The soaring value of Bitcoin drives interest in FinTech

Bitcoin’s value soared in recent weeks to well over $2,000 per coin, making it the most valuable commodity on the planet. For those who mined or acquired Bitcoins early in the currency’s digital life, large fortunes have been made with minimal effort. While Bitcoin’s volatility might not be for all investors, for businesses, it is the technology behind these cryptocurrencies, called blockchain, that is driving much of the investment in FinTech, and making jobs in the sector highly desirable.

With interest across the financial services, accountancy, banking and other sectors, blockchain technology creates a secure ledger or records and value that can be used to transcend borders, industries and currencies. With the UK and London still at the heart of global banking, much interest is centred on FinTech and many startups are looking at ways to leverage blockchain. Use cases are being sought for particular vertical markets, or to create new solutions that could be the next PayPal, or to create whole new types of business transaction models.

Popular FinTech startups have created mortgage lending banks, a digital-only consumer bank, peer-to-peer payment platforms that do away with the charges that most banks impose, and global money services that empower world travellers with a single digital wallet, whatever country they are in. These are just some of the examples of consumer FinTech that we could all be using within the next few years, challenging our banks and bureau de change to adapt.

Those changes will also rapidly apply to business, with contracts being created and managed online through blockchain technologies. One key area of business this could affect is the 30-day waiting period for payment that many smaller businesses suffer from. Any enterprise or SMB product that makes instant payments for completion of a milestone, project or task could see many departments, like accounting and sales, rapidly have to adopt such technology. If they don’t their company could soon lose business to those willing to move with the times and adopt such products.

Whatever market you are in, keep an eye on FinTech business developments around blockchain, and ensure you are ready to move when the time comes.

Why setting up a UK company requires accountancy “guardians”

There is a tendency to think that technology has rendered many financial services obsolete. After all, you can now carry out many compliance and financial management obligations using cloud computing or appropriate software.

If you are at the helm of a new UK startup, particularly one that is the culmination of a long-held ambition, handing over a key element of control in the early days can be particularly tough. The idea of outsourcing the daily management of your financial affairs may seem to fly in the face of your concept of being an ambitious entrepreneur.

However, if you don’t find an accountant based in London or elsewhere in the UK, you may be missing out on two major bonuses for establishing and growing businesses. The services of a trusted adviser and a financial guardian.

Why you need a trusted adviser

To underpin any form of expansion, or simply when you are establishing a new UK office, you need to have your finger on the financial pulse of your venture at all times. Outsourcing accountancy support means you have the services of a neutral third party, who can keep their focus firmly on the financial health of your business, without any of the distractions that your executive team face.

Technology has both freed accountants from the constraints of compliance and provided them with far more agile data analysis tools. This means they can now go much deeper into both forensically examining your financial affairs, and creating reliable predictive modelling.

With this sort of detail, they can influence your business strategy from a position of insight and evidence. They can also make sure you don’t waste time or money on business strategies which have the potential to fall short of an acceptable rate of return.

Accountancy services offer emotional intelligence

Outsourcing accountancy services to a trusted adviser is not just about setting up your UK company with facts to fall back on. Creating any new venture can be an emotionally charged period, with stress levels high despite even the most thorough planning and foresight.

If you have established a relationship of trust and understanding with a commercial financial adviser, you have created a voice of reason.

Any accountancy firm worth their fees will be ready to speak up when your ambition is outstripping your financial stability, for example. They will have the confidence and acumen to reign back decision makers when a financial health problem is imminent.

5 Great Book-Keeping Tips for Entrepeneurs

Keeping your books in order is one of the most vital elements of running your own business. As an entrepreneur, you know you need to have a clear view of your accounts at all times, and come tax season everything needs to be in line for your tax returns. It can be tricky knowing exactly what you should be doing, however, and how to streamline your bookkeeping so that it’s as efficient and effective as possible. Here are six great tips for effortless bookkeeping as an entrepreneur.

1. Go paperless

Cloud-based accounting is a great way to access all the basic bookkeeping functions you require for your business. By going paperless with your bookkeeping you will keep all the clutter and stress off your desk and ensure it’s securely saved in a dedicated system that’s specifically designed to handle it.

2. Keep business and personal finances separate

The easiest way to streamline your bookkeeping is to have a dedicated account for personal money and a dedicated business account. Never mix them. This is the fastest and easiest method of ensuring that all your expenses are in one place. No need to go through endless bank statements identifying individual transactions. If it’s on your business account, it’s a business expense.

3. Find a great adviser

While it’s possible to do a lot of your bookkeeping yourself, there will always be areas you have questions about and need some advice. It’s also highly advisable to get a professional in to handle your tax returns, and payroll is another area where you will greatly benefit from using a pro. Ensure you have, at the very least, an expert you can consult and ask questions whenever necessary. If your budget allows it, hand over all your bookkeeping and accounting needs to an expert – you will rest easier knowing everything is perfectly in order and you’ll have more time to focus on your business.

4. Save money for taxes

It’s easy to forget you have to pay taxes each year, especially when you’re starting out in business, and you may not meet the threshold for the first year or more. As soon as you’re earning enough that you have to pay taxes, make sure you’re setting that money aside so it’s ready and waiting when the bill is due.

5. Stay on top of your invoices

Any unpaid or late bills will affect your business credit and tax payments. Keep everything organised and make sure you pay it all on time.

Do you need help with book-keeping and are looking for a financial services provider for your business? Look no further –  get in touch with us at Goodwille today and we’re happy to help!

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