In his final blog of this series, aimed at new business owners and entrepreneurs, James Shipp takes a look at the real benefits of embracing cloud technology and outsourcing at an early stage in your business journey. Whilst Cloud Accounting packages like MyLB
provide up to date financial information at your fingertips, it can also have a significant impact on the quality of your work/life balance. We recently undertook our work/life balance survey
and the results make for interesting reading.
46% of the business owners surveyed had less than 21 days annual leave during the last year and over 75% admitted that they did do some work on these days off. Running your own business is all encompassing and whilst some of the responsibility can be delegated there is much that you will want to retain. With the Xero app, part of the MyLB package, you can check your bank balance, issue sales invoices and even approve expenses from anywhere - even a sun lounger in the Med. Surely an improvement on the typical work/life balance of our surveyed entrepreneurs?
What are the worst things about running your own business? In our survey the most common answer was a lack of time. Many cited keeping fit and spending time with family as areas they wished they could improve. 27% of our surveyed business owners have given up social activities to work. With MyLB the administration is dealt with by us - your bookkeeping, bank reconciliations and VAT are all handled through Xero and because of the efficiency of the software the cost of outsourcing is much lower than you would expect. All our MyLB packages
include completely outsourced payroll processing too. Imagine not having to deal with the weekly payroll run, the auto-enrolment administration and RTI reporting. Leave it to us and head off down the gym.
In a frantic, cut throat world we are all busy and a lot of the time for good reason. Running your own business is a fulfilling and liberating experience but often stressful and pressurised. Technology and good advice can go a long way to bring the work/life balance back into kilter. See what MyLB can offer you.