Stratford-upon-Avon
13 The Courtyard
Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP
Government nudges local authorities
The Secretary of State for Business, Energy & Industrial Strategy has written a letter to local authorities in England urging them to help support businesses in the hospitality and leisure sectors as efficiently as possible.
Just before Christmas, the Chancellor, Rishi Sunak announced a support package for businesses most impacted by the Omicron variant. The biggest single measure was the re-introduction of one-off grants of up to £6,000 for businesses in the hospitality and leisure sectors (in England). It is thought that some 200,000 businesses will be eligible for these new grants.
We are reminding eligible businesses in these sectors that they can apply to their local authority for one-off grants of up to £6,000 per premises, depending on rateable value:
- Businesses with a rateable value of £51,000 or above: £6,000
- Businesses with a rateable value between £15,000 and £51,000: £4,000
- Businesses with a rateable value of £15,000 or below: £2,667
The government also announced that £102 million top-up for discretionary funding would be made available for local authorities to support other businesses outside the hospitality and leisure sectors, for example, suppliers to these sectors.
In the letter, we are told that the Secretary of State for Business, Energy & Industrial Strategy has personally written to those local authorities who have more than 5 per cent of previous funds left over, instructing them to distribute the money to those that need it.
Local authorities have also been told that the sooner applications are processed, and funds are distributed, the sooner the government will be able to provide businesses with the confidence and security they urgently need.
The devolved administrations in Scotland, Wales and Northern Ireland have received an additional £150m through the Barnett formula to offer similar measures. This will see approximately £80 million allocated to the Scottish Government, £50 million to the Welsh Government and £25 million to the Northern Ireland Executive.
Grenfell James Technology Adoption Index
How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:
1.
How does your business receive invoices?
A)
Invoices are mainly received in paper form
B)
Invoices are mainly received by email
C)
Invoices are emailed then automatically forwarded to a designated mailbox
2.
How are purchase invoices processed?
A)
Invoices are entered manually
B)
Invoices are attached to manually raised invoices
C)
Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices
3.
How are accounts processed?
A)
Using Excel/paper-based
B)
Using Computer-based, offline software
C)
Using cloud-based accountancy software
4.
How often is business data revised?
A)
Data is updated annually
B)
Data is updated quarterly
C)
Data is updated monthly or more often
5.
How is banking updated for your business?
A)
Banking is updated manually
B)
Banking is updated by imports
C)
Banking is updated via a live feed
6.
How are bank payments made?
A)
Bank payments are manual
B)
Bank payments are made using bulk imports
C)
Bank payments are made directly via accounting software
7.
How are bank receipts reconciled?
A)
Receipts are chased and reconciled manually
B)
Receipts are chased and reconciled automatically
C)
A third-party platform is used to chase debts and collect fees
8.
How often are management reports produced?
A)
No reports are provided
B)
Reports are provided but often too late to be valuable
C)
Reports are automated with real-time information
Score 8-12:
Curious Exploration
Your financial technology phase is Curious Exploration
% of respondent businesses are in this phase too.
Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.
Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.
Score 13-19:
Measured Discovery
Your financial technology phase is Measured Discovery
% of respondent businesses are in this phase too.
Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.
Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.
Score 20-24:
Bold Innovation
Your financial technology phase is Bold Innovation
% of respondent businesses are in this phase too.
You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.