Reduce your Cash Flow pain by getting Invoices paid quickly

Think of the amount of time you spend on collecting your invoices. What a waste of productive time!

You have provided your client with work  timeously  so why should you wait for payment beyond your agreed terms?

Below are some tips that will help you collect your invoices quickly.

  1. Agree on the value of the invoice and the payment terms with your customer before you commence the work. This will prevent your customer from making excuses for not paying  the correct amount or not paying on time.
  2. Email your invoices to the customer. Gone are the days when you need to put invoices in an envelope and use snail mail. With Xero you can create the invoice and simply email it directly to your client. You will also know when they have opened it, as a mark appears in Xero  against this invoice when they do.
  3. Record the Invoice due date correctly according to the industry that you are in. If  the standard terms in your industry are 14 days, then do not allow longer terms.  Your due date can be set within Xero when creating the invoice  automatically as  a default which you can adjust per invoice should you need to.
  4. Invoice immediately after finishing the work at the latest or whenever monies are due during a project, for example a deposit at the start of a project. Create draft invoices at the commencement of a job and adjust this as need be during the life of the project as soon as portions of work are completed.  Once the work is completed this draft invoice can be converted into an actual invoice with a simple push of a button.

Should you wish to improve your cash flow, please give Neil a call for a free consultation.

Why do You need a Business Accountant

Accountants are useful for different things at different levels of business growth. They are capable of handling a lot more than critical tax returns and payroll computation. If you want to build a perfect business, you will require the assistance of a skilled accountant. It is quite interesting to note that finances can become complicated in no time. As your business grows from a few clients to hundreds of clients, handling the money aspect of your business will become  complicated. If you want to stay on track, you will require the assistance of a professional accountant.
How will an Accountant assist You?
A skilled small business accountant will help you manage your business. They will assist you in visualizing how time changes your income. They produce charts and tables to analyze the company’s overall financial position. These analyses happen in a few minutes if you work with the correct accounting package. Above all, the accountant will support you in monitoring the actual pulse and welfare of your trade. Accountants have the prime responsibility of handling important routines like cash flow of a business.
What is Xero?
An intuitive tool used by smart business accounting professionals would be “Xero”. This is a reliable and a secure tool to support you around the clock. Over the years, accounting software requires efficient time saving strategies and tools to trigger the growth of a business. Xero is capable of managing inventory, quotes, invoices and purchase orders. These are four key areas of managing your business. Moreover, Xero works in line with 450+ third party applications seamlessly. This way, accountants can go mobile from anywhere and at anytime. Additionally, you can use Xero to pay employees and email out payslips very painlessly. Xero is able to assist all types of business owners in any type of business.
The Ultimate Bottom Line
On the whole, small business accountants are smart people who can keep your business right and financially perfect. From advising on how to improve your business, to customising the financial tools for your business so that you earn more and work less.

Should you be keen to learn more then please phone Neil from Accolade Accounting on (08) 6263 4466 who will give you a free one hour session in how he can improve your business.

Take the Fear out of your Bookkeeping and Tax obligations

When people ask us how we are able to provide high-value accounting services at a reasonable cost, the number one reason we offer is that we leverage the power of Xero.

The data that Xero provides in real-time, via the cloud, saves time. Clients who partner with us in using Xero are then able to reinvest this time into providing high-impact services to their own clients, growing their cash flow and bottom line while allowing time for team-building and business development.

With instant integration of debits and credits in the cloud and connectivity with banking platforms, it may seem like a brave new world. We’ €™ll help you along the way with any questions, and you can rest assured all transactions are performed using the same industry-strength security used by the major banks.

Take the fear out of your bookkeeping and tax obligations, give us a call in Perth on  0421 824 137

Travel with zero weight and still have full access to Xero

Hello again from Accolade Accounting, the small business accounting experts in Perth and also the experts in Xero.

We wish you a very profitable 2016 and may all your financial targets and expectations meet with success.

Let’s start 2016 by looking at another fantastic feature of Xero that provides additional efficiency to the accounting world and small business.

These days, travel is an everyday occurrence. It is very easy to hop onto a plane and a few hours later be in another city, whether to meet with suppliers or potential customers or for mere recreation and time out.  A scary situation for you,the business owner, is being away and out of touch with your business. “What state is my business going to be in when I return?”

BC X (Before Cloud Xero)

Before the Xero era it was very difficult to keep up to date with your business performance while away.  A call to the general manager would be about the best a business owner could hope for in receiving up-to-date information about how your business is performing.

AC X( After Cloud Xero)

Today this fear is allayed. You can access your business information from anywhere around the world and at any time. What do you have to do in order to be able to do this? Have access to an internet service, which today this is like breathing oxygen, and is available everywhere.

You, the business owner can access the business information via the  Xero accounting package as if you are sitting at your desktop in your office.

Furthermore, all the original invoices are also easily accessible within the Xero file.

All the Profit and Loss and Balance Sheet Reports are available to you the business owner at a push of a button while you are away from your office, so you will maintain control of your business 24/7.

So never fear to travel again!

Make 2016 the year that you become part of the Xero generation by calling Neil on 0421 824 137  for a free discussion on how you can join.

Until next time … Keep Xeroing

No business owner wants Zero cash flow but every business owner wants Xero cash flow

Hello from Accolade Accounting, the small business accounting experts  in Perth and also the experts in working with  Xero.

Let’s continue to look at another fantastic feature of Xero that provides additional efficiency to the accounting and small business world.

In the times of BC X (Before Cloud Xero), it was very difficult for the business owner to compile an accurate cash flow in real time. There was just so much information to take into account and to consolidate all of this was a nightmare and to do this on a regular basis was almost impossible.

Now AC X( After Cloud Xero) this has all changed.  Xero has so many reports that enable easy consolidation of critical cash flow aspects of a small business that all business owners now have the ability to work with very accurate cash flow information and organise this in very little time.

Cash flow is the oxygen of a business, and with Xero it has now become possible to have additional oxygen tanks connected to every small business.

Accolade Accounting are the small business cash flow experts in Perth so give us a call on 0421 824 137 to get your cash flow up to speed.

Until next time… Keep Xeroing

“I don’t have a list of my Fixed Assets. Ask my Tax Accountant.”

Hello from Accolade Accounting, the small business accounting experts  in Perth who love working with Xero.

Let’s continue to look at another fantastic feature of Xero that provides additional efficiency to the accounting world and small business.

In the times of BC X (Before Cloud Xero), it was very difficult for the business owner to obtain a schedule of business assets. The only person who had this information was the tax accountant and it represented the situation at 30 June the prior year. The tax accountant would compile a list of assets  in order to calculate the write down value for the income tax return for the year.  If the business owner needed to know information about the business assets during the year , they would refer to this tax accountant prepared schedule which would be out dated. This situation was ridiculous. A business owner having to estimate the value of his/her assets which could comprise a major portion of the value of the business. This is unacceptable!

 

Now AC X( After Cloud Xero) this has all changed.  Xero maintains a fixed assets register as the purchase invoice is processed into Xero. So this schedule will never be out of date and inaccurate and best of all it is available 24/7 and from any device.

No more excuses for not having an accurate fixed asset register every single day and it automatically calculates the write down that the tax accountant can use when preparing the tax return.

 

Now Xero has given the power back to the business owner by making information available very simply,  like never before.

 

Until next time… Keep Xeroing.

Away Away with the Old Cashbook

Hello again from the small business accounting experts in Perth. Today we will look at how the world of accounting has changed with the extinction of the cash book.

Thanks to Xero, we no longer need to enter transactions into a cash book and then reconcile to a bank statement.

Now , the bank transactions are automatically imported into the software and we match each entry to either an invoice or a general ledger account and that’s it, real time reconciling with every transaction. The information is imported under the same strict security controls that apply to all electronic bank transactions.

So when you log into Xero for the first time in the day, the bank statement transactions are waiting to be processed.  Not only has the file updated over night, but the system will also match the transactions to appropriate invoices or general ledger accounts.

Even more than this, it is possible to set up bank rules and leave questions against the transactions to speed up processing even further.

All these advancements will reduce the time and cost it takes to process bank transactions.

You can also experience the benefits of this improvement for your small business.
So come on what are you waiting for…..?

Become part of the Xero generation by calling Neil on 0421 824 137 for a free discussion on how you can join.

Until next time … Keep Xeroing

The Filing Cabinet joins the Dinosaurs

Hello again from Accolade Accounting your experts with helping small business improve their cash flow and profit.

We will continue to look at the changes brought about by the cloud based Xero accounting package.

 

Before cloud Xero  (BC X) all businesses used to store supplier and customer invoices in files. This is because the ATO requires most documentation to be kept for at least 5 years.

The most recent years of invoices would be kept close by and older years stored in a storeroom.

Now after cloud Xero (AC X) NO files are needed. All supplier invoices are stored electronically in the Xero accounting package, but more than this, they are attached to the relevant transactions.

Should you need to find a specific invoice, you simply go into the Xero file and search electronically and you will find the transaction as well as the attached source document.

Even better, there is place within Xero to store all non transactional documentation, as well such as business set up documentation and agreements.

So all documentation can now be found in the cloud all in one file. What a time saver and no more excuses” I can’t find it”

Until next time….

Keep Xeroing.

Payment Summaries – Comparing BC X (Before Cloud Xero) to AC X (After Cloud Xero)

Hello again from Accolade Accounting. Let’s continue looking at the benefits of the Xero generation.

Do you remember when you had to print out the payment summaries and post them to employees and post the payment summary statement to the ATO ? Never mind the EMPDUPE file that had to be put onto a storage device and sent to the ATO.

Well now you can email all payment summaries from within Xero directly to employees as well as lodge the payment summary statement directly to the ATO. As simple as that!

What a time saver!! And we don’t rely on the postal system any more.

Until next time keep Xeroing.

From Abacus to Everything

The most amazing change in the accounting environment for small business has erupted since the invention of the abacus, the cloud based accounting package Xero. Just like the abacus was a pivotal change back in those days, small business now will experience a pivotal change in the way that they view and process financial information for their business. Zero is nothing but Xero is everything.
Xero provides business owners with everything they need to improve cash flow and increase profits.

Let’s compare the accounting systems before Xero to what incredible improvements are now possible for business owners.
How things worked BC X ( Before Cloud Xero)

• Accounting data was only accessable via a local desktop or server in the office.
• Once these were damaged or stolen, the data was lost.
• In order to get around this problem, the business needed to make both on-site and offsite backups.
• One had to be or employ an IT expert in order to make sure that these backups worked when needed.
• In order to upgrade a new feature of the software, CD disks were received via the mail or downloaded from the supplier website and had to be installed on all the computers or server, again requiring an IT expert.
• In order to upload new PAYG tables, new CD disks received in the mail had to be uploaded every year.
• In order for the external accountant to see what was going on with the business, he had to be sent a copy of the file on a USB or emailed the file.
• During this time the business owner could not process or have access to the file information until he received an updated file back from the external accountant.
• The external accountant needed to deal with different versions of files belonging to different clients and had to therefore make sure he returned the correct version to the business owner.
• The programme needed to be purchased for up to a couple thousand dollars and additional licenses needed to be bought as well.

How things work AC X ( After Cloud Xero)

• No data is stored on any local computers or servers so no data can be lost should computers malfunction or be stolen.
• All that is needed is a computer to access the internet.
• There is no longer a need for manual backups as all data is stored in the cloud and backed up automatically.
• There is no need to update PAYG tax tables or upgrades to software as this is done automatically in the cloud. So a business owner no longer needs to be an IT expert or employ an IT expert.
• The accounting file can be viewed from a desktop computer, mobile phone , tablet or laptop from anywhere in the world, not just from an office.
• The live business file can be accessed by the external accountant simply by logging into the file, without disrupting the processing of information.
• The file can be accessed by many authorised persons simultaneously
• A monthly license fee is paid to use the system with no lock in contracts.
• An unlimited number of users can access the file with no additional cost.
• The cost of processing will be reduced by at least 30 %.
• Processing can be streamlined by automation compared to manual processing which is very labour intensive.

These are some of the major improvements for small business that can be realised by becoming part of the new Xero generation.
So come on what are you waiting for…..?
Accolade Accounting are experts in Xero, so join the Xero generation today by calling Neil on 0421 824 137 for a free discussion on how you can join.

Until next time … Keep Xeroing