- Easy to use
- Automatic software updates
- Automatic Data Back-ups
- Work on anywhere in the world as long as you have internet access.
- Decreases need for server upgrades
- Facilitates & promotes forward-thinking.
- Facilitates more effective tax planning and forecasting.
- Works well with other business advisory services.
- Minimises adjustments or corrections often required when annual financials are prepared.
- We can gain access to your file at any time in order to assist you with queries, allocations, etc without the need to send files back and forth.
- Saves time and money over the long-term through efficiencies gained in data input and reconciliations.
- Allows you to do the processing in-house. We can also train your team on this which will free up your time allowing you to work ON the business.
- Allows for more accurate and up to date financial reporting system thus allowing you to see what is happening in the business NOW rather than historical results of up to 12 months ago. This ensures more effective decision-making by owners and enables you to better manage cash flow going forward.
- One of the coolest things we’ve seen is Xero’s ability to integrate with “Receipt Bank” (software) which enables you to scan or take a photo of receipts or invoices which, through highly advanced character recognition software, uploads details of the transaction for coding into Xero. You can then throw the receipt away saving space and filing.
There are never enough hours in the day. No small business owner, can do everything alone, and do it well. There will come a time when you may decide that its’ time to bring in some help. The best place to start, is to hire a bookkeeper to manage perhaps the most important part of your business; The money. Without properly managed cash flow, good credit produced by timely payment to vendors, and a real time look at your company’s financial truth, you aren’t really doing yourself any favors. Hiring a bookkeeper can add cash to your bottom line, believe it or not.
Its’ a daunting task, handing over your finances to a stranger, so take your time, do your homework and due diligence, decide what type of person you are looking for, and what you are willing to let go of in the responsibility department. Be clear with yourself about what your expectations are and then go out and find that gem of a bookkeeper. Here are the top five reasons, why you really shouldn’t’ be operating without one.
1. The value of their time in keeping the books is higher than the value of YOUR time doing the same thing. Ouch, that one stings a little bit right? Well let’s dig a little deeper. Another way to say this is that a bookkeeper is typically trained and experienced at a very specific set of tasks and skills. You are not. (Well you might be, but you wouldn’t’ have made it this far into the post if you weren’t considering hiring some help now would you!?) He/she is trained to handle specific tasks and challenges in financial matters of a business. These tasks are probably handled more quickly by him/her than they would be by you, as you blunder through it muttering about how you’d rather be visiting job sites, or making sales.
2. You get paid faster when you have someone dedicated to chasing down the folks who are getting way too comfortable on your ageing report.
3. Your credit rating remains stellar when your bills all get paid on time. Leave it to your bookkeeper to maintain a schedule of payments due, and keep your vendors happy! Better credit rating and history usually means better prices AND better terms.
4. The expense of hiring a bookkeeper is a business expense… and don’t forget that those are tax deductible. (Consider paying a bookkeeper for the time spent on your books ONLY vs. hiring an in-house employee to keep the books plus whatever else you might want them to do, which will be more costly.)
5. Finally, your stress level is reduced. Imagine all of the free time that you are going to have to devote to marketing or sales, networking or customer service, now that you have someone competent, skilled and trained, keeping an eye on your money, and alerting you before potential problems occur.
Don’t make a mess of your revenue!
Why you should be hiring an accountant to set up your business accounting software.
Just as you hire a dentist to clean your teeth and a mechanic to fix your car, you should really plan to hire a professional to set up the accounting software for your business.
Here are a few reasons why:
1. An accountant knows more than you do about the pre, present and post of all things financial.
Don’t let this sting your ego. Just as you know better, your passion for the product or service that you are selling or supplying, an accountant knows better, how to set up for successful cash flow management. They will know how to set up vendors, accounts, loans, revenue, invoicing, etc. Having these items properly set up at the start will keep your transactions rolling smoothly and preventing you from having to waste time and money later on making adjustments. Or worse, owing ridiculous amounts of taxes due to an error from 12 months ago.
Being able to look ahead gives you the capability to see problems coming down the road before they come to fruition. Often folks (especially entrepreneurs and executives) forget to think about how much their time is worth in monetary terms. Where is your hour better spent? Adding cash to your bottom line, or figuring out how to manage the cash that you have?
2. Hiring a professional will actually save you money.
Having your software set up correctly will save you money, and likely MAKE you money. The biggest reason for this is the time saving factor. It’s important to have everything at your fingertips at a moment’s notice. You know who owes, you know what your bottom line is, you know what to expect to pay out for taxes next quarter. Best of all, you will be totally prepared when it’s time for your audit or your next business review meeting!
3. You’re too busy not to leave this to a professional.
Remember the passion that got you started in business in the first place? Think about the time that you spend networking, researching, speaking with clients, working on your marketing plan, making sales, making a living, providing an opportunity for others to make a living perhaps. Those things that you enjoy and that keep you working every day. Keep doing those things, and leave the rest to the appropriate professionals.
Do you need assistance setting up a new accounting program?
Do you need assistance getting your accounting program correct?
Eclipse Accounting Group offers qualified bookkeepers under accountant supervision who can assist with all aspects of accounting software program set up and ongoing management.
Let’s face it, when you are running a business, there are some things that you’d just rather not get bogged down with.
You don’t want to be tied to your desk.
Accounting has got to be at the top of that list. Plenty of famous and very wealthy people have said, “Hire people who play at what you have to work at!” Whether you hire someone to handle your finances, or you are doing it, why not make it fun, accessible, and easy!?
Cloud accounting is the way to go. The format offers some fantastic benefits for your vibrant and growing business. Whether you are the user or you’ve hired that person who plays at finances and accounting, they will really dig cloud accounting programs.
When someone is trying to sell me a service, my first question is, “What are the benefits?”. How is cloud accounting going to ease my pain?
- Accessibility. The beauty of working on the cloud, is that it’s accessible to you anywhere at any time, all you need is the device used to communicate with the program! If you are having dinner with your family and suddenly remember you forgot a wire transfer or a deposit needed to make Monday’s payroll, it’s right there at your fingertips, and you’re back at the table before the kids have eaten all of your dessert!
- Safety and Security. Gone are the days of clunky backup tapes, one for each day of the week. When you’re working on the cloud, it’s all done for you, it’s safe, secured, and backed-up, so when your office floods, or the building is broken into and someone runs off with your computers, you haven’t lost your entire financial record bank.
- Always up to date. Software that you interact with from the cloud, is updated as necessary, at no inconvenience to you. Most of the time, I’ll bet you are not even aware that it needs updating, but rather you are notified after it’s fresh and new, and ready to roll again.
The cloud brings an entirely new perspective to the phrase “doing business”. Mobile phones and laptops have made it easier for us to take our work on vacation with us, or home with us, but those devices coupled with software available from anywhere with the simple login and password have made it possible for you to bring your business anywhere, and share it with anyone you need to!
For more information check out Eclipse Accounting Group’s “Cloud Accounting” page or contact the office.
Don’t want to do your own books? Eclipse Accounting Group offers comprehensive bookkeeping services!
Tools. Where would we be without them? Our ages and cultures have been defined by our tools since the beginning of time. (I have a hard time imagining someone brushing dust from a smartphone or Google glasses, but perhaps the cave people thought the same thing about their wheel?)
When you are running a business, tools are what make your world go round on a daily basis. Perhaps the most important tool is the one that you use to pay your employees, your vendors, file your taxes, keep track of your ageing and deposits, and in short, keep an eye on your bottom line from day to day. If you have a vehicle or a major piece of equipment break down, you need to know QUICKLY how much capital you can get your hands on to remedy your disaster as quickly as possible.
Enter Xero. Xero offers every creature comfort that you should require in your cloud accounting list of demands.
Xero allows you to import your bank accounts and keep them running real time within the software. You can access your information and your funds at any time, from anywhere. Time is money in the business world, that’s something that has never changed. Please take a moment if you will, to stop and think about what your time is worth in dollars. Is it better for you to be out selling to your clients, or doing your banking and bookkeeping? Which one of these tasks is going to contribute more dollars to your bottom line? I’ll give you a hint, it isn’t the banking!!!
With tools like Xero, think of all of the time you will be saving! You don’t have to drive to the bank to move money around. You don’t have to drive back to the office to check in with the accounts payable staff to find out if a vendor has been paid. It’s all at your fingertips, on your phone, tablet, or laptop, no matter where you are or what you are doing. (We won’t tell if you took a mental health day to lie on the beach, your secret is safe with us!) We all need to get paid…invoicing and getting paid is so simple when working within Xero. You can send your invoices online with just an email address, and get paid just as simply. Your ageing will never have looked so slim and youthful!
Take back your time. Work in your business, not on it. You will be amazed at what cloud accounting can do to change the face of your business day/week/month!
For more information on how Xero can help your business contact our office today for more information.