Entries by admin

6 Top Tips on Keeping Your Xero Tidy

Now is the perfect time to go through your Xero and give it a good tidy up. We recommend checking your contacts, bank reconciliation and bills regularly to avoid errors and headaches. It will save you hours later trying to figure out what has gone wrong. 1. Contacts  Is your Contacts list getting out of […]

What is Xero Business Snapshot?

Business Snapshot is a dashboard-style report displaying business performance measures to help you better understand the financial position of your business at any given time. Examining your key business metrics regularly will help you keep on track with your growth. The dashboard gives you a snapshot of your income and spend and highlights if there […]

Coronavirus Job Retention Scheme – how to claim

Here are the links on what and how to claim for Coronavirus Job Retention Scheme. 1. Check if you can claim for your employees’ wages through the Coronavirus Job Retention Scheme 2. Work out 80% of your employees’ wages to claim through the Coronavirus Job Retention Scheme 3. Claim for wages through the Coronavirus Job […]

Tax Filing and Payment Deadlines

Meeting your tax filing and payment duties For any company or individual, meeting their deadlines when it comes to filing and payment of taxes to the government is essential. It is the responsibility of every business to meet their deadlines without fail, as missing these will trigger the risk of getting a penalty. Here are […]

5 Reasons You Need a Cash Flow Forecast

Cash is the lifeblood of all business, especially for start-ups and small enterprises. We all know the phrase “cash is king”. If a business runs out of cash and is not able to obtain new finance, it will become insolvent. It is essential that business owners forecast what is going to happen to cashflow to […]

Why should your business set a budget?

Time and money are the most valued resources for all individuals and organizations. Efficient and effective use of these resources requires planning and sometimes creativity, especially if you are starting out or are a small business. Planning on how to use your time and money in your business alone is not enough, as you and […]

Record Keeping Under MTD

Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software. It is increasingly common for business records and accounts to be kept digitally, in a software program on a computer or tablet, or in a […]

App of the Week – AutoEntry

With every task we do, we always ask the question “Is there a better way?” And with day to day bookkeeping – YES, there is! That’s why AutoEntry is our choice of The App of The Week. AutoEntry simplifies your business’ bookkeeping. It eliminates manual data entry for accountants, bookkeepers and small businesses. It automates […]

What does Balance Sheet tell you about your business?

Balance sheets are used internally to guide management decisions. Externally, they can be used to report the financial status of your business to lenders, investors and other stakeholders. The balance sheet gives you a snapshot of how much your business owns (its assets) and how much it owes (its liabilities) as at a given point […]

Are you wasting time processing expenses?

Expense claims are an administrative burden for all businesses. From taxis, flights, meals, supplies, and everything in between – there are countless expenses that need to be reimbursed to the people who work at the company. But it’s amazing how the simple task of reimbursing employees turns into a paper-filled back-office nightmare. With many apps […]

The Credit Control Revolution

  One of the most awkward and uncomfortable situations in business is having to remind clients about late payments on your invoices. Even harder is trying to respectfully request immediate payment without the conflict associated with adding late payment charges. Credit control is another name for ‘getting the money you’re owed’. Not many businesses have a formal credit […]

App of the week – GoCardless

GoCardless is the easy way to collect Direct Debit Payments. GoCardless allows you to take control of your payments, ensuring your invoices get paid on time, every time via Direct Debit. With automatic reconciliation in Xero, GoCardless improves your cash flow and reduces your admin. Once your business has connected its Xero and GoCardless accounts, […]

Bank Rules in Xero

Why are bank rules so important? Because the secret to speed up the bank reconciliation process is automation. And bank rules are the key to automating a lot of the work when reconciling the bank account in Xero. What are bank rules: The better your rules, the fewer transactions you need to code yourself. Bank […]