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Save time with Xero

This month I want to talk a little about Xero. While most of our business clients use Xero (or MYOB), not everyone that could be taking advantage of Xero currently is. Many smaller sole traders, rental property owners, Family Trusts and self-employed contractors can also benefit from being on Xero.

The most basic Xero subscription is Xero Cashbook, which we can access on behalf of clients for nominal monthly rates. The main benefit of this for you is it provides us with direct feeds of bank and credit card transactions.

Read more…

personal-cash-flow-450pxMost people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from one pay period to the next.

With the ageing population and many Baby Boomers now continuing to work-at least on a part-time basis-past the traditional  retirement age, people are working more years than ever. Even if a person works only 40 years, at average earnings, that's a lot of  money.

It is said, "Money talks", but for many, all it ever says is, "Hello, and Good-bye".

Have you ever found that the month lasts longer than the money? Or have you ever got your tax return and looked at all the money you have earned over the past 12 months and then thought, "Where has it all gone?"

You're not alone. And the good news is, now there's a simple solution. Read more…

Accounting software

Cloud accounting is a revolutionary way to efficiently manage your business, and even personal, financial transactions. It is a great tool to keep your books accurate and up to date. But how do you choose the best cloud accounting software for your business? With the many cloud accounting products out there, it can be challenging to decide which is the best tool to assist your business financial management.

So whether you are a small or medium enterprise, or a big business, or a professional, here are some questions that you need to consider when finding the best cloud accounting software for you.  Read more…

Cloud Accounting

If you are looking for an efficient and more effective way of managing and tracking your business financial transactions, you may want to consider putting your financial data in the cloud or using a cloud accounting system.

The cloud is basically a term used to refer to the internet. And cloud accounting is an efficient method of managing your business online. Instead of storing your data on your local computer, you store it in the cloud so you can access it anytime and anywhere you are in the world. You simply login to software found in any search engine site or to your local computer software.

Cloud accounting is a revolutionary tool that can help businesses, especially startups and small to medium enterprises, grow and realize their full potential.

But it is not always easy to change to something new, especially if it could greatly affect the future of your business. So here are some benefits of cloud accounting that you need to consider if you want your business to be successful.  Read more…

Xero Cloud Accounting

Xero is a cloud-based accounting software designed for small and medium sized businesses. With Xero you can manage your business' financial transactions easily and efficiently.

Here are some guidelines on navigating Xero cloud accounting:

Xero Home Dashboard - Just like other cloud-based tools, Xero has a dashboard. It shows an overview of your overall business performance. It summarises the business' financial position which includes business performance, account watch list, invoices owed to you, bank activity, bills that need to be paid and total cash in and out. 

Accounts – Under the accounts tab you have bank accounts, sales, purchases, inventory, expense claims and fixed assets. It is important that you fill out the information needed on your settings to get accurate information from these sections. By using Xero, it is easier to access data and match transactions through its different components particularly with your banking activity which includes bank reconciliations, live bank feeds, cash coding and expense claims.  Read more…

Five Tips to Cloud Migration

Cloud AccountingMoving to the cloud can be daunting particularly when you are a non-IT person and the cloud is a new concept to you. However, before you get cold feet, make sure you understand what the "cloud" is and have an open-mind on how it can help your business thrive in today's digitised world.

So, what is the "cloud" or cloud computing? Cloud computing consists of shared computing resources accessible via the internet that enable users and enterprises to store and process their data using third-party data centres. Sharing storage and computing power in this way is more convenient as it becomes available anytime, anywhere.

Here are the tips to make your cloud migration seamless:

  1. First, ask yourself, "Is my business ready?" Although it may sound easy, cloud migration takes a little bit of planning and preparation. Understand your organisation's capability around IT system requirements including internet connection and computer specifications. Another thing to understand is that cloud computing does have a cost including acquiring the technology and maintaining the application to training your entire staff. Do you have the resources to support it? Make sure your business is prepared for all these considerations.  Read more…

Accounting vs Bookkeeping

Accounting vs Bookkeeping – What is the Difference and Why Does it Matter?

It is very common for non-accountants to think that accounting and bookkeeping are the same thing. Both play a vital role in the financial cycle but fulfil quite different purposes. As a business owner you need to understand how these functions operate to ensure your business is getting the right financial data and advice that is critical for your future growth and success. So, let's take a closer look:

What is a Bookkeeper?
Bookkeeping is the process of recording the daily financial transactions of the business in a consistent way – generally the basic cash in, cash out in order to gain a simple understanding of financial performance.

Bookkeeping is the first stage of the accounting process and lays the foundations for the work completed by an accountant.

Unlike accountants, bookkeepers do not need any formal qualifications. Frequently the person keeping the books for a small business is the business owner themselves, although as their business grows, they often look to their accountant to provide this service.

What is an Accountant?
The accountant takes the raw information recorded by the bookkeeper and makes sense of that information. Accountants are trained and qualified professionals, skilled in analysing, interpreting and presenting data in different ways. This includes preparing tax returns and financial reports such as profit and loss statements and balance sheets – all essential to managing your business.

Accountants create reports that bring together key financial indicators to enable a better understanding of profitability and cash flow. Their focus is on providing business advice to help ensure your business performance is on track for the future.

There are however differences between regular accountants and Chartered Accountants. Chartered Accountants are further qualified to be members of the industry body which has strict professional and ethical standards. This includes the requirement for ongoing training and upskilling. So, working with a Chartered Accountant gives you the extra confidence your financial affairs are being well looked after!

Accountants and Bookkeepers Working in Harmony
Accountants can be bookkeepers but bookkeepers are rarely accountants. However, as the transactional information provided by the bookkeeper provides the foundation for the accounting process, it is important the two work in harmony.

One way many small businesses create this professional and financial harmony is to outsource both functions to a Chartered Accountant. Using the latest cloud accounting systems such as MYOB and Xero, Paul Martin Chartered Accountant Limited is able to exploit the synergies of a single data source to deliver real-time views of your company's performance. This enables more effective decision making, saves you time and gives you peace of mind your business is in good hands.

Contact us today to talk about how we can help you transform your business financial management.

Cloud accounting is transforming small business financial management. More and more businesses are choosing a cloud product to run their business, achieving cost and time efficiencies as well as superior reporting and other benefits.

To find out more about the two leading products on the market (MYOB and Xero) and to help you assess which will provide the best solution for your business, attend our free seminar in March. Click here for more information.

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