Whilst at Softworld 2009 I had the pleasure of being interviewed oncamera by Dennis Howlett who blogs regularly on SAAS and has beenfollowing our successful implementation of FreeAgent Central.
You can see the interview here:-
Dennis also wroteabout my experience engaging a contractor from overseas to do somebasic transfer work as we are currently moving our website and blogplatform.
We used www.dimdim.comto do an interview online and then test the contractors skills for thework he was to do, so far so good and we will update Denis about how itwent once the job is complete.
Phil Richards
On 23rd November the Professional Contractors Group (PCG) are hosting a live webcast to mark National Freelancers Day.
The webcast entitled "Freelancing - The Future of Work" presented bya group of experts in the industry will look ahead to 2020 and examinehow the concept of freelancing will develop in the changing businessworld.
Anyone can take part in the webcast, however it is essential to pre -register before the day.
The Software Satisfaction Awards 2009 identify software suppliers providing the highest standards for UK businesses. The shortlist has been drawn up and the winner will be announced in October.
We are delighted to see that Free Agent have secured a place with three others in the Web-Hosted Accounting Software category. Asa FreeAgent 'friendly accountant' we are passionate about how thisapplication helps Professional Contractors and Freelancers to run theirown business and be compliant.
We are also pleased to see that the In-house practice management software we use is IRIS who are also one of four providers that have been shortlisted under the category of Practice Management Software.
Congratulations to both and we wish them the very best luck in these awards.
According to a survey published yesterdayby FreeAgent Central concerning the impact of the economic crisis onFreelancers and small business:
1. An astonishing 60% of Freelancers are not charging late payment fees to clients when payment deadlines are not met.
To safeguard your business and cash flow in thesedifficult economic times it is advisable to have payment terms statedin your contract and on the bottom of your sales invoices. Then, if aclient does not pay by your terms under the 'Late Payment of Commercial Debts Act 1998' (updated in 2002)a business that owes you money that has not been paid in the creditterms agreed is liable to pay interest on that debt together withadministrative costs.
The statutory qualifying time is 30 days before you can apply theinterest, from either the delivery date of the goods or services or thedate on which the debtor is notified of the debt, whichever is thelater. You can then charge 8% above the Bank of England base rate currently 0.5% on the debt.
Agencies do go out of business, if your agent is giving you payment problems be very careful.
2. The survey also said that 69% of respondents had been affectedby the credit crunch with 38% earning less than the previous year.
In times when every penny counts and business are going bust on adaily basis, 58% also stated that their attitude towards businessaccounting is a necessary evil or pretended it's not there.
Ok as an Accountancy firm you would not expect us to say thataccounting is a necessary evil. But 58% of respondents thought it was.I do think however that the message to these 58% is that good businessaccounting is vital to the success of your business.
Poor accounting leads to no tax planning, poor purchasing and poorcash flow management. This all costs money. I reckon this means that58% of respondents are paying too much tax; so if 38% are earning less,that's one way to get better at what you do!
And it is really not that difficult, everything you need is available.
3. A massive 74% do not use on-line accounting systems with 87% not planning to change.
The 87% not planning to change is probably normal. People do not, inour experience like to change banks, accountants or IFA's. Software foraccounts is the same quite often. But if these people are missing outon tax planning opportunities and wasting money, maybe they would thinkagain! Complacency and fear of change costs money!
Online Accounting is becoming far more mainstream now, there aremany good systems out there. FreeAgent was written for ProfessionalContractors and Freelancers and gives any user the ability to plantheir dividends and maximise their net income, minimise their tax bill,be 100% compliant with HMRC regulations and be able to prove it. Thosepeople who do not look at this for fear of change, really are missingout on something.
Using an on-line management system will keep you up to date andinformed. We are passionate about FreeAgent which; when kept up todate will provide the invaluable information you need to takeresponsibility of your business and plan accordingly.
Effective tax planning is based on being pro-active and taking action within your accounting year.
It's too late after the event.
Here are the full Free Agent survey results
For Professional Contractors and Freelancers networking is an important aspect of working life.
is a marketing application that enables Business development, Business networking, Brand awareness and Research.
I have been using Linked In for a few years and it is now oneof the top referral sources to our website, we also come into contactwith many recruiters looking for both permanent and contract staffthrough this network. It is free to join and use, and you can do allyou need with a free account (most recruiters have to pay to use it asthey need more than just the free tools).
It is a great place to be seen and found by organisationslooking for Professional Contractors and Freelancers and it is possibleto quickly learn how to position yourself effectively and quickly.
On July 14th 1.30-5.00pm London (nr Bank tube) there is a LinkedIn workshop and there are still a couple of places available.
By arrangement with BFCA Limited Chartered Accountants thereis a Special price for this event only £80+vat, which saves £39 on theusual price.
Book your place now at www.etn-training.co.uk. I shall be attending the workshop and would welcome the opportunity of meeting you.
Training is delivered in a small group of 10 to 15 people so places are limited and allocated on a first come first served basis.
The usual price is £119+vat - you will need to use the code “PR80″ in order to get the £80+vat offer.
You can find more information and the benefits of LinkedIn here.
Professional Contractors and Freelancers will be pleased to hear that, as reported by Hot Tin Roof ; FreeAgent have secured funds for expansion.
As a "FreeAgent Friendly Accountant" we are very pleased to see the continued growth of FAC. Our Professional Service whichbundles the FreeAgent Online Accounting application has proven verypopular with many new clients joining us over the past couple of months.
We will be launching a couple of new services with FreeAgent bundledin during the next few weeks, and we have already transferred comeclients to this new system from some of our older systems, where ourclients are gaining massively from better information and easieraccounting.
Photo with permission from Hot Tin Roof.
The PCG has an online directory forall its members to contribute to. This is particularly useful if youare looking for suppliers of services or even potential substitutes orpartners to bid for contracts.
The directory is available to the public but only members can be listed in it, so its a useful resource for everyone.
We actively encourage Professional Contractors and Freelancers to join the PCG . The PCG website lists all the benefits of joining and if you use this link to join the PCG as a member you will receive 15% discount.
Existing members of the PCG can upload their details easily, we now have our own entry as PCG Acredited Accountants. Staffing companies looking for specialists can also search for them by industry and skill.
It is great to see the web working away as FreeAgent gets talked about.
Since we launched our complete accountancy serviceat £65 a month including FreeAgent, the online accounting andmanagement application for Professional Contractors and Freelancers, wehave featured on sites like AccountingWeb and on Dennis Howlett's blog at AccMan.
Recently there have been some good analysis and comments by the users of FreeAgent and in particular the in depth analysis by Demian Turner which has attracted lots of comments and also Dennis Howlett's look at how the FreeAgent following is growing using zero cost marketing.
Existing users of FreeAgent can transfer to our all inclusiveservice easily and maintain their existing data at FreeAgent, therewill just be one less bill to pay each month as you pay us instead ofFreeAgent, saving you up to £300 a year !
I have been debating whether a Corporate or Personal twitter is better, so I did a Linked In poll to research this and found that on Linked In people preferred a Corporate Blog that gave out relevant info.
That does not mean that is the same for everyone, in my experience Ihave followed people who give me relevant information and not justcorporate updates. Its the relevant info like "Just saw a great newonline accounts application" rather than "Feeling cold waiting for atrain" that I like, but that also does not mean to say that I neverwant to see some personal tweets from people I follow, as this is allabout getting to know them a little better by waht they say personally.To me some people have the balance just right, and some people do not,they are real time wasters so I unfollow them.
So I have ended up at the moment with both a Corporate and Personaltwitter account. The Corporate only has updates to the Blog on it andthe Personal one has the same updates, plus comments that I make onblogs, forum and group updates, likes and facebook status updates. Itis not all automated but I use the tools I know about, but even withthese I am trying to be selective, the Twitterverse is expandingrapidly so there are loads of new tools coming out all the time.
Mean time feel free to follow Blevins Franks and/or Phil Richards and any feedback always appreciated !
By Phil Richards
I received my February newsletter from Jacky Prattwhich was great, as usual. For inspiration for your daily life checkout her website. With her permission I have reproduced her newsletterbut you can subscribe here.
Welcome to all new readers.
At a recent networking event, I was encouraged by the number ofpeople who said that they refuse to let the current bad economic newsget them down. One by one they declared to the room that words like'credit crunch' are banned in their businesses and in their homes. Theyare simply refusing to take part in the doom and gloom. I know thatparticipation may be forced upon some people, but many of us willsurvive relatively unscathed, and we would do well to stay as positiveand cheerful as we can.
There is a surprisingly simple way to achieve this, which costsnothing and takes up very little time (and I don't mean stop payingattention to the news!).
Scientific research in the USA has determined that daily gratitudeexercises have a positive impact on health and happiness. People whopractise gratitude each day reported higher levels of optimism andenergy, improved sleep, and reduced depression and stress. Dailygratitude leads to people taking more regular exercise and to makinggreater progress towards achieving goals. Grateful people are seen byothers as more generous and more helpful and apparently they are alsomore likely to feel loved! These are impressive and compelling results(more details are at http://psychology.ucdavis.edu/labs/emmons/).
We all know that two people can experience identical events and yetboth react differently - one being overwhelmed by the mountingobstacles and the other remaining cheerful. Why is this? Well, a lothas to do with perspective. If we feel unlucky and like a victim, wereact accordingly, taking our mood out on others, judging peopleharshly, jumping to conclusions, comfort eating, and a multitude ofother 'toxic habits'. But if we feel lucky and grateful each day, weare likely to remain cheerful.
So what can you do?
1. One way is to keep a gratitude journal... spend a few minuteswriting down five things that you are grateful for each day, perhapsbefore going to sleep. This may sound curious, but many of my clientshave vouched for it working, especially when they are dealing withmajor challenges.
Perhaps you already write down things you feel grateful for eachday? If not, try it out. Make a diary reminder to do it each day, untila habit has developed.
2. Another way, possibly even more effective, is to voice yourgratitude out loud, with other people. I attend a regular businessmeeting, during which we do 'rounds of gratitude'. This means taking itin turns to express our gratitude out loud... for things both big andsmall. It may sound weird, but I encourage you to try it out... thereis a real magic to this process, hearing other people voice theirgratitude, sometimes for things you have previously taken for granted.
Have a go at completing the sentence: "I am truly happy andgrateful for..." Personal examples for me would include gratitude for:the love in my life, the books which I learn from, the beautiful worldaround me, the strength and health of my body, high quality chocolate,fresh water, and for laughter with friends and family.
So, now think: What are you grateful for, right now?
Who could you discuss and share this with? Perhaps with one specialperson in your life, or with friends, colleagues, or like me, with amastermind group - people dedicated to each others' success andhappiness.
Resilience
Another benefit of daily gratitude is that, if problems arise foryou, your gratitude habit will make you more resilient and more able tocope. Seeing even tiny silver linings in black clouds helps us to copewith those clouds.
So, my challenge to you now is: Try it out; make gratitude a 'way of being' for you.
Thanks again Jacky, wise words indeed.
By Phil Richards