SyPro Financial Consultancy Limited

Travelling is a massive passion of mine, and I try to do as much of it as I can. I count myself very lucky that we were able to get abroad as a family this year.

I have one of those scratch-off world maps to keep my travel dreams alive and something to work hard towards, whether that’s Laura and me at work or the kids with their schoolwork. Now they are older, they definitely have our thirst for new adventures and like to go off the beaten track to try to experience new things. Where would you recommend I add to our list?

Like many parents this week, I’d been counting down to the return of school routines… only to find myself actually missing the noise and chaos when the house fell quiet again!

After some gentle bribery (or moaning), I managed to get the obligatory back-to-school photo. I couldn't help but smile at Carter, as he commented that he looked like a real 'businessman' and he stepped confidently into secondary school (proud parent moment for sure!). I still remember how daunting that felt, so I’m grateful he's taken it all in his stride.

How are you finding the return to routine? What have you missed the most, or not at all?

Understanding profit vs turnover

One of the most common misconceptions is thinking that a healthy turnover automatically means a healthy business.

But turnover and profit are two very different things.

Your turnover is the total amount of money your business brings in from sales. Your profit is what’s left after you’ve paid your business expenses.

So, for example, a business might have £1,000,000 in revenue but, after paying wages, rent, suppliers, insurance, marketing and all the other costs of running the business, it might be left with £20,000 in profit.

That’s why simply looking at your sales figure doesn’t tell you the full story. Your turnover can look great, but it’s the profit that tells you whether your numbers are healthy.

Are you wasting money every month?

The cost-of-living crisis means we’re all looking for ways to save money and reduce our outgoings to cover rising costs.

One simple way to make sure you’re not spending money unnecessarily every month is to carefully check your bank and credit card statements to ensure you’re not paying for unwanted subscriptions.

It’s easy to take up a free offer and forget to cancel when payments kick in, or to carry on paying for a subscription service that you’re not really using.

Here are a few quick wins you could consider too:

▪️ Budget - put together a list of all your income and outgoing costs and understand what you have spare, what can be cancelled or how much in the red you are. Knowing is always the first step.

▪️Credit Card - move any interest-incurring balances to 0% cards, there are a few that will let you transfer for free and therefore you won't pay anything. Try to split the balance over the 0% period so you don’t occur any interest.

▪️Use a credit card for everyday spending which offers cashback rather than a debit card but make sure you pay if off in full otherwise the benefit from the cashback is cancelled out. You will also be protected if there is an issue with your goods.

▪️Insurance - pay annually for policies where possible as you will normally save yourself a month's charge.

▪️Council Tax - spread the cost over 12 months rather than 10.

▪️Shop savvy - Pay online via sites such as Topcashback or search the internet for discount codes for all purchases.

And if your business needs financial help, visit www.syprofinancial.co.uk or email [email protected] to arrange an informal chat.

If you run your own business, chances are you’ll need the help of an accountant or a bookkeeper at some point.

But how do you find one who has expertise in the right area and will add value to your business while ensuring you’re compliant?

The first step is to be clear about exactly what support you’re looking for. For example, you may need help with VAT returns, tax advice, management accounts or bookkeeping.

Next, speak to a few accountants or bookkeepers and compare what they can offer. Look for someone who not only has the right expertise, but also takes the time to understand your business and what your plans are.

It’s also important to consider how they work with their clients. Will they simply take care of your accounts, or will they provide advice and guidance to help you make better business decisions?

And finally, choose someone you can trust and build a relationship with.

Not sure exactly what you’re looking for? Get in touch with us for an informal chat 📧 [email protected]

SyPro’s a one-stop shop covering all the services from bookkeeping to strategic finance leadership, and everything in between.

Don't let Q4 sneak up on you!

Summer might still be hanging on, but Q4 is just around the corner…

…and it has a habit of arriving before we’re quite ready for it!

Now is a great time to take a little step back and get your finances in order before the final stretch of the year gets busy.

A few things worth checking:

✔️ Are your bookkeeping records up to date?
✔️ Are there any outstanding invoices that need chasing?
✔️ Have you reconciled your bank accounts?
✔️ Do you know where your cash flow is heading?
✔️ Are there any expenses or paperwork waiting to be dealt with?

Spending a little time getting organised now can make those final months of the year feel so much less stressful.

The ‘future you’ will definitely thank you! 😉

If your bookkeeping has been sitting on the “I’ll get to it later” list, maybe August is the perfect time to move it to the top. And if you need a bit of help, get in touch with us 📧 [email protected]

"SOMETIMES A plan is just a list of things that don't happen. Ruben" - Damon Suede

Sometimes we have a plan, but life happens and gets in the way. Things change and what we thought would happen doesn’t.

The future isn’t a straight line. We need to accept that, change course when we need to, keep an eye on the goal, and accept that there will be obstacles along the way.

If we don’t do this, the plan will fail.

A plan needs to be reviewed, changed and adjusted as things happen.

How much of the work you do every day would you hand over to AI?

I wasn’t able to attend Xerocon this year, but I use Xero every day, so I’ve been keeping an eye on what they’re announcing.

What really caught my attention was the direction they’re taking with AI.

So far, most of us have used AI as an assistant to get a bit of inspiration, summarise something or rewrite something for us.

What Xero seems to be talking about now is something slightly different: moving from AI that HELPS US DO the work, to AI that CAN DO SOME OF THE WORK for us (e.g. reconciling transactions, chasing information, etc).

Let’s be honest, every job has work that nobody enjoys. It takes up more time than we'd like to admit.

So I think the interesting question is: how much of that would we actually want to hand over to AI?

My takeaway (and I know this is probably the bit that worries people) is that this doesn’t necessarily mean AI is replacing people.

It could actually mean giving us more time to do the things that really need people and a human touch, for example creativity, problem-solving and, most importantly, relationships.

What are your thoughts?

Is your business making a profit? What services/products are most profitable? What is your available cash flow?

These are critical questions every Director should be able to answer with confidence.

The following documents can provide the information you will need to make decisions in your business and develop a successful strategy for the future:

👉 A Profit and Loss Statement summarises your revenue and expenses over a specific period of time and helps identify any ‘red flag’ that could indicate a loss.

👉 A Cash Flow Statement can help you forecast and invest in the business in the longer term.

👉 The Balance Sheet provides information on how your business is performing at a certain time.

👉 The Accounts Receivable and Payable Report summarises what the business owes and is due to be paid at any given time.

If you need any support deciphering what these reports mean, why they are so important and how to get the most out of them for your business then get in touch 📧 [email protected]

On National Financial Awareness Day today, I would like to highlight the importance of having open, honest conversations about money and especially with young people.

As a fully integrated finance solution for our clients, we know that good financial habits don’t just appear overnight.

They’re built over time with the right support, structure, and confidence to make informed decisions. It’s something that Laura and I are keen to teach our two children about (partly in the hope that they follow us into the profession and we can both retire from the family business 😉).

Don’t procrastinate in having those important money chats, whether that is in business or at home.