you receive stock. This includes costing invoices, even from multiple suppliers.

Receivable Updates

The second you complete a sale in Unleashed, Unleashed sends that information through to Xero. Not only that but as stock moves, the stock value and cost of sale is updated in Xero to ensure that your profit reports are correct.

Perpetual Stock Updates

Unleashed updates Xero in real time. This means that you get instant visibility into all your stock movements right down to the Profit & Loss and Balance Sheet level.

We use Unleashed with a number of clients to help them to manage their stock. Please contact us if you would like some more information, or visit the Unleashed website.

Until next month,

Stay safe,

Katherine, David and Kasia

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