Why do jobs the hard way, which takes hours of your time, particularly when time is precious?
In a recent survey, stallholders told us that admin is their second biggest pain point, behind finding the right markets to trade at.
Financial sorting and tracking is a burden that doesn’t need to take this much time! So we’ve got an offer for you… keep reading!
Sorting your expenses and reporting your sales is a thankless task BUT it needs to be done to submit to HMRC. It’s unavoidable.
How do I make my finance admin more manageable?
We often hear “I need help with my finances” from stallholders and it’s tricky to know where to start as everyone works differently so Nicki says of her journey starting out:
“When I first started my business, I had all the spreadsheets going on and it took hours!
Someone then suggested Xero and instantly it was a win – I was able to track sales and expenses and it was done in no time.”
Old manual systems took 4 hours+ per month
(at minimum wage this is around £55 of time).
With Xero it takes 30 mins. It costs £16+VAT per month
(£25 = time +Service costs).
Using Xero I saved 3+ hours and equivalent of £30 in cash for my time!
“I am a huge advocate of doing your finances monthly – not at the end of the year! I’m so glad I made this a habit early on, so when I switched to Xero I could feel the benefit straight away. When I switched to XERO I saved at least 3 hours a month and over 36 hours over the year.” Nicki, Founder of Pedddle
Nicki loves that this admin task isn’t a burden now and has been using Xero for over 3 years.
Pedddle OFFER for you!
Pedddle can now offer Xero to other small businesses for 90% off for the first 6 months! This is a great plan to get started, test out the easy set up of bank rules and have the finances at hand ready for HMRC submit.
An illustration only – The offer applied to the basic subscription is £1.60 +VAT for 6 months to get into the swing of using it monthly to track everything is AMAZING. Saving of over £83 for 6 months.
You might not known you have needed this in your business – but give it a try and reach out to ask questions if you need support.
Do you have a business bank account?
We hear stallholders think that their businesses aren’t big enough for a business bank account but you are! If you are trading it’s defo time to sort an account! You need to see clearly what are your business expenses and not muddled up with personal costs – you could end up missing bits.
Try Starling Bank – no fees, easy to use and you get ‘Spaces’ within one account to save/store money. Winner!
Why is Xero easier?
- Xero connects to your bank account.
2. It connects to many online marketplaces and web companies.
It gives you a list of your transactions, you need to click ‘ok’ on the transactions the system recognises and then tell the system what the other transactions are – this is called reconciling transactions. It then summarises it for you!
We think you will love it and bare in mind that in coming years the government is ‘Making Tax Digital’ and with that you will need to submit reports upto 4 times a year. Having software to help with this will be a huge lifesaver!
Final top tips from Pedddle
- Do your finances monthly
- Have a business bank account
- Using some form of accounting software that links to your bank and website and tracks all sales and expenses
- Set up accounting software once and save yourself hours
Any questions about using it -message us on [email protected]
Read our other blogs about helping you as a stallholder and look out for our YouTube channel where we have lots of videos for small business owners
Please note we are a partner with Xero and whilst this is an ad we do love using Xero for our business. Pedddle gains a kickback from your sign up.
What Xero Says about their services and security:
Cloud accounting allows businesses to securely manage finances online, offering tools for quoting, invoicing, and real-time financial insights. With multi-user access, it streamlines collaboration and data entry, while customisable dashboards help visualise key metrics. Unlike traditional accounting—which relies on manual entry, outdated data, and limited access—cloud accounting is accessible from any device, integrates with third-party apps, and is cost-effective with affordable monthly plans.
Security is a major advantage: data stays safe and accessible even if devices are lost or disasters occur, and users can control access levels. Cloud accounting also eliminates the need for software maintenance and ensures compliance with regulations.
Ultimately, cloud accounting is shaping the future of financial management, enabling businesses to operate more efficiently and make informed decisions. To help you experience these benefits, we’ve partnered with Xero to offer 90% off for the first six months.