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Welcome to another edition of the e-FM newsletter!
Greetings!
Welcome to e-Financial Management Limited, providers of flexible and scalable financial management solutions. |
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| Prime Scene Investigation:
Companies Act 2006 & You 
The business environment gets more complicated by the day. Following the April implementation of the Companies Act 2006, there are a number of issues that will affect all companies albeit indirectly or minimally. For companies incorporated after the Act, the benefits seem to be more advantageous than for previously existing companies. To take advantage of these new rules and to prepare yourself in this implementation phase, it is only wise to be aware of these rules and the associated implications. For private companies especially, there is now an easier regime aiming to reduce their administrative costs.
Company Secretary: Private companies are no longer legally required to keep a company secretary; instead, these administrative functions may be performed by a company director. If you no longer require the services of your current secretary, resignation may be done by Webfiling, or on the 288b Form. Before you dispense with your company secretary, review the provisions in your articles of association and make appropriate changes.
Public Company Capital Structure: The minimum authorised share capital is either £50,000 or €65,000 . This of course means that share capital can now be denominated in either of these currencies.
Annual General Meeting (AGM): Effective since October 2007, private companies are no longer obliged to hold an AGM. Company decisions may now be taken by written resolutions. For companies that have their articles of association providing for an AGM, they may amend the articles by special resolution. Public companies however, are still obliged to hold AGMs as before.
Accounts filing: The deadline for filing statutory accounts is now 9 months from year-end for private companies and 6 months for public companies. For any company with its financial year beginning on or after the 6th of April, this change is applicable. Also, another change in the Act specifies that certain statements in accordance with the Act and related regulations should appear on the balance sheet. You should check that your next set of accounts comply with this. If you are unsure, speak with your accountant.
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Counter Fraud Strategy - Online Banking
Technology plays an extremely significant role in business management. Our ability to process transactions online enables us to make quick and accurate financial decisions, which would otherwise cost us time and money. The last 10 years has witnessed an upsurge in the number of companies using online banking technology to automate large volumes of daily transactions. Online banking offers a 24 - hour access to client accounts, eliminating the need to travel, use physical banking instruments and pay extremely high transactional fees. Despite the widespread use of online banking technology, there is a downside to it - online fraud. Consumer perceptions of security are now affected by the significant increase in the frequency of financial crimes taking place over the internet, and there is an urgent need to devise measures to ensure that we minimize the risk of being the next victim.
e-FM has decided to update you on fraudulent tricks and some security measures that you can take when banking online:
Phishing: Many fraudsters create fraudulent websites that resemble those of major financial institutions urging you to divulge account information. If you are not directed to a site with a padlock or with a web address beginning with 'https' as opposed to 'http', consider calling the bank, or visiting the bank's site directly.
Password Security: Do not ignore the simple instruction from banks requesting that you 'DO NOT WRITE YOUR PASSWORD DOWN'. If you really have to, consider coding or disguising it and then, locking it up. Keep passwords and PINS safe and ensure your staff members understand the importance of doing this. Use more sophisticated bank authorisation software which requires multiple users to authorise transaction. Speak to your banker about protecting your online account and the many options existing.
Invest in protective software: Do not imagine that the antivirus software is the latest fad, it is an absolute necessity. Install firewalls, download the latest security updates and save your business a fortune. You may just have been lucky so far, if you have survived without these.
Trojans: These are installed viruses which capture passwords on websites. Try to avoid using public computers to process financial transactions as fraudsters target internet cafes and public libraries. If you cannot use a secure computer, consider visiting your bank.
Unsolicited mail: We all get unsolicited mail; sometimes we get invaluable information, sometimes we get unbelievable offers, but none of them should ever ask for financial data, or security information. If you think you have a genuine offer which requires action, pick up the phone and check the source.
Reconciliation: You have to be on top of this. Reconcile your account statements and credit card statements as early as you can. You may not be covered and the sooner you notify your bank, the faster their response time. If you use online banking, review your statement online and spot an irregularity early enough to minimize your risk.
Back up: Run an efficient backup system so that potential risks related to data loss do not result in inadvertently compromising customer data and other security information.
Be prepared!
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| Time Tracking Goes Creative:
We couldn't help sharing this with you. Here is 'Rod the Poet'. Mind you, he is also a brilliant Finance Director!
TIMESHEETS:
Timesheets are a work of art
A pleasure to behold
The billing process can now start
As our hours are sold
This sheet I send from miles away
Across the fields and sky
In my heart you'll always stay
To be on time, I'll really try
Original: Rod from Dudley 2008
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| Keeping You Updated
e-FM is expanding steadily.Over the last couple of months, the company has added a number of key staff to support its growing customer base and contribute to the depth and expertise of the company.
Barry Skeel now works in the North Home Counties. Natalie Hutchison joins the team in mid - May ; Phil Evans joins the North-East team and Chris Spinks brings with him, his expertise in specialist financial modelling.
Call us for a no-obligation meeting on 0870 121 9900. | |
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Complimentary Healthcheck - Free of charge and obligation.
You may not have escaped the credit crunch-yet. What happens if your bank calls in your overdraft? How do you cope with customers not paying their invoices? Do you know that overdue accounts can affect your credit rating?
e-Financial Management and Lysander Enhanced Receivables Management have joined forces to give you a lifeline. We offer a unique combination of financial management advice and cash collection services. Monitoring your working capital and turning it into positive cash flow can be quite challenging. Common problems which you may recognise in your business include:
. Significant debtor balances aged beyond 90 days in your sales ledger. Is there a hardcore of debt, which never seems to reduce?
. Reduced creditworthiness. Is your business on stop and do you have to purchase goods on a pro forma or cash on delivery basis?
. Difficulties in meeting your monthly/quarterly commitments to PAYE, NI and VAT.
. Paying your suppliers before your customers pay you.
. Inability to get accurate and timely financial performance data.
. Unsure about which products and services make you money.
. Pressure from your business bankers,factoring or finance house to restructure or reduce their facilities with you.
. Managing profit to maintain financial stability.
Free Financial Audit
We are offering a short complimentary health check, free of charge and obligation which will be carried out by an experienced financial manager from e-FM. As part of this review we will produce a brief report which will provide preliminary advice in a range of areas.External finance may offer a quick answer to cashflow crises and may be necessary to help the business grow, however it does not always fix the underlying issues and in the current economic climate is harder to obtain. This can save you a fortune.
In addition to this, Lysander's specialists will give you access to an online portal to view real time metrics on your ledgers, lower your risk through consistent collections performance and deliver visibility through scheduled reports
Should you wish to undertake a review, we will agree with you in more detail your requirements and submit a proposal including costs, of how we can move forward. Please contact us on 0870 121 9900 to book your audit, or mail gary@efm.uk.com.
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Alzheimer's Donation
Our longest serving associate, C.F.O. Nigel Smethers is this year, Captain of Ivinghoe Golf Club. He has pledged that all the funds raised at his major charity fundraising event 'Captains Day' , which takes place on the 14th of June, will be given to The Alzheimer's Society. Nigel has chosen this charity because of the long-term suffering of his mother-in-law and her constant fight for life.
'For many years, I have experienced the heartache of watching someone really close to me suffer with this degenerative, little understood disease. I have constantly witnessed the amount of love and care necessary to support a long term sufferer, but I will never forget the smile and the love in her eyes when she sees her family around'
As part of the project, Nigel is selling each hole on the Ivinghoe Golf course to corporate or personal sponsors. We, at e-FM have decided to help, and we would be happy to receive donations from clients. If you would like to support this cause, kindly make your donation by sending a cheque payable to 'Alzheimer's Society', to our office. Kindly address your envelopes to 'Ms Chinwe, e-Financial Management Limited, Maxet House, Liverpool Road, Luton, LU1 1RS'. Each sponsor will have a poster in the clubhouse on the event day, and will be featured on the sponsors list. All cheques received will be acknowledged. If you would like more information, please contact Nigel by sending a mail to smethers@bucksnet.co.uk |
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