In Focus Issue 18

ISSUE 18 | SPRING/SUMMER 2019 RANDALL-PAYNE.CO.UK

Thinking to capitalise on

GloucestershireLive Business Awards Open for entries

MAKING CHANGE STICK

The 90-day process - BUSINESS ADVISORY PAGES 10 & 11

BUSINESS VALUE

Key areas of focus to increase value

CASH IS KING

How the cloud can improve cash flow

BUSINESS NEWS

OUR NEWS

IN THE COMMUNITY

GUEST ARTICLE

GLOUCESTERSHIRE’S VISION FOR 2050

PAYROLL GOES DIGITAL

BENEFITS OF SUPPORTING A LOCAL CHARITY

INNOVATION IS FOR EVERYONE

WELCOME

Will Abbott | Partner

MEET OUR PARTNERS

Tim Watkins Managing Partner

Welcome to issue 18 of In Focus.

There is much uncertainty ahead, for businesses seeking growth or individuals who just want to book a holiday abroad, but through it all there is one constant – to move forward, to evolve and to ensure we make the best future for us all.

For many businesses 31 March is the financial year end – a time to reflect on the year and set goals for the next.

Of course, it is well passed the time when we made New Year’s resolutions, when we vowed to change things.

How has that gone?

In my article, Making Change Stick on page 10, I talk about the power of 90 days and how to use it to change habits to make a real difference to your business.

Success can be driven by capitalising on what you already do well rather than always developing new ideas This issue focuses on positive changes and, whatever your strategy, considering how taking key steps can have a significant impact, including the Maximising the Value of Business article 2

– Spring/Summer 2019

on page 14 or looking as far forward as the year 2050 in the Gloucestershire news article written by Circle2success. As founder members of this Group we have been working together with like-minded businesses to ensure Gloucestershire is the place to live and work in 2050.

We showcase the launch of the 22nd GloucestershireLive Business Awards.

As sponsors we are pleased to have the opportunity to learn so much about the success of local businesses and are always impressed by the quality of the entries. I urge you to look at entering, as the application process itself will bring benefits.

Will Abbott Partner Specialism: Business Advisory Russ Byrd Partner Specialism: Audit Vicky Link Partner Specialism: Accountancy Rob Case Partner Specialism: Tax Rob Stokes Partner Specialism: Outsourcing Ollie Newbold Partner Specialism: Corporate Finance For further information about any of the topics covered in this magazine, please contact Fiona Hughes, Marketing Manager:

Success can be driven by capitalising on what you already do well rather than always developing new ideas, as we illustrate in the Audit article, where we celebrate our experienced team.

T: 01242 776000 E: marketing@randall-payne.co.uk randall-payne.co.uk

This issue is full of tips and recommended steps for achieving change success to ensure you are ready for whatever the future holds. I hope you enjoy reading it.

Or drop into Chargrove House, Shurdington Road, Cheltenham GL51 4GA

@RandallPayne Randall & Payne LLP

CONTENTS

IN THIS ISSUE NEWS FOCUS | 04 – 05

P7 Improve your cash flow

C2S on shaping Gloucestershire for the future, and celebrate your business by entering an award

TIM’S VIEW | 06 What to focus on in times of uncertainty

OUTSOURCING | 7 How Xero can help you to get the cash in

ACCOUNTANCY | 08 Expert advice solves client’s business challenge

TAX | 09 Making Tax Digital – what’s the next stage?

BUSINESS ADVISORY | 10 – 11 Harness the power of 90-day change process

AUDIT | 12 – 13

P10 Making the change stick

Up close and personal with the Audit team!

CORPORATE FINANCE | 14 The key areas to maximise business value

IN THE COMMUNITY | 15 The business benefits of supporting a local charity

RANDALL & PAYNE NEWS | 16 – 17 Our Payroll bureau moves online and why apprentices are at the heart of our business

GUEST ARTICLE | 18 What does it mean to innovate your business?

EVENTS | 19 Key accounting deadlines and upcoming events

P12 Meet the Audit team

randall-payne.co.uk 3

NEWS FOCUS

Shaping Gloucestershire for a long-term future, together Gloucestershire will face some major challenges over the next 30 years which could potentially cause the business community some problems, if we don’t take action now.

Angela Edwards Co-Founder • Director Circle2Success Ltd Gloucestershire 2050’s ‘The Big Conversation’ was carried out between February and July 2018. The aim of this consultation was to explore ideas and share our long-term future together. One agreement from the consultation was that planning for the future is seen as a positive and worthwhile activity and there is a consensus that the debate should not simply end with the close of ‘The Big Conversation’.

In response to Gloucestershire 2050, Circle2Success (C2S) and it’s members considered how could Gloucestershire business leaders pull together to create positive change and future-proof our organisations.

Circle2Success is a network of businesses, with a focus on building relationships, establishing connections, and maximising growth. We formed 4

the 2050 Leaders Focus group to tackle this problem and work together. An important consideration of this group was how such a long-term vision could become an operating plan and identifying what will be delivered by when.

The group has met twice, in June 2018 and January 2019, to examine the sobering statistic of the ageing population versus employment, inspiring the next generation, women in business, STEM and productivity.

At the heart of the Gloucestershire 2050 campaign are figures which show that even now 400 people aged 18-30 leave Gloucestershire each year. In short, it loses more young people than it attracts.

Bristol currently takes in 4,000 more young people than it loses annually.

By 2039 there will be 79,000 more people over 65 – and only 7,000 more people aged 18-64. This clearly demonstrates the reasons behind the need to talk.

Our members include CEO’s, MD’s, Directors and Senior Partners of Gloucestershire businesses, who took

– Spring/Summer 2019

part in round table discussions designed for open debate in support of the 2050 Vision. Gloucestershire has a vibrant, successful business community and working together we will continue to attract new business, investment and create an environment attractive to retain young professionals.

The world is changing rapidly and our aim is that Gloucestershire is not left behind. We have much more to consider and are pleased that we will continue to explore at the next focus group on 27th September 2019, being held at Randall & Payne, Cheltenham.

For more information about being part of the discussion, or becoming a member, visit our website www.circle2success.com or email: angela.edwards@circle2success.co.uk.

NEWS FOCUS

Celebrate your business with the best of Gloucestershire The GloucestershireLive Business Awards, which have established themselves as one of the most prestigious events in the local calendar since they were first held 22 years ago, are once again open for entries!

Fiona Hughes Marketing Manager

We were delighted to host the launch event on Thursday 21 March which marked the awards being open to enter – so if you are considering entering this year you have until Thursday 11 July to write and perfect your entry!

These awards are the ones to win – any company within Gloucestershire, whether public, private or third sector can enter, regardless of size or industry. Randall & Payne are proud to be headline sponsor for the eighth consecutive year.

The awards have a range of categories suited for any successful organisation to tell their story; from large private and public companies through to thriving entrepreneurial businesses, promising start-ups and established SMEs.

We would encourage you to take a look through the categories to find the right one for your business.

Will Abbott, partner and business advisory lead, is clear about the advantages of entering the awards.

He said: “The awards provide a chance to publicise success locally, provide a good news story for your staff and also provide a structured chance to assess where you are as a business and quantify the benefits you have delivered to your customers.

Many people shy away from entering awards, thinking they won’t have a chance to win, or that it may take a lot of time to enter their nomination.

After winning an award ourselves and helping many other businesses enter, I can say that it’s something definitely worth doing.”

Gloucestershire to get together in a relaxed and jovial atmosphere to celebrate the area’s best and most innovative companies.

You’ll find a series of mini case studies about last year’s winners for each category on our website’s news blog and will feature on social media in the run up to the entry deadline.

Contact Fiona Hughes for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.

Key dates: Thursday 21 March – entries open Thursday 11 July – entries close Thursday 10 October – winners revealed For more information search for ‘GloucestershireLive Business Awards’ online.

The awards ceremony is held at Cheltenham Racecourse on Thursday 10 October and is the ideal opportunity for the business community in randall-payne.co.uk 5

TIM’S VIEW

Tim Watkins | Managing Partner

2019 is proving to be a year filled with uncertainty for businesses The future is always unknown but this year business leaders may need to navigate some particularly choppy waters due to market uncertainty and global political turmoil.

In uncertain times we can all be guilty of trying to plan for what is out of our control rather than focusing on what we can continue to build on in order for our businesses to thrive.

Focus on what you can control

opportunities. If you have cash or credit available to take advantage of these opportunities when they present themselves, you may be able to move quickly and move your business forward.

As such, good cash flow management can allow you to cash in.

As a business leader you can always control your response, attitude, behaviour, actions and words. You can choose to be proactive and inquisitive rather than become paralysed. In times of uncertainty, the best business leaders step up and embrace their authority.

When times are uncertain, your team wants you to lead the way. Bring your team with you on the journey, ask them for their opinion, include them in your planning conversations and challenge them to come up with new solutions.

Bring your team with you on the journey, ask them for their opinion, include them in your planning conversations and challenge them to come up with new solutions

6

– Spring/Summer 2019

Diversify

Embrace change and adapt

If you depend on one big customer to keep your business going, you should consider how to diversify your customer base. Sometimes even giant businesses fail during tough times. If your biggest customer goes out of business, you don’t want to be part of the collateral damage. Just like in investing where the key to success is to have a diversified portfolio, diversifying your customer base could improve your business success and make your business more resilient.

As your particular market changes, there will be opportunities for you to adapt.

For example, if your customers have less budget to spend on buying products and services in your sector, it might be

Contact Tim Watkins for more information by emailing tim.watkins@randall-payne.co.uk or call 01242 776000.

Cash is king In uncertain times, the old adage that “cash is king” carries even more weight.

Cash is the lifeblood of your business and poor cash flow management kills businesses during tough economic times. Market volatility also creates

an opportunity for you to introduce a lower priced “value offering.” You may need to change the way you market your products and services. Making sure your management information is right up to date will help take advantage of any opportunities that present themselves and adapt quickly to the changing environment.

OUTSOURCING

Rob Stokes | Partner

Improving your cash flow During this time of uncertainty, one thing business owners need to know is how much money they are owed and to effectively get the ’cash’ in, to secure the future of their business.

We have set out to identify cloud-based solutions to improve cash flow for our clients that can keep time and late payments to a minimum, such as Xero.

Step 1 Invoicing Get the invoice out to the customer as soon as possible. Using Xero, invoices can be generated anywhere with an internet connection, can be emailed to the customer straight away and they are encouraged to pay quickly.

Step 2 Automated Payments

Step 3 Credit Control

To make payment as easy as possible use apps, such as GoCardless, Stripe or iZettle, which integrate with Xero, giving you flexibility as follows:

Credit Control apps, such as Chaser, Debt Daddy or Fluidly, integrate with your invoicing software to keep track of which customers owe you what, sending automatic reminders at specified time periods after the due date.

� GoCardless is a Direct Debit software

that enables you to automatically debit customers on a recurring basis rather than waiting for them to pay, and all you have to do is get the customer to fill out a Direct Debit mandate online. � Stripe is an online payment software

Using Xero, invoices can be generated anywhere with an internet connection, can be emailed to the customer straight away and they are encouraged to pay quickly

that can be used to attach a link to the invoice you email to the customer, so all they have to do is click on the ‘Pay Now’ button. � iZettle is a Point of Sale and

Payments app that allows you to connect a card machine via Bluetooth to your phone, allowing you to take physical payments immediately after sending an invoice, providing you have an internet connection.

More integrations are included in our 20 page report about MTD and Xero – email MTD@randall-payne.co.uk for your copy.

Contact Rob Stokes for more information by emailing rob.stokes@randall-payne.co.uk or call 01242 776000.

Bite-Sized Thinking

›› Cash is king. ›› Send invoices out promptly. ›› Use apps to facilitate payments and to track who owes what.

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 7

ACCOUNTANCY

Vicky Link | Partner

Expert advice helps improve accounting systems With no standardised reporting across the Officeworx group, many tasks having to be done manually and taking up several hours of time, their accounting software setup presented various challenges which needed to be overcome.

It’s exciting to see my team help to solve problems for our clients as shown by this example.

The Officeworx group of companies, comprising of Officeworx Ltd, Finn Telecom Ltd and Knights & Hyde Ltd, were using separate accounting programs with just Finn Telecom making use of cloud accounting software.

The input from Shaun and Alex was invaluable.

They helped with the Xero setup and migration of data from the old systems.

They now provide ongoing support

solutions with Shaun, his Client Relationship Manager, and Alex, our Outsourcing Manager, to gauge their thoughts. Xero was our recommendation as the right solution to implement and as Xero gold partners we are equipped to offer specialist advice. By chance, at the same time the various back office software providers used by Officeworx all released Xero integrations, so timing could not have been better!

Paul Berry, Group Director, investigated the use of Xero after reading about it online. Approaching us, Paul discussed 8

– Spring/Summer 2019

online instead of Officeworx having to send paper reports each month to him. � Any year end journals can be

completed by Shaun remotely. � Payroll is integrated with the accounts

system to eliminate data double-entry.

The major advantages of the migration to Xero for Officeworx include: � By having one login and one software

programme to learn, reporting is all in one place and is standardised. � Work can be completed from any

location using the web browser. � Many tasks are automated which

saves vast amounts of time. � All data is backed up in the cloud so

Paul Berry of Officeworx

� Shaun can monitor their accounts

the team can work from anywhere in the event of local network issues or fire. � Invoices can be emailed from Xero

saving time and improving cashflow.

Shaun Pegler, Client Relationship Manager

Contact Vicky Link or Shaun Pegler for more information on 01242 776000. To discuss cloud accounting contact Alex Rolfe by emailing alex.rolfe@randall-payne.co.uk or call 01242 776000.

TAX

Rob Case | Partner

Making Tax Digital Springs into action!

For most VAT registered businesses with a turnover in excess of £85,000 the first phase of the new, compulsory way of filing VAT Returns, has been introduced – so what now?

In principle the VAT return, submitted to HMRC, itself is the same, it’s the mechanism for filing that has changed as you can no longer use your old government gateway to submit the VAT return. So what’s next: � The remaining 40,000 VAT registered

businesses (groups and charities), with a turnover above the £85,000 threshold must ensure they are fully compliant before the end of the six month deferral process. For the list of those who were eligible to defer visit https://www.icaew.com/technical/tax/ making-tax-digital/mtd-guidance/ mtd-and-vat � HMRC are introducing a penalty

regime meaning they can charge up to £400 for not filing a VAT return under Making Tax Digital.

Thankfully there is a ‘soft landing’ on these penalties for the first 12 months, but only in certain circumstances so it is in your interest to make sure you are compliant immediately. � There are plans to extend MTD to both

Income Tax and Corporation Tax.

HMRC are introducing a penalty regime meaning they can charge up to £400 for not filing a VAT return under MTD

In fact there is currently a pilot system in operation covering Income Tax. These further changes were scheduled to be implemented in April 2020, however it has recently been announced that other than the Making Tax Digital for VAT (mentioned above), other mandated changes will not happen during 2020.

This is the first step of many to encourage digital record keeping and online filing of tax returns to help reduce the risk of errors in submissions. We are helping our clients to transition to these new requirements, often involving the use of cloud accounting software,

which has identified the wider benefit of using the technology. Our clients are now saving huge amounts of time and resource and have instant access to accurate financial information in real time helping decision making and planning for the challenges they face.

Contact Rob Case for more information by emailing rob.case@randall-payne.co.uk or call 01242 776000.

Bite-Sized Thinking

›› Don’t get fined, get ready. ›› Digital accounting is not just a benefit for HMRC, cloud accounting software will also significantly improve the efficiency of your business.

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 9

BUSINESS ADVISORY

Will Abbott | Partner

Making the change stick Whether the year-end profits are better, or worse, than expected, we should always take time to reflect on the previous year, separate what worked from what didn’t and consider what needs to change.

Successful or not there will always be issues to be tackled in business including profitability, growth, processes, people, customers and innovation. One common thread in all this is the ability to introduce and sustain change – if it is not working it needs to change.

Our “Change Success” model identifies the ten factors out of hundreds that have the greatest impact. Broadly they are a mix of readiness, capability and beliefs:

The 90-day cycle addresses these fundamental issues by holding you accountable to agreed actions and helping to ensure that those new, beneficial habits become embedded and a key issue is fixed.

One of the EPIC Business Performance Workshop specifically looked at how change fatigue can impact on the successful implementation of your vision for the business (and personally). Our experience of working with clients has also taught us the power of habit and the importance of adopting new habits to ensure success. This is the reason we promote 90-day cycles to tackle issues.

It is an ideal period of time to identify the solution, develop the plan and embed the new habits necessary to make the change stick.

10

– Spring/Summer 2019

What we need to accept is that our habits are powerful, the vast majority of what we do is unconscious and our intentions count for very little when it comes to implementation.

The 90-day cycle addresses these fundamental issues by holding you accountable to agreed actions and helping to ensure that those new, beneficial habits become embedded and a key issue is fixed. At this point the cycle can start again and a new issue is addressed, driving continuous improvement for a sustained period of time.

BUSINESS ADVISORY

Imagine the impact on your business and your goals if your teams were working successfully to solve multiple issues every 90 days – surely success would be guaranteed?

Working with our clients, at regular meetings and in our EPIC workshops, firstly we identify what needs to change and then we apply the 90-day change process:

90 DAY EVALUATION

GROUP WORKSHOP

S

SE

N

+ COURSES

60 DAY CATCH UP 1:1

I NG

EMBED HABIT PROBLEM SOLVED

H AC CO

G+ CO

NE

UR

LI

HIN

Contact Will Abbott for more information by emailing will.abbott@randall-payne.co.uk or call 01242 776000.

O

O N L I N E C OA C

Once we have reflected on the year, it is key to put a change process in place as we will invariably be pulled back into the day-to-day running of the business.

We risk reverting to doing what we have always done and getting the same results.

The 90-day change process will prevent this and, most importantly, will make this change stick.

RS INE C OAC H I N G + CO U

ES

›› Once an issue has been identified, make a plan. ›› Understand what the weaknesses are to achieving change. ›› Communicate and get buy-in from your teams .

30 DAY CATCH UP 1:1

ONL

Bite-Sized Thinking

›› Change habits and embed the new – making the change stick .

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 11

AUDIT

Russel Byrd | Partner

From Audit to Unicyling we’re the team that do it Technology is driving change in how we live, work and interact and the audit profession continues to keep up with this pace and the same is true within our audit team.

An auditor’s visit is often viewed as an inconvenience – taking managers and staff away from their day-to-day jobs and is generally expected to be “uncomfortable”. Ensuring we can offer a professional, competent, helpful and friendly service is the ethos we apply to every visit.

My team are often greeted with an air of pleasant surprise and a comment along the lines of “you are not what we were expecting!” I am not entirely sure what is expected, but thought in this issue we would share with you some of the internal achievements of the team and give some interesting and fun facts about each of them.

Meet Chris, the Audit & Assurance Manager, who keeps the team running:

Chris Baldwin Work fact: Chris has worked at Randall & Payne for 13 years, starting as an AAT trainee before being promoted to Audit & Assurance Manager in 2015. Chris is either smiling or looking concerned (no in-between), and always looking to push the team out of their comfort zones into areas that he knows they will thrive.

Fun fact: A father of two Chris still finds time to enjoy building and racing remote control cars – he epitomises the

Ensuring we can offer a professional, competent, helpful and friendly service is the ethos we apply to every visit 12

saying “boys and their toys!” However, everything is put on hold when the Formula 1 is on television.

– Spring/Summer 2019

Meet Ben and Nathan, following on from successfully completing their training, both were deservedly promoted to Senior Audit and Assurance Accountants:

Ben Burch Work fact: Ben started as an AAT trainee in 2012 and completed his ACA qualification in 2017. Coming from a background in the kitchen, Ben is used to having several pots on the go at once and flourishes under pressure.

His commercial awareness continues to educate the team on new and upcoming affairs that may impact our clients.

Fun fact: Ben loves public speaking, if by public speaking you mean karaoke!

AUDIT

Nathan Smith Work fact: Nath also started as a trainee studying for AAT in 2012, and became ACA qualified in 2017. Through his joint role as Club Secretary and former Captain of Shurdington Rovers Football Club, Nath is strong at supporting the team and being the last minute substitution if required.

Fun fact: As an avid Liverpool fan, it is always Nath’s year. He is often found in the karaoke bar as Ben’s backing singer.

Our latest team member to become qualified is Alice, who became a Certified Chartered Accountant in February:

Alice Hopper

& Finance and spent seven years with an events company where she was a Cash Controller responsible for revenue compliance and control. Hannah was lucky enough to be in attendance at eight British Grand Prix fixtures, NFL’s Wembley, RWX 2015 Twickenham, PGA Championships, Ryder Cup and The Ashes.

Fun fact: Hannah can unicycle and is mostly like to trip over an invisible line, but not at the same time!

Ffion Williams Work fact: Ffion joined Randall & Payne in August 2017 as a Trainee Audit and Assurance Accountant, studying for the AAT qualification and has been regularly hitting 90+% in her exams to date.

Work fact: After studying accounting and finance at the University of Birmingham, Alice joined Randall & Payne in August 2015 as a graduate trainee. Having rotated around the departments, Alice “officially” joined the Audit team in February 2018 as an Audit and Assurance Accountant. Alice’s calm and methodical manner ensures the team remains on track and constantly provides support where required.

Fun fact: Ffion’s family is heavily involved in rugby, and is often found in South Wales supporting at least one member of the family on the pitch.

When not pitch side, Ffion is a professional harpist at weddings, dinners and other celebrations.

Fun fact: A keen animal lover, Alice has two Newfoundlands, Dora and Dylan, who have a combined weight of 118kg – that’s 18 and a half stone!

Work fact: Will joined us in January as a Trainee Audit and Assurance Accountant studying for his ACA qualification, coming from Aldi as Deputy Manager. His transferrable skills of organisation, customer relations and working through process driven tasks were what we were looking for in a new team member.

Our established trainees in the team are Hannah and Ffion – both with a deep Welsh heritage, which makes for fun times in the office during the Six Nations:

Hannah Churches Work fact: Hannah is an ACCA Trainee Audit & Assurance Accountant who joined us from industry in 2017. She has a degree in Accounting

Our newest team members, are Will and Charlie-Anne:

Will Thomas

Fun fact: Will is partly colour blind but his fashion sense is that bad that it doesn’t really make a difference anyway.

Charlie-Anne Yardley Work fact: Charlie came to us following her role as Supervisor at Frankie & Benny’s, into the position as Trainee Audit and Assurance Accountant and is studying for her AAT qualification. Charlie’s customer experience and working under pressure has allowed her to fit well into the team.

Fun fact: Charlie is a former World and National Champion in Traditional Karate, and used to be part of National All Star team of 120 people in the whole of the UK that compete against different Martial Arts styles.

I am lucky to have such a youthful, yet experienced team, who will help make your audit experience a friendly one and not as bureaucratic as you may think.

Contact Russ Byrd for more information by emailing russel.byrd@randall-payne.co.uk or call 01242 776000.

Bite-Sized Thinking

›› Embrace the visit from your auditor, they are friendlier then you think! ›› Getting to know each other is key to a successful visit.

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 13

CORPORATE FINANCE

Ollie Newbold | Partner

How to maximise the value of your business Maximising value whilst running your business is challenging but focusing on a few key areas will help, and should be continually reviewed to ensure that best value is achieved.

To increase business value you need to improve business performance by focusing on these key areas:

� Clear Strategy – A buyer will want to

� Profitability – To be in the best

� Customer Concentration – Business

see that a business has been run with clear strategic objectives in place. value can be eroded where one customer accounts for a significant portion of your turnover. If this is unavoidable, try to put robust contracts in place, thus providing some visibility of future income.

position for sale, your business needs to demonstrate underlying profitability and growth potential. � Strong Management Team – If

you were hit by a bus tomorrow, would your business continue to run effectively? If your business can’t run itself without you, then this is something you need to address.

be up-to-date and well maintained to ensure that productivity levels are high and the benefits of this subsequently filter through to improve financial performance. � Customer Satisfaction Rates

Regular negative customer feedback, highlights poor customer service which has a detrimental impact on value.

� Barriers to Entry – Barriers to

entry will increase the value of your company. Intellectual property, high capital investment and advanced technology are all factors that create barriers to entry.

14

Contact Ollie Newbold for more information by emailing oliver.newbold@randall-payne.co.uk or call 01242 776000.

� Capital Expenditure – Assets should

� Healthy Cash Flow – Having a

healthy cash and working capital position demonstrates that your business has been run efficiently and effectively.

a positive impact when you come to sell. Our Business Advisory article on Making Change Stick on page 10 explains the 90-day change process to success.

Improving your business’ value may seem an insurmountable task, but working with an advisor, small steps make it achievable and will have

– Spring/Summer 2019

Bite-Sized Thinking

›› If your 5-year plan includes selling your business work on getting it into top shape now. ›› Maximise value by focusing on your key value drivers. ›› Addressing these areas will ensure you achieve full market potential.

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk

IN THE COMMUNITY

Tim Watkins | Managing Partner

Why support a local charity As accountants, we are asked if there are tax benefits to having a corporate charity, the short answer is no but the long answer is there are numerous benefits.

Our staff choose our corporate charity and by doing this we have found they are more supportive of the activities around raising awareness and fundraising.

The impact on well-being Taking part in the fundraising events produces the real benefits. Whatever line of business you are in, the time spent at work represents a huge part of our week, so anything we can do to reduce the stress levels and make our working lives more enjoyable has to be a good thing.

Increased engagement levels The events put all of us on the same level, we learn a little more about each other’s likes, dislikes, hobbies and families. The working environment improves and everyone becomes more engaged; inclined to go that extra mile to help out with a client or become more than a work colleague and be that person to talk to.

Being part of your local community Businesses should also not lose sight of their place in the community. Putting something back should be important and if you can work with a local charity so much the better.

Working with your chosen charity

It took us some time to realise the benefits but now we have, we recognise it’s win win for everyone!

This does have to be a two-way thing.

To be really successful it does need the charity to come to you with ideas and engage with your initiatives too, but keep it simple. Dress down days, cake bakes, second hand book sales, for example, raise money with little effort and sharing your successes on social media helps raise awareness for the charities.

So to the businesses who are thinking of supporting a local charity I would say do it, your team will benefit, your business will benefit from better engagement and you will all be doing something good. It took us some time to realise the benefits but now we have, we recognise it’s win win for everyone!

Contact Tim Watkins for more information by emailing tim.watkins@randall-payne.co.uk or call 01242 776000.

Bite-Sized Thinking

›› Staff should nominate and vote for the charity for full engagement. ›› Find simple activities to raise money and awareness. ›› Have fun!

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 15

RANDALL & PAYNE NEWS

Rob Stokes | Partner

Introducing the Payroll team and the Sage Payroll online portal We can now access an entire library of books, music, or films from our smartphones, so being able to check payroll information online is becoming an expectation from today’s employee.

Meet the Payroll team – Naomi Hickman and Maryann Hunter, who have the extremely important job of ensuring all our Payroll clients’ employees are paid correctly and on time each month.

Data security is of paramount importance and is one of the many reasons that we have moved our payroll bureau to the Sage Payroll online portal as of the April payroll.

Payroll bureaus are legally obliged to protect payroll information on behalf of their clients so we must: � Only collect information we need for the specific purpose of completing the payroll on behalf of our clients.

� Allow clients or their employees to view

their personal information that is kept upon request.

As we move to the online portal some of the benefits to both employers and employees include: � GDPR compliance and improved

security of personal data. � 24/7 employee access to payslips

from any device in a safe and secure environment via the online portal or email. � Payslips, P60s and even contracts –

stored in one place. � E-payslips provide an opportunity

to feature bespoke explanations to common queries from employees.

� Keep client and employee payroll

information safe and secure. � Ensure client data is relevant

and up-to-date for the purpose of processing the payroll.

Contact Rob Stokes for more information by emailing rob.stokes@randall-payne.co.uk or call 01242 776000.

� Only hold the information we need

and for as long as we need it to manage the payroll.

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– Spring/Summer 2019

Supporting Bournside’s Summer Sports Tour It’s our belief that it’s important for businesses to give back to the local community. Cheltenham Bournside School and Sixth Form Centre is a coeducational secondary school with academy status on Warden Hill Road, just round the corner from our office.

The Randall & Payne logo is the new feature of the Bournside sports teams’ hoodies which have been produced for the school’s international tour this summer. 65 students from across three year groups will be heading out to Toronto in July for eight days to compete in a netball and rugby tournament. We wish them every success!

RANDALL & PAYNE NEWS

The importance of apprenticeships Having utilised apprenticeships for many years, we were recently listed as one of ‘Gloucestershire’s Apprenticeship Champions’ in Punchline Gloucester.com Jo Byrd HR Director

In our experience apprenticeships offer a fantastic opportunity for individuals to work whilst studying, ensuring that our trainees gain essential skills and knowledge, whilst building up valuable experience. Accounting apprenticeships in particular, provide a solid foundation on which to build a successful career, with many of our accounting apprentices finding themselves fully equipped to go on to further professional accountancy studies.

Many of our partners, managers and senior accountants started off as apprentices, with our Managing Partner, Tim Watkins, having joined Randall & Payne as an apprentice himself.

Being part of the C2S work placement pledge demonstrates our commitment to providing effective and constructive work placements. We believe they play a positive impact in our community and enhance students life skills and employability.

We are pleased to work so closely with schools to help students discover a future career path and Rosie Harper is an excellent example of why work experience can have a positive result for the student, as well as for an employer.

Each year we take on apprentices depending on business need. We currently have five apprentices, across different teams. Our most recent recruit is Charlie-Anne Yardley who started in the Audit & Assurance team in January this year (pictured top far right).

We are looking to provide a careers forum for students from local secondary schools about a career in accountancy.

Speakers would include trainees talking about their experiences, our AAT Apprenticeship training provider, White Horse Training, and the ICAEW about their ACA qualification.

Contact Jo Byrd for more information by emailing HR@randall-payne.co.uk or call 01242 776000.

Rosie Harper Trainee Accountant “Starting out as a trainee at Randall & Payne with no prior experience felt a little daunting at first however, working in the accounts team has allowed me to gain knowledge and an in-depth understanding, which has provided me with a solid foundation and helped me to progress quickly with my studies.

There is a fantastic support network from other trainees through to partners. The training programme is well structured and is flexible to fit around day to day work while allowing you to learn on the job, as well as applying what you learn on study.”

randall-payne.co.uk 17

GUEST ARTICLE

Sarah Bryars, Chief Executive | Target

How does your business innovate?

Innovation has become a buzzword often associated with entrepreneurialism, tech and R&D tax credits. But is that the whole story? What does it mean to innovate in your business?

A ‘light bulb’ moment on a QuoLux leadership masterclass changed the way I thought about innovation and started Target on its innovation journey.

Now, we’re on a mission to talk to businesses about the ways that expert communication can drive innovation, whether you’re a manufacturer with a long list of patents, or a small serviceled firm that’s never had an innovation strategy.

We think it’s helpful to think about innovation as a spectrum of activity, from continuous improvement to radical disruption, each progressively different from your core existing offer and customer base.

drives sustainable growth. And, crucially, has so much potential for every firm to embrace, whatever their size or sector, whether manufacturing or service-led.

In a fast-changing world, standing still means falling behind. So, don’t leave innovation to the inventors. Innovation is for everyone.

Decisions about what type of innovation to pursue come down to business strategy, vision and objectives. A firm ready to embrace ‘risk’ may choose diversification, experimenting in a new market with a radical innovation that is a departure from its core product.

Wrap your head around that and then consider these questions: � How will you achieve buy-in from staff for your strategy?

This often grabs the spotlight but it’s the pursuit of incremental innovation that

compelling reason for customers to choose you?

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� Are you really sure what will add value

to your customers? � Can you succinctly describe a

– Spring/Summer 2019

� How can you encourage more of your

potential market to get on board?

The answers all lie in effective, expert communication. It’s the basis of our research among SME chief executives, which you can read in our free whitepaper ‘Driving innovation through expert communication’, available via Target’s website.

In a fast-changing world, standing still means falling behind. So, don’t leave innovation to the inventors. Innovation is for everyone.

Target is an award-winning agency that helps clients to communicate brilliantly; to be understood, distinctive and chosen. www.targetgroup.co.uk

EVENTS

Key Events

KEY DEADLINES

EPIC Business Leaders’ Workshop Leadership resilience strategies: How to 100% guarantee your success in 2019

APR

1

orporation Tax due C period ended 31/01/18 Making Tax Digital start date

25 April 2019, 9am-1pm

1

Your opportunity to see how our EPIC business leaders’ workshops help business owners develop new strategies, learn new leadership skills and solve challenges.

6

2019/20 Tax Year begins

Do you:

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� Find it difficult to make time to work on the business rather than in the business?

22

ue date for 2018/19 PAYE D month 12 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/07/18 Corporation Tax return deadline to HMRC – periods to 30/04/18

� Feel isolated and wholly responsible at the top? � Struggle to keep up with strategy development and best practice?

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� Think you would benefit from a confidential environment where you can discuss

key issues with experienced facilitators and like-minded peers?

If you answered yes to one of the above come along to this free taster session.

To join this workshop, contact us on 01242 776000 or email EPIC@randall-payne.co.uk

MAY

1

Future dates: Tuesday 4 June, Tuesday 10 September

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Advice Clinic

22 31

Every Monday, 1:30-4:30pm Got a tricky business question or need advice to move forward? Whether you want to raise finance, tackle your profit and growth issues or get some tips on saving tax or investing wealth, our expert team can provide the right professional guidance at our next Advice Clinic. Give us a call to book your free one-hour slot with the relevant expert on 01242 776000 or email clinics@randall-payne.co.uk.

JUNE

1 19

CHARITY FUNDRAISERS Family Fun Day Saturday 15 June, 2pm-5pm

Annual Fundraising Quiz June TBC, 7pm onwards

Join us here at Chargrove House where there will be fun activities for the family, with all proceeds going to SCOO-B-DOO to support the neonatal unit at Gloucestershire Royal Hospital. Tickets and full details can be found on the events page of our website.

A joint fundraising quiz with WSP Solicitors to raise money for our corporate charities SCOO-B-DOO & Allsorts.

If you would like to join us contact 01242 776000 or email marketing@ randall-payne.co.uk.

See our website, or email marketing@ randall-payne.co.uk, for details on how to book.

Held at Marling school in Stroud, the fun evening comes with a Fat Tonis Pizza in the price of a team of four!

orporation Tax due – period C ended 31/07/18 Due date for 2019/20 PAYE month 1 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/08/18 Corporation Tax return deadline to HMRC – periods to 31/05/18

22 31

orporation Tax due – C period ended 31/08/18 Due for 2019/20 PAYE month 2 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/09/18 Corporation Tax return deadline to HMRC – periods to 31/06/18

JULY

1 6 19 22 31

C orporation Tax due – period ended 30/09/18 P11D for 2018/19 to HMRC deadline Share scheme returns 2018/19 to HMRC deadline Due for 2019/20 PAYE month 3 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/10/18 Corporation Tax return deadline to HMRC – periods to 30/07/18 Due date for SA return 2nd payment on account 2018/19

randall-payne.co.uk 19

Spreadsheets Clouding Your Judgement?

Knowledge is power, so they say.

And in a fast-paced business world brimming with opportunity, it’s never been more important to be able to pinpoint where your business stands at any given moment.

Ditching the spreadsheets and switching to cloud accounting will give a real-time view of your finances, enabling you to use today’s data to drive tomorrow’s business.

So when it comes to your accounts, isn’t it time your business stopped just floating along?

To harness the benefits of cloud accounting, call our cloud transition experts on 01242 776000 or visit randall-payne.co.uk