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COVID-19 Beware of the fraudsters attacking furlough claims

By Phil Ellerby

You may have seen on social media over the weekend that fraudsters have already set about attacking furlough claims.

They call pretending to be HMRC and request your Claim Reference Number. They may also ask to confirm your bank details.

HMRC are NOT contacting people as yet.

If you feel the call may be legitimate, take the details, end the call and redial HMRC directly.

Do not ask them to confirm the number to call, it is available on hmrc.gov.uk

Looking out for our clients and friends of NA as always.

If you hear of any other frauds circulating about furlough, HMRC or any other COVID-19 financial claim, please let us know on 0113 218 9552.

We’re in this together.

COVID-19 Coronavirus Job Retention Scheme update for furloughed employees

By Phil Ellerby

Just in from HMRC, an update on wages for furloughed employees. These are now being paid through the Coronavirus Job Retention Scheme. Six working days after claims opened.

Payments for claims made on Monday 20th April will be in employers’ bank accounts by tomorrow 28th‌‌ April.

If you have already made a claim

If you haven’t received payment yet, it takes six working days from when you claimed. It will automatically be sent to the bank account you nominated in your claim. 

Please retain all records and calculations for your claims in case HMRC need to contact you about them in future. 

If you have not yet made a claim

You can still claim online for a grant for 80% of your furloughed employees’ salaries, up to a maximum of £2,500 per employee, per month.

You will receive the funds six working days after you claim, provided your claim matches records that HMRC hold for your PAYE scheme.

If you need further guidance on furloughing your team or how to process a claim, please get in touch with the team on 0113 218 9552.

COVID-19 NA Action Plan CBILS and NA Money

By Phil Ellerby

In the last of the five videos from Northern Accountants’ NA Action Plan, we look at funding available to help businesses with the financial challenges of COVID-19. Each day our clients received videos with advice direct to their inbox which is proving vital in the fight to survive the restrictions on businesses and the impact on finances. 

Here Phil Ellerby, CEO looks at CBILS as well as other alternative funding options. He also gives an update on his conversations with bank managers, and their view on the real reason there are delays in financial support businesses need. Listen to our shopping list of what you must do to prepare the information and the importance of getting this right first time

Phil also highlights tools from NA’s AppStack and the support the team is giving clients to pull together the information the banks need quicker and more accurately. 

Listen to alternative funding options available including the access we have to 100’s of lenders through NA Money.

If you need help with finance, click on the link to watch Day 5’s NA Action Plan CBILS and NA Money video in full.

Look back at four days of the NA Action Plan here on our COVID-19 Response page to find:

Day 1 Government Support

Day 2 Cash Flow and Budgets

Day 3 Tax 

Day 4 R&D

Or check out in full the blogs relating to COVID-19 and NA’s AppStack here on our Business Tips page  

If you would like to speak to one of our Client Managers about CBILS, NA Money, or any of the support from our NA Action Plan, please call on 0113 218 9552. 

COVID-19 NA Action Plan R&D

By Phil Ellerby

Day four in the daily updates to clients as our COVID-19 business support continues. To help clients get through the financial challenges the pandemic brings, yesterday they received the next part in their NA Action Plan. This time focusing on R&D tax.

On day three Phil Ellerby our CEO gave an overview of tax options available for businesses to utilise their losses from the impact of coronavirus. In this video, Phil digs deeper into R&D and captures the 5 step eligibility questions which form the next steps to starting a claim. R&D tax is often overlooked as businesses think they do not match the criteria set by HMRC. However, as we have found in our own business here at Northern Accountants, the obvious is not always the case. 

Click on the link and watch the video to find out what key areas are considered in an R&D claim, then take Phil’s 5 step guide to see if you are eligible.

If you answer yes to all 5 questions then speak to one of our Client Managers who will take you through the next steps.

You can also click on the link to watch the video Phil did for all tax options available.

Look back at other videos that make up the NA Action Plan by clicking on the link to the Business Tips page.

Or check out the link to the COVID-19 Response page where you will find all the videos and blogs put together following the coronavirus outbreak.

If you would like to talk to one of our Client Managers about R&D or tax, in general, to find out what applies to you, please book a Discovery Call on 0113 218 9552. 

COVID -19 Implementing credit control during the coronavirus pandemic

By Jayne Waugh

Now, more than ever, businesses are looking to implement credit control and streamline invoicing. Here at Northern Accountants, we’re working with our clients to implement strategies that will boost business even during difficult economic times and lockdown periods.

In the midst of COVID-19 when companies need to keep track of payments and be more organised (especially when working remotely), one of the apps in our AppStack is helping clients with invoice automation.  Take a look at our AppStack page for all four of our recommended apps and the training we provide. 

First of all, let’s look at how the Chaser app will help your business and the benefits to you: 

What is the Chaser app? 

Chaser is app software that’s designed to help SMEs automate credit control and keep cash flowing, even during times of difficulty. While COVID-19 is causing disruption across the world, it’s essential to take firm control of your finances, which is where Chaser can help.  

Here at Northern Accountants, as certified partners we’ve incorporated Chaser into the apps we use for good reason. It syncs with your accounting system in just two minutes, allowing you to chase outstanding invoices quickly. The app also remains up-to-date and refreshes immediately before any chaser emails are sent, so you never have to worry about chasing payments from clients that have already been made – a move that can be chalked up as unprofessional. 

Top tips for using Chaser 

As an award-winning accountancy firm, we know that Chaser can streamline your business processes. The app can be used in many different ways, so here are our top tips for making use of this software and improving the cash flow of your organisation.  

  • Embrace invoice automation

Invoicing clients and keeping track of what has and hasn’t been paid can be difficult without some kind of automation. The good news is, Chaser automatically sends out chaser emails to clients attaching an invoice and statement to speed up payments.  

In order to maximise the efficiency of this app, you should make the most of customisable templates. These can be personalised for each client and sent out on a schedule that suits you and your customers. To encourage good payment habits, try sending out invoices on the same day at the same time each week, so customers come to know what to expect.  

  • Make it personal 

Although Chaser is an automated app service ideal for SMEs, you can still maintain a personal connection with your clients. This is because Chaser emails are made to look and feel like you hand-typed each and every one. Through personalisation options, you can send out emails that look like they’ve come from your personal email account with your usual signature, logos and images. Automatic ‘thank you’ emails using your business tone of voice will also build goodwill and keep the communication between clients flowing.  

  • Log in from anywhere 

The great thing about credit control apps like Chaser is that you can log in from anywhere to see all chaser emails sent to clients. Keeping an eye on your communication is advisable as it will allow you to make informed business decisions. The app tracker can also be updated with any on-the-go phone calls to keep your colleagues in the loop.

The team at Northern Accountants continues to do all it can to help businesses stay in business. If you would like to speak to one of the team about Chaser, please call on 0113 218 9552 today. 

Link to our AppStack page

Link to more details on Chaser

Link to our Cloud Academy and details of Chaser Training 

COVID-19 NA Action Plan Tax

By Phil Ellerby

As part of the week’s NA Action Plan, this third in the series looks at the tax options available to help businesses utilise their losses from the COVID-19 outbreak. 

Each day our clients receive an email and video link from Phil Ellerby our CEO. This is part of the business survival package we launched last month. The NA Action Plan was launched as the second part of the package with day three focusing on the subject of tax. Here Phil gives an overview of all the tax options available and how businesses can manage their losses using the tax incentives available.

Some tax options are more applicable than others. This depends on the business but by watching the video, our clients are given a clearer insight and can make informed decisions about how to act with the support of our Client Managers. 

Click on the link to watch the video as Phil takes a comprehensive look at each one with a more detailed look at R&D tax on day four of the series.

Look back at other videos that make up the NA Action Plan by clicking on the link to the Business Tips page.

Or check out the link to the COVID-19 Response page where you will find all the videos and blogs put together following the coronavirus outbreak.

If you would like to talk to one of our Client Managers about tax options or any financial issues as a result of the pandemic, book a Discovery Call today on 0113 218 9552. 

COVID-19 Manage your cash flow with Float during the coronavirus crisis

By Jayne Waugh

Now, more than ever, businesses are looking to manage their cash flow effectively. That’s why we’re working with our clients to implement streamlined forecasting, planning and money management strategies. In the midst of Covid-19, when businesses need to keep track of cash flow projections, one of the apps in our AppStack is helping clients gain a deeper insight and understanding of their finances. Take a look at our AppStack page for all four of our recommended apps and the training we provide. 

First of all let’s look at how Float will help your business during difficult times and beyond. Here are our top tips for using the app: 

  • Embrace cashflow forecasting 

Here at Northern Accountants, we know how important it is to have a clear and accurate picture of your cashflow situation both now and in the future. With Float, you can get a real-time view of your numbers and make more confident business decisions going forward. Simply enter your cash forecast for what you expect to happen each month. The app will then import actuals such as invoices and bills to help you see how accurate your forecasting is. Drill down into what might happen next week or a year ahead of time and use this tool to identify cashflow shortages and surplus moments. Armed with such knowledge, you can then make business decisions such as investing in staff or making essential cutbacks.  

  • Scenario plan for the what-ifs 

As an award-winning accountancy firm, we know it’s important to track your day-to-day cash flow accurately and eliminate guesswork. A simple mathematical mistake can have a detrimental impact, so why not let the app do all the hard work for you? With Float, you can also scenario plan for the what-ifs by modeling different hypothetical situations to see how they compare to your actual forecast. With a few clicks, you can find out whether you can afford to lose a client, turn down a job or grow your internal team. Again, this all comes down to spotting cash fluctuations and making well-considered, software aided forecasts.  

  • Export and share insights 

As a company, there will be times you need to share important numbers with stakeholders. The cash flow of your business is an important benchmark for investors too, which is why Float allows you to export your forecast to a CSV or a PDF. The numbers provided by the app can be used in business meetings and assist with business development. The insight tab will also reveal how accurate your budgeting has been and prevent you from making wild and untamed assumptions about your cashflow. 

We at Northern Accountants are doing all we can to help businesses stay in business. If you would like to speak to one of the team about the smart, intuitive Float app ideal for SMEs, please call on 0113 218 9552 and we’ll book a Discovery Call in with one of our client managers.

Link to our AppStack page

Link to more details on Float

Link to our Cloud Academy and details of Float Training 

COVID-19 NA Action Plan Cash Flow & Budgets

By Phil Ellerby

The second of this week’s email and video went out yesterday to clients with instructions for their NA Action Plan. This time we looked at cash flow and budgeting. These are daily actions to help clients as part of their COVID-19 survival package Northern Accountants put together last month. 

Everyday updates are landing in our clients’ inboxes with valuable support to help them get through the coronavirus lockdown. Yesterday’s topic focused on where to start to get a grip on your cash flow and budgeting. CEO Phil Ellerby talks about the alarming percentage of businesses that do not have cash flow or budget planning in place. He also gives a step by step guide to managing personal and business budgets during this time. 

As a client of Northern Accountants, we gave away the AppStack as our response package to COVID-19. We also have our team and trusted associates on hand to help clients continue to beat the restrictions the pandemic has put on them and their employees. 

Here you’ll find the link to the video for NA Action Plan Cash Flow and Budgets.

Also a link to our COVID-19 Response page which includes videos of support and blogs on what and why we did it.

If cash flow and budgets are becoming an increasing concern, contact the team as first steps on 0113 218 9552 today. 

COVID-19 NA AppStack helping businesses stay in business

By Phil Ellerby

As part of Northern Accountants’ response to help clients in the midst of COVID-19, we gave our clients full access to our suite of recommended cloud accounting apps, the NA AppStack. This included implementation, training and support from our Cloud Accounting Specialists – all free to help them with much-needed cash flow and debt management during the pandemic lockdown. 

You can find out more about the support package in – What we have done

And more in why we acted so quickly when many of our peers didn’t in – Why we have done it

Our NA AppStack page gives an overview of the four apps which helps businesses with:

A real-time accounting software: Xero

An automated purchase invoice processing software: Receipt Bank

An automated credit control function: Chaser

A real-time cash flow modeling software: Float

For more information, click on the NA App Stack page to find how each one helps finance teams and the unparalleled training we deliver through our Cloud Accounting Specialists. For more information, contact the team on 0113 218 9552. 

COVID-19 NA Action Plan rolled out to clients

By Phil Ellerby

Today we gave all our clients an update on the NA Action Plan which has been devised to help them survive the impact of COVID-19 and restrictions on their business. 

Here CEO Phil Ellerby outlines the details of the NA Action Plan and what it means for clients as we now focus on building thriving and profitable businesses post-pandemic.

Click on the link and as always, please get in touch if you have any questions for our team on 0113 218 9552. 

Northern Accountants (Leeds), Olympus House, 2 Howley Park Business Village, Pullan Way, Leeds, LS27 0BZ