MANAGING YOUR FINANCES WITH ROSY JAMES
INDUSTRY WORKSHOP - MANAGING YOUR FINANCES
We are excited to introduce to you our series of interviews and online workshop events where we interview local industry experts within Northern Ireland.
These workshops are an extension of the Dig Deep Womenfolk Programme. We wanted to make our resources available to our wider Womenfolk Community so that everyone can access and have the opportunity to develop themselves further.
The aim of these workshops is to help educate people in a particular subject, break down basic concepts, and share knowledge with people within our Womenfolk Community.
Our first industry expert is Rosy James who is the Finance and Operation Manager at Blick Studios. We asked her to dive into the misconceptions that people may have around their finances.
We wanted to dispel the myth that creative people don't know how to manage money and to give some tools and advice on how to move forward when you are just starting out.
For more resources please visit our website - www.womenfolk.co/dig-deep-resources1
This project is brought to you by Creating A Space & Blick Shared Studios. This project is kindly funded by Ulster Bank.
Video 1 - Business Journey
In this video, Industry expert Rosy James talks about her business journey on how she got started, how hard she worked at the beginning of her career, and where she is now.
Video 2 - Misconceptions of being self-employed
In this video, we ask Rosy to give her thoughts about the misconceptions that people have when becoming self-employed. She explains that it’s hard, takes work, determination, and slowly chipping away at it over a long period of time.
Video 3 - Misconceptions of managing finances
In this video, we ask Rosy about what perceptions people have when it comes to managing their finances. She breaks down the myth that it is scary and that you have to finance minded. She specifies that everyone is capable of managing their money, especially if it is a small business.
Video 4 - Organising your finances
In this video, we ask Rosy what is the best way to organize your finances. She specifies that any business has to manage what money they are spending and what money they are making and find a way to record that.
She tells us that it depends on what size your business is, how you are managing it. However, you can use a simple excel spreadsheet or accounting software to keep track.
EXCEL
Old fashioned but works well for spreadsheets tracking expenses and sales
PAID FOR ACCOUNTANCY SOFTWARE
These will make tracking and managing your finances easier and include features that will allow you to issue invoices, record purchases, manage your bank accounts and submit VAT returns and obtain analysis and reports of your financial performance at snapshots in time and over requested time periods.
Have a look at the costs involved and check out online reviews to pick the package that will work best for your business and to make sure it is suitable for your business.
There are many options available which you will find online. Some examples include:
FOR MORE ADVANCED BUSINESSES
FREE ACCOUNTANCY SOFTWARE
Video 5 - Systems for Finances
In this video, Rosy shares with us the routine and systems she has created around managing her finances for Blick Shared Studios.
Video 6 - Credit Control
In this video, Rosy explains what Credit Control is and how important it is to make sure to collect the money that people owe you.
Video 7 - Managing new clients
In this video, Rosy gives some examples of how to deal with new clients. She touches on how important it is to clarify with your customer when you expect them to pay. Whether it’s getting them to pay a deposit or paying all upfront.
Video 8 - Cashflow & Forecasting
In this video, Rosy talks about how to create a cash flow forecast for someone just starting out in business. She talks about the importance of using your historical figures to look ahead and budget for your business.
Video 9 - HMRC
In this video, Rosy talks about how she finds that a lot of people are afraid of the HMRC and don’t know where to start.
She specifies how important it is to just google information, and also their website has all the information that you need to help you with your business.
LINK TO A CASHFLOW TEMPLATE
HMRC WHAT DOES IT MEAN TO BE SELF EMPLOYED?
REGISTERING AS SELF EMPLOYED
REGISTERING FOR VAT IF YOUR TURNOVER EXCEEDS £85,000
HMRC FREE PAYROLL SOFTWARE
HMRC LIST OF ALLOWABLE EXPENSES
Video 10 - Annual Accounts
In this video, Rosy talks about completing your accounts every year for your tax return. She specifies how you don’t need to pay an accountant and the process is super simple. All you are doing is recording the money that you are spending and the money you are making.
WHAT INFORMATION MUST BE INCLUDED ON INVOICES
DIFFERENT TYPES OF BUSINESS STRUCTURE
AUTOMATIC ENROLMENT - WORKPLACE PENSION DUTIES
Video 11 - Advice for new businesses
In this video, Rosy gives valuable advice to people that are just starting their new business. She talks about how it takes time to build and encourages people to take their time to build and not be disheartened if it isn’t happening fast enough.
Video 12 - Advice to younger self
In this video, Rosy talks about the advice she would give to her younger self. She talks about how she said yes to everything early on in her career and how that was part of her journey that she would never want to change.