Warning signs of fraud in your business

Increased fraud, and other types of financial crime is one of the unfortunate consequences of the current economic downturn, according to the ACCA's head of business law, John Davies.
Mr Davies advises businesses to look out for the following possible warning signs in the behaviour of their staff:
• Increased levels of stress
• Lifestyle not commensurate with salary
• Personal financial problems
• Reluctance to take annual leave
• Unwillingness to delegate
• Cosy relationship with contractors and suppliers

Business owners should also watch out for possible financial indicators of fraud, such as:
• A rise in cash transactions
• Large variations in expense claims between offices
• Poorly reconciled cash expenses
• Rising costs with no explanation, or that are not commensurate with increases in revenue
• Customer complaints and large volume of refunds to customers

Week included Oxford Business Network, New premises viewings, client referral, Kidlington Voice, First Aid DVD sales

Late payment the key concern for small business owners

The latest Economic Downturn Panel survey shows that late payment problems are causing small business owners more sleepless nights than any other issue currently.
In all, 42% of FPB members who took part in the survey reported a deterioration in prompt payments from customers – typically bigger businesses.
However few business owners in the UK take an assertive approach with their credit control and allow the customer to dictate the terms. A low percentage charge interest to their debtors in the fear that customers will simply take their business elsewhere.
Under the Late Payment of Commercial Debts (Interest) Act 1998, small businesses have a Statutory Right to Interest (SRI), meaning they can in theory charge for late payments. The payontime web site provides more details and a calculator to see what you could charge.

First Aid DVD is now available to buy

Our new DVD is now available to buy at Amazon or direct via our own DVD site.
It is ideal for enhancing new skills or providing a revision of your existing skills and is designed to support the HSE’s "strong" recommendation that first aiders are to refresh their first aid knowledge on an annual basis.
This is a comprehensive guide to First Aid and the introductory price is only £49.99.
For more information, a trailer and a link to buy from Amazon, please see www.firstaiddvd.co.uk

Week included First Aid Training in Camber for Tourism South East member, Email marketing software demo, Franchise Show

Budget Highlights

The first budget of the new coalition took place on the 22nd June. A useful summary can be found at the direct.gov web site.

Week included Annual interest statements for clients tenants, Web site launch, Bookkeeping Franchise discovery event and a holiday!

First Aid DVD is launched

In partnership with Concept Filming and Just Do it Guides, we have just launched our first aid DVD.

Our easy to navigate DVD covers all the latest protocol and techniques in a clear step by step guide, combining video, demonstrations, presentations, voiceover, text and high quality graphics to give you the knowledge and importantly the confidence to act in a first aid situation. It is suitable for first aid in the workplace or at home with your family.

It is ideal for enhancing new skills or providing a revision of your existing skills and is designed to support the HSE’s strong recommendation that first aiders are to refresh their first aid knowledge on an annual basis.

The design enables you to learn at your own pace, watching the DVD in full or you can pick and choose the areas you need to refresh your own knowledge or support your own learning.

For more information and a trailer, please see www.firstaiddvd.co.uk

Week included First Aid DVD launch for sale, First Aid Training, Institute of Certified Bookkeepers seminar, British Franchise Assoc meeting

Taking legal action to collect debts

If you are not getting paid for products or services provided, then one consideration is taking such action against the debtor. Some people try to avoid this as they think it will be expensive in legal fees.
We were delighted when our client received the full amount for their debt (in excess of £30k), when Withy King solicitors recovered the gross amount plus costs for their fees. We fully recommend a conversation with Stephen Woods and his colleagues if assistance is needed.

Week included First Aid training, the successful Oxford Marketing Conference, Business Improvement Programme meeting and web analytics.

Using social media

Social media is being used by the majority for promotion or information gathering. At a recent breakfast of the Oxford Business Network, Alice Elliott, spoke about the subject and I took away the phrase 'manage the noise'. This changed my use of social media overnight and reduced my time commitment, but improved my outcomes. We now use Twitter, Blogger, LinkedIn and facebook to send out our messages, but also collect information on what others are saying about our keyword areas. But in a much more focused manner, instead of trying to speak to or listen to everyone!

If you are not using Social media, then we recommend a look at the way of marketing your business as soon as possible.