20/07/2015

Benefits of Using Online Accounting

using online accounting

New technology is around us all the time – from doing banking on a smartphone to checking email on a watch, but have you ever thought to integrate new technology into your business? Taking that leap from the traditional way of doing things can be a little scary at first, but in the long run it’s often easier and more helpful for managing a business efficiently. There are plenty of benefits of using online accounting, let’s take a look at some of them now:

  • Increased security – Think about all that paper floating around the office – private information and data that someone can access if it falls into the wrong hands. Suppose there’s a natural disaster or a break-in at the business? That information isn’t safe and there’s no way to get it back once the files are damaged. Using online accounting means you can access those important files anytime, anywhere.
  • Savings is increased – Imagine if you didn’t have to buy massive amounts of paper, printer ink or deal with storage costs when it comes to holding onto files. Saves a tidy bundle, right? Online accounting software if very affordable and streamlines the entire process for you. What could you possibly do with that savings and extra office space?
  • Very convenient – When you’re running a business, the last thing you want to do is spend time looking for invoices or receipts when the accountant needs them. Using a cloud-based online accounting program like Xero means your accountant can access the files he or she needs at any time – allowing both of you to do your job efficiently.

Cloud-based accounting software offers so many benefits and really makes owning a business a little less stressful. Software options such as Xero imports bank information directly, making it even more accurate and easy to use!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

25/03/2015

Improve Inventory Management with Xero

Any business that deals with inventory is going to love the new update in Xero – inventory management! No more trying to track what you have in stock manually or waiting until the end of the month to see where you stand in terms of goods, the new update in Xero gives you a real-time look at what products are selling…and which ones aren’t. The easy to use program also provides business owners with a variety of customising options to suit the needs of any industry.

Inventory Management

What else can you look forward to with the new inventory management update in Xero? Let’s take a look:

  • Quickly track the quantities of your goods – There’s no more guesswork involved with tracking how much inventory you have in stock or the value that inventory has – the new update makes it easy to track these numbers using the cloud software, so you can see data on any device anywhere you’re located. This feature allows you to have even more control over what or how much you purchases for your business.
  • Easily track your inventory’s profitability – No one wants to have an inventory that’s not making any money. With Xero’s feature, you can now see which of your products are selling and the amount of profit you are making – a priceless feature when you’re trying to maximize your profit margin. The new update also tracks the value of your inventory in real-time, giving you the most up-to-date assessment possible.
  • Manage inventory efficiently – In addition to tracking inventory purchases and sales, the newest Xero update allows businesses to quickly input the current inventory into a database, which in turn speeds up the invoice and quote process from the beginning.

Any business working with an ever-changing inventory will thoroughly appreciate the newest update in Xero. The inventory management feature in Xero provides essential tools to any business owner – tracking profitability and quantity is sure to speed up how you do business! Take a look at this video to find out more about this innovative programme:

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

25/02/2015

Increase Your Business with Sales Quotes

Increase Your Business with Sales Quotes

Did you know that one of the best (and most efficient) ways to increase the amount of business you do is to provide sales quotes? Sales quotes – also referred to as price quotes – often mean the difference between landing a contract and not. Many small businesses make the mistake of not preparing or sending sales quotes quick enough, and in the world of business, timing is everything!

Increasing cash flow and getting invoices paid are two of the most common areas of difficulty for small businesses. Staying on track with clients from the start – such as with the sales quote – is a good way to increase your business and get paid when the job is done. Here are a few ways to increase your business with sales quotes:

  • Send out a detailed sales quote – In many instances, a sales quote is the first impression potential clients have of your business. Clients want to do business with companies who provide clear and concise quotes, as well as detailed terms and conditions, prices and services they will be receiving.
  • Don’t wait too long to respond – Sure, while you don’t want to be hasty and send out a poorly thought out quote, you also don’t want to make the potential client wait too long – they’ll probably move on to the next business. Use a cloud software that provides sales quotes capabilities to easily manage and create sales quotes no matter where you are.
  • Follow up – After two or three days, follow up with the client if you have not heard a response. Communicating with a prospect increases the chance of a sales quote being accepted before things cool off after the initial meeting.

Use cloud-based software to your advantage! Software programs, such as Xero, are designed to make a positive impact on your business by organising your data and providing you access to your spreadsheets and sales quotes from start to finish. Increase your business with sales quotes and see what a difference it makes!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

15/12/2014

Budgeting with Xero

Budgeting with Xero

In any situation dealing with finances, budgeting is very important. It keeps spending in control and helps business owners allot a certain amount of money for necessities and expanding the business through hiring, services or supplies. Budgeting with Xero – or any number of accounting software programs – will help you stay on track and organized when it comes to your sales, spending and profits.

Budgets don’t have to be overly complicated, either. They can be as simple as you need them to be – such as managing income, cost of sales or goods and gross profit. Xero is a powerful tool when it comes to budgeting and can provide business owners with various tools and reports that keep the entire team aware of financial standing. Xero, for example, makes budgeting even easier. Business owners can choose to input financial information into Xero directly or choose to export Xero reports onto an alternative template, such as through Google Docs or Excel. This versatility allows business owners to create and manage budgets on any platform that makes them feel most comfortable.

There are also advanced settings to utilize when budgeting with Xero. Options allow you to create a range of budget scenarios so you can see how your budget is affected should you decide to be a bit tighter with spending or want to see where your budget will be in an optimistic setting. Creating different style budgets will help you see business performances easier and allow you to make adjustments accordingly.

A business can’t survive without some type of budget in place – whether you do it the old fashioned way on a piece of paper or look toward a quality accounting software program like Xero. Budgeting with Xero brings all the information to your fingertips so you can see exactly where your money is going!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

08/12/2014

Tips for Using Xero

Tips for Using Xero

Small and medium-sized businesses always need to keep track of invoicing and expenses, but doing it the old fashioned way is often time consuming and leaves room for error. Xero’s cloud-based accounting software makes bookkeeping and bank reconciliation easy to manage; however, there are a few tips for using Xero that are always recommended to create an ideal experience.

Xero offers such features as:

  • Simple, professional invoicing
  • Purchase order creation
  • Versatility across smartphones and tablets
  • Unlimited user access

Here are some crucial tips for using Xero that you will want to do before getting started, such as:

  • Clean up your files – Before setting up Xero and getting started, be sure to clean out any old accounts or invoices from your old accounting system. Check contact information to ensure everything is current – removing outdated information and data will make the user experience with Xero that much better.
  • Determine a start date – While many accountants recommend starting on July 1st, it’s not always possible to wait or reconcile statements if you have many invoices to deal with each month. If beginning with the Xero account at the beginning of the financial year is not plausible, it’s acceptable to begin at the start of the BAS period – examine your financial situation and choose the best time for your business.
  • Review new codes or laws – Since you’re using cloud-based software such as Xero to make things a bit easier throughout the year – and tax time – you want to make sure you review GST codes on your accounts before getting started. This will cut down on the stress during BAS time, which is something you want!

Xero is designed to make life a bit easier when it comes to managing the finances and books for a small or medium-sized business. Implement these tips for using Xero into your routine so you have a great initial experience with the program. Need additional help setting up? Galaxi Bookkeeping can ensure a stress-free transition into the new program.

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

Posted in: Bookkeeping, Xero
06/10/2014

Bookkeeping for Cafes

bookkeeping for cafes

Keeping track of finances is a struggle for many small businesses, but the hustle and bustle of a busy café can be even more overwhelming for managers and owners. Accounts are often created and taken care of on a quicker schedule – not to mention the constant transactions from customers, purchasing fresh food and supplies, and tracking employee hours over countless shifts are important factors of running the café smoothly. While bookkeeping for cafes may take a bit more attention, that doesn’t mean it has to be harder!

Choosing the right software is a crucial first step to making bookkeeping for cafes easier to handle and helps you stay on track each day. Xero is an ideal software programme for a variety of reasons, one of the most important being ease of use when you’re on the go. You can scan and send invoices, manage receipts, reconcile the payroll and run any necessary reports in a matter of minutes. Time is precious when running a busy café – don’t waste time by tracking all of these features manually! Any type of point of sale software you choose should integrate with the accounting software.

Another important tip in bookkeeping for cafes is to separate all the cash purchases from other purchases made at the establishment. At the end of the month, you can enter these cash purchases into the accounting system – doing it this way will eliminate confusion and reduce the chance of double entry. Using a software programme also ensures that you don’t overstate your GST on fresh food – keeping clear records throughout the month will make filing taxes that much easier!

Finally, running successful bookkeeping for cafes also means finding an easy, simple system for tracking employee hours. It’s important to stay organized for the sake of the business and your employees – you don’t want to spend unnecessary money overbooking your staff or being short on hands during peak hours.

Contact us for a bookkeeping consultation and be sure to visit us on Facebook!

 

 

08/09/2014

New Features Released through Xero

Xero Bookkeeping

Xero Bookkeeping software has always been a benefit for small business, but today there’s even more reason to celebrate: new features released through Xero are now available! This cloud-based software system has some exciting updates that will make life – and your business finances – even easier to manage. Let’s check them out:

  • Batch Deposits – This new feature through Xero is sure to save small business owners a lot of time and stress. Do you have customers who pay by cheque, or are you responsible for paying multiple invoices at any given time? The batch deposits feature is similar to batch payments – it allows you to deposit funds or pay invoices with the press of a button. No more spending time with each invoice!
  • Receipts – This newly released Xero feature has been highly requested and now it’s here. Once a customer submits an invoice payment, you can thank them for payment by sending a receipt. How does this work? Xero is now including the option to attach a receipt copy to each receipt email – which you can also customise to reflect your business or brand. This service adds even more professionalism to your small business!
  • Additional reports – Reports are always a great tool when analysing your business trends and keeping thorough track of records. The new Xero update includes reports such as Profit and Loss, Disposal Schedule, and Account Transactions.

New details have also been added to Xero software to enhance user experience. Create and receive transactions on the go with the ‘New Transaction’ button on the Account Transactions screen – this is very helpful when you want to keep track of the cash position or the status of cheque transactions. Another feature to look for is the updated inventory field – there are now even more details to make use of when adding data to your accounting records.

These are just some of the exciting and new features released through Xero – be sure to take a look at additional updates in full on their blog.

Contact us for a complimentary bookkeeping consultation and be sure to visit us on Facebook!

 

19/08/2014

Xero Has Changed How to Reconcile Payroll

Yesterday, Xero made some fundamental changes to the was we reconcile payroll. Users have been asking for a change for over 12 months. There is a sense of relief among the Xero community that this update has been made.

Reconcile Payroll Without a Draft Bill

The main change is that you no longer need to create the draft bill to reconcile payroll. The draft bill was the annoying step that need to be completed so that wage payments could be reconciled. The reason for the draft bill was to create the vital journal entries for your Profit & Loss and Balance Sheet. With this new payroll update Xero now automatically integrates these journal entries into the Post Pay Run step.

When you need to reconcile your wage payments you just post it to the new Wages Payable – Payroll account. You can even create a bank rule to say time.

Xero have created this fantastic video on the changes to payroll that you can watch below.

The other part of the payroll update is ‘Notes’. This provide users with the ability to store comments & information for employees. Notes could be used to store important conversations or emergency details. All notes are time and date stamped and have restricted viewing by payroll administrators. An update down the track will be the ability to upload important documents as well.

If you have any questions on how to reconcile  payroll or payroll updates in Xero please contact us today. You can also read more about them at the Xero Blog.

Posted in: Xero
12/08/2014

Xero Why Use It?

Xero logo

Xero is in the cloud…

Cloud based programs allow users access to the program on any device, any where. It’s no different with Xero.

You can access your financial data where ever you go. Using the iPhone or Android app you can create invoices and email them to clients. Using your laptop or tablet you can check your cash-flow or complete a pay-run. Your bookkeeper or accountant can also login and complete you financial reports and lodge your BAS. All without installing any software or sharing files.

Xero Provides Real time information

No longer do your accounts need to be living in the past. With live Bank-feeds, Xero allows you to have up-to-date data at your finger tips. Allowing you to make smarter, more informed decisions.

No expensive software purchases or updates

Xero is priced using a monthly fee according to your business size and needs. You never get charged for new updates or functions. There are no long term contracts and no contract cancelation fees.

Fixed Priced Setup and ongoing support

Fixed priced means you have peace of mind of knowing your monthly bookkeeping bill including your Xero subscription in advance. No bill shocks guaranteed. If you would like to get a quote to meet your ongoing bookkeeping needs please do not hesitate to contact us.

Posted in: Bookkeeping, Xero
09/08/2014

How To Save Time Bookkeeping

Five Quick Tips To Save Time Bookkeeping

Bookkeeping can be time consuming for business owners. Here are five easy ways to save time bookkeeping.

1. Never record sales in a word processor. Though word processors may provide more options for invoice templates it creates a double up of work. If you are using accounting software it is definitely worth the time to setup an invoice template to record your sales. It saves you time because each time you create an invoice in the accounting software you record your sale as well. You may not be able to get the exact colour or layout of the invoice that you prefer but the time saved is definitely worth the trade off.

2. Integrate your point-of-sale system with your accounting software. This is a huge time saver for retail businesses. Each time your process a sale through your point-of-sale system it does the necessary entries into your accounting software. No need to enter in daily sales totals or movements of inventory. Accounting software like Xero is perfect for this as it has loads of add-ons including point-of-sale software.

3. Don’t use old school docket books. Handwritten invoices are out of date. Not only do they create double the work for processing sales, they just aren’t cool. If you need write out invoices on the go and you own a smart phone, why not use an invoicing app. These integrate with your accounting software. You simply draft your invoice and email it to your client. The invoice is automatically recorded in your accounting software as sale.

Save time bookkeeping

4. Make payments in batches. Set aside time each week for weekly bills or once a month for monthly accounts. Avoid paying bills one by one, as it is very time consuming. Instead create a batch payment file for your accounts payable. Simply upload it to your online banking and your bank will pay all your bills at once.

5. Use bank feeds. Some accounting software let you use bank feeds. These automatically upload your bank statements into your accounting software. This feature significantly speeds up bank reconciliations. No need to enter the bank statement data into your accounting software anymore.

If you would like more information on any of the topics covered, please feel free to contact us anytime.

Posted in: Bookkeeping, Xero
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