How to do your own End of Year Review as a Contractor

 

How to do your own End of Year Review as a Contractor

As an employee an inevitable part of the working year is the end of year review. The purpose of a year-end review is for you to reflect on your achievements, learnings and take some time to recognise what went right and wrong as you plan & set goals for the coming year.

As a self-employed contractor taking time to conduct a self-assessment is often overlooked, however we are here to tell you to pen in time now to grab a coffee & look back through your year as well as forward to where your career & personal path is headed in 2021.

Taking time to do a self-assessment means you will be entering 2021 in a ‘woke’, rather than autopilot headspace, with control of where you are steering your future based on where you have come from.  

Importantly it gives you the chance to see if the destination you are headed towards is out of kilter versus your long term goals, or maybe it’s perfectly on track!

Here is how to assess your year & start to plan for the next:

-  Thinking about the last 12 months what goals did you set out coming into 2020 and what were your 3-5 biggest achievements in that period. Reflect on these and try to understand how you can bring the learnings and skills from these achievements into 2021. Maybe you took on a new project in your role, maybe you mentored a new staff member or changed industry – what do your biggest achievements tell you about what success means to you and how can you build that into your 2021 goals?

-  How is your contracting role fitting in with your personal goals – maybe that is work life balance, income, job satisfaction, time management etc. What has this year contracting taught you about how it fits into your values & personal goals? Is there anything that needs to change in 2021 or that you would like to build into your goals for the year based on the wider ecosystem of your contracting role and your life?

-  Identify one time when your working contribution contributed to success for a company or project you have worked on. We can often forget significant contributions we have made to company success (as we rush onto the next task) that are highly valuable in negotiating contract renewals or adding to our CV for future role applications. Note your successes when they happen with some top line details and then at the end of the year pick your most notable & impressive ones!

-  Think of some challenges you faced this year (2020 certainly gave us a few of them!) and how you overcame them – this shows both your personal & professional self your ability to bounce back without the all too often modesty we afford to overcoming struggles. It demonstrates your resilience and determination even in difficult times. So often we plough through the year and forget the mountains we have overcome that can give us confidence the next time we face a hurdle and recount how we handled the last! Step back, reflect and pat yourself on the back!

-  Think about any skills/ topics/opportunities that came up this year within your contracting role in the last 12 months that you didn’t feel 100% confident in to pursue. What would like to improve and build on in the coming year?

-  Thinking about the future plan & what will help you to get there – is there a course that might help you, a mentor you could chat with, research you need to do- what is your first stepping stone to your 2021 goals? This one takes time to think through …is there something you want to work towards- a promotion, a company, a move to a new country or a totally new start in a new role – what is the first thing you can do to get started – now is the time to plan & set your 2021 vision!

We spend so much time ‘busy’ in the day to day that taking the time to review can seem impossible to fit in but, in reality it’s crucial, and it’s massively valuable especially when self-employed to stay on track and focused.

Taking the time to assess your journey so far means you have time to check you are on the right road, maybe even on the right map as you steer into your future and a brand new year!

As an independently employed contractor setting aside some effort to direct a self-evaluation is frequently ignored, anyway we at icon accounting, our Accountants in Ireland are here to advise you for Accountancy Services for Contractors to pen in time presently to get an espresso and think back during your time just as forward to where your vocation and individual way is going in 2021. https://www.iconaccounting.ie/blog/how-to-do-your-own-end-of-year-review-as-a-contractor

Brexit - Importing & Exporting post 31st December 2020

This will be a very steep learning curve for many businesses no matter how well prepared they happen to be. I am sure the new systems will be second nature after a few months, however, getting to this point will be challenging and not without its stumbles.

To quote TB or Brendan Behan, whichever you favour…“Every cripple has his own way of walking”

In other words, we will find many paths and many more solutions to the issues we face, but ultimately, we will overcome these. Some suggest specialist “businesses” might smuggle, though their expertise may very well already be in place for this!

On a more serious note for businesses, please ensure your VAT number is EORI registered, this can be completed on Revenue’s online Service ROS. Failure to enable this number may result in your goods being held by customs

Just a few quick points on importing and exporting:

Importing

From 1 January 2021, Irish businesses that currently buy goods from the UK will be met with additional tariffs and admin work to ensure their compliant import. EU customs rules will apply to all goods which are brought into the EU from the United Kingdom; familiarise yourself with those that apply to those products that you import. You may need to arrange your own customs clearance agent, or for smaller items, the transport company will be able to handle this at an additional fee.

If you buy goods for resale, which UK authorities have issued marketing authorisations, approvals or certifications, next year these will not be sufficient when placing products for sale in EU.

Act in good time to transfer certificates and authorisations from any UK-based body or authority to one based in the EU, or to seek new ones within the EU. Markings or labelling of goods referring to statutory bodies or persons in the United Kingdom will not comply with EU labelling requirements after Brexit. Make sure the goods you import from the UK can be distributed the way that you intend.

Exporting

As of 1 January 2021, if you export goods to the United Kingdom, you will become an exporter of goods, subject to the UK laws applicable to importers of those products. Even if a deal can be reached on tariffs and quotas on products traded between the EU and the United Kingdom, goods will be subject to any applicable UK regulatory and compliance requirements for goods sold in the UK. In certain key areas the UK has already indicated an intention to adopt a different approach to the EU on checks, controls and requirements on imports, including for safety, health and other regulatory or public policy purposes. Make sure you keep track on how new UK laws impact on your exports to the UK and how they differ from your EU sales.

Free movement of goods and road transport operators across UK borders with the EU will become more complicated. From the beginning of 2021 UK road transport operators will no longer have automatic access rights to the EU and will need to comply with formalities when crossing the UK-EU border. Consider longer delivery times and factor in any additional formalities to be completed when updating your supply chain and logistics commitments to take account of Brexit. to know more click here. https://www.iconaccounting.ie/services/switching-accountants

Why Upskilling Matters More than Ever

 Over the past months at Icon Accounting we have noted a continued upward trend in contracting roles available, new contractors starting for the first time as well as contract renewals for our existing contractor community.

This is incredibly positive news for the contracting industry overall showing it remains robust & more than that it is in real positive growth!

With this positive news comes the reality that as a sector it is becoming more competitive than ever, and standing out as a professional contractor is crucial to land and keep the best roles.

There are lots of ways to stand out as a professional contractor and at Icon we are always looking at ways we can help YOU to stand out!

One of the best ways to differentiate yourself is through continuous professional upskilling, ensuring your skills & qualifications remain fresh, relevant & in date in a fast changing world!

At Icon we have recently launched iPerks a contractor platform giving you access to a multitude of benefits, one of which is upskilling through a range of courses with globally accredited colleges ensuring you can upskill in your role without spending a penny!

What Is Upskilling?

Upskilling is the process of learning new skills that will aid in ones work or personal development.

Why Does It Matter?

The Covid -19 pandemic has shown us how rapidly the work of work can change & how quickly we can be forced to adapt our skill set to new realities. The business world is changing at a faster pace than ever before.  Remote working has been accelerated into a necessary reality for many sectors, as has automation of many previously manual tasks with improved technology systems often even removing the need for headcount across many functions.  In reality this means that we are now competing with a global workforce rather than a local workforce & being forced to pivot & grow our skillset to stay relevant in pretty much every sector of business.

How Can It Benefit Me?

Upskilling should be looked at as a real benefit for both your career & personal progression. As well as coming with the often added benefit of increasing your chances of promotion within your role or company & opening up lots of new opportunities in your career it is likely to benefit your confidence as well as your income!

Where To Start?

This is the really important part – for many the idea of upskilling feels too big or daunting to explore and so they stop before they have started- unsure of where to even begin, often intimidated by the thoughts of a return to learning. Our advice - start at the beginning!

What do we mean here?

Think with the end goal in mind. Do you want to change professional path? Are you looking for a promotion? Is there a certain company or role you have your eye on?

Getting the goal in mind you can then begin to see what you options are to start on the path to upskilling in that direction.

- Use your professional network to link in for virtual coffees to explore options with people who have the roles you would love or are in companies you would love to get into- find out how they went about their career path – you might be inspired!

- Review your CV to see where the gaps might be in relation to your career goals.

- Research your industry and see what roles are trending, popular & offer competitive earning potential

- Reflect on the parts of your current career your enjoy and where you would like to grow more – this might be people management, professional skills, upgrading an existing qualification or even taking a short specialist course in a niche area

Through Icon you also have exclusive access to our iPerks platform offering hundreds of accredited courses across many sectors to help you add real qualifications to your CV without a hefty price tag!

Conclusion

Staying one step ahead is the key to career success no matter what your sector, upskilling is one of the best ways to get there!

Not yet contracting with Icon? Talk to our team today to see how you could benefit from becoming a professional contractor with us & how we can help you upskill along the way!

Info@iconaccounting.ie

5 Key Learning Points from LinkedIn’s Marion Markey

 We are always looking to add more value to our existing clients and are very thankful to Marion Markey from LinkedIn who took the time out to give us all some tips on how to get the most from our LinkedIn profiles!

Be Visible

There are over 660 million members, 20 million jobs and 30 million employers on the platform making it the largest professional network by far.
If you are not on LinkedIn already, it should be a priority to create a profile in 2021. Connect with peers and expand your network to ensure that you not only stay up to date with the latest market trends but also future opportunities.
85% of jobs are filled through peer referrals making it the number one source of recruitment.

Detail your work experience!

If you add details to your work experience whether it be details about the project, the contribution you made, key learning points and any challenges faced. By doing so, you are 5 times more likely to receive connection requests, 8 times more profile views and 10-fold the number of messages received.
If searching for opportunities, you can also edit your experience and skills to appear in the order of relevance – ensuring that potential employers see the parts of your profile that you want them to!

Add examples of your work!

You can and should upload videos, presentations, and videos of previous projects that you have worked on. This is an ideal tool for making sure your profile visitors get a complete picture of your professional accomplishments to date.
Giving a dynamic, visually appealing representation of your professional story can make you stand out from a very competitive labour market.

Activity is still underrated

Adding your own skills, endorsing other’s skills, and sharing status updates are all tried and tested ways of increasing profile engagement. Endorsing others on top of the fact that if you endorse a colleague or peer, they are likely to return the favour.

Plus, members who add skills generally see 17 times more visitors to their profile than those who do not.

Best practices for sharing updates for those less comfortable or familiar with LinkedIn below:

- Share your authentic voice

- Post frequently

- Start a conversation or share your point of view

- Include rich media to increase engagement

- Create an opportunity for reciprocity

To be successful in Contracting, you need to be an expert in your field – do not be afraid to share that expertise.  Publishing content is a separate feature to sharing a status update and one that is often associated with expert level opinions.  As a successful independent professional, you are an expert in your field – show that to your entire network by publishing content. 

Create a headline that captures attention, include a photo to stand out and think about your audience when deciding on article length.

Most importantly, be yourself and always remember that line between LinkedIn and Facebook or Twitter, your opinions should be professional, never personal, political, or otherwise.
With the world working remotely and with social interaction limited with Covid-19, having a digital footprint and a LinkedIn profile is more important than ever before.

Thanks again to Marion Markey from LinkedIn for joining us and for offering to assist any of our contractors should they have any queries, you can contact Marion at mmarkey@linkedin.com or as always you can get in touch with any of the team at Icon Accounting by calling 01 – 8077106 or by emailing info@iconaccounting.ie

LinkedIn has always been the greatest source of knowledge. We at Icon accounting, one of the best accountancy firms in Ireland always seeking good knowledge that can help our business to grow. This type from Marion Markey we got the opportunity to learn some tips on how to get the most from our LinkedIn profiles which include; Be visible, Detail your work experience, add examples to your work, add your skills set, endorse other profiles, most importantly know the difference between Facebook, LinkedIn, and other social platforms. As we are having the team of best accountant in Ireland these tips will surely be going to help our accountants.