Branding themes are just a fancy word for templates and you can create as many as you need in Xero. The biggest reasons to use different branding themes is if you use different payment methods or you have different brands within the business.
A major benefit when using branding themes is you can allocate a different theme for selected customers. For example if you have a set of customers that allow you to deduct payment for their invoices using a service uCollect you can allocate a branding theme in Xero that doesn’t give them the option to pay that invoice but instead shows a message for them NOT to pay and that the payment will be made automatically.
If you are looking for computerised, online accounting software now is a great time. Just doing a Google search for comparisons between MYOB and Xero will reveal a flurry of ads to capture your attention.
Many micro businesses with one main worker/contractor etc just want to keep track of quotes, invoices, purchases and payments and there are some pretty cheap options available – cue… BillCue.
It’s the end the of the financial year and for small businesses that means getting your affairs in order and buying things if you need them so you can claim the business expense this financial year.
Public companies that are listed on the ASX and other stock exchanges around the world report quarterly or half yearly and if you are a business owner or a share investor it’s important to understand how to read financial reports.
An interesting and relevant example is how Xero recently announced a big loss in their recent financial report but their share price sky-rocketed.
We’re approaching the end of the financial year and everyone will be reading and trying to understand their annual financial reports, particularly if they have outstanding Superannuation to pay (and claim) or they need funding.
I’ve written in the past about how to create a cashflow forecast using Xero and Excel and this post is a summary of good practices and recommendations when it comes to cashflow reporting
Credit risk is the probability of not getting paid, simple. Some business owners think that just having some special clauses in their terms of trade is all they need to do but there’s more involved.
When you offer anyone credit you are entering into a whole separate debt agreement. It’s no longer just providing goods and services and the warranties which come with that. When you offer credit (to anyone, even friends) there is an expectation that the borrower will repay the loan in good faith – in other words as quickly as possible. But many things can get in the way and the credit component of the transaction can get awkward.
I wrote earlier this week about Mentor Educations fate under the hands of an administrator and it all comes down to Credit Management. The “business for sale ad” touts that they earned $5M in revenue but they appear to have a cashflow management issue. Should someone have completed EzyLearn’s Credit Management Course?
This is quite a serious matter for existing students and it is a good case study example about important steps that every business needs to take if they are giving credit. It appears that one or more of Mentor Education’s creditors did have good credit management procedures in place..
Am I a bookkeeping nerd or is everyone else also seeing these “financial” advertisements for tax lodgement, easy bookkeeping and 6 month FREE access to accounting software?
It’s interesting to see a new accounting software company appear in Australia despite the fact that many have come and gone in the past – particularly during this market downturn for technology shares! Their offer is pretty compelling though..
One of the most common questions we get asked by students when they enrol into an online course relates to access to the software.
Years ago you could buy the MYOB AccountRight software from Officeworks for $10 and use it forever but online software like Xero, QuickBooks Online and MYOB Business Essentials are all subscription based and offer a 30 day free trial.
Although 30 days doesn’t seem like a long time if you are enrolled into a MYOB or Xero course that provides 12 months course access, there are ways you can still make VERY good use of these trial periods.
Bookkeeping is an essential part of business, not just to keep track of financial activities for the business’ sake, but also to meet obligations from the ATO. It’s nothing ground-breaking to highlight the importance of bookkeeping, but lots of businesses might start operating without considering the necessity of bookkeeping.
If you’re a business owner who doesn’t have a background in accounting or bookkeeping, then you’ll want to learn at least the basics quickly – even if you intend to hire accounts staff, it’s great to understand the bookkeeping tasks that need to be completed.
If you’re looking into a business, maybe you’re thinking of buying a product from them, subscribing to a service, or even just doing a bit of research, one of the places you’ll want to go is the ratings and reviews page.
I’ve written before about how reviews and testimonials are more valuable than number ratings when it comes to revealing important things about a business but for medium and larger companies, who aren’t able to have a personal relationship with their customers, they have to rely on these ratings. They’re also used an opportunity to measure what matters to their clients.
One of the ways they do this is through Net Promoter Scores (NPS), and you’ve probably contributed to one even if you don’t know it!
It’s not a secret that in order to stay afloat businesses need to be making money. Access to funds is essential for businesses to not only pay off debts, but also to finance everyday operations and pay their staff and suppliers.
It can become problematic, however, when a business’ cash flow is tied up in unpaid invoices. If a business sells on credit – as many do – they might be in the unfortunate position of waiting to get paid by their customer and struggling to make ends meet in the meantime.
There are a few solutions: one is to use credit management apps like ChaserHQ or Debtor Daddy to help automate the process. Things like chasing up unpaid invoices and escalating debts can be made easier by using these apps that integrate with your accounting software.
The other is to get a loan. Commonwealth Bank’s (CBA) Stream Working Capital is a digital solution for businesses to access the money tied up in their invoices. Here’s what you need to know about it:
With so many integrations, Xero has become a leading software for small business accounting. From ecommerce add-ons to payroll and workforce management software, there is a Xero integration for most aspects of business management and administration. It’s little wonder that Xero Courses are becoming so popular.
And credit management is no exception. Chaser HQ is a credit management app that promotes its ability to automate the whole process: from credit checks to chasing up invoices. It’s a UK-based company, but its integration with Xero could see it being used more and more by accounting staff globally, including Australia.
The worst-case scenario for many businesses is having to chase up overdue payments from clients. Not only is it stressful and frustrating for employees, but it can mean cash stays tied up for longer, lengthening the cash conversion cycle.
Considering how many industries – from retail to construction – extend lines of credit to their customers, it’s essential for businesses to know how to collect their accounts recievable with as little time and hassle as possible.
There are a lot of things that contribute to a successful business, but there’s no doubt that cash is a pretty significant one. Whether or not a business can generate enough revenue to not only stay afloat, but make a profit, determines whether or not that business can continue to operate.
But collecting that cash is not as simple as swiping a customer’s credit card. From the first cent a business spends in buying its stock, to the final cent the business receives in payment from a customer, the cash conversion cycle can tell a lot about just how efficient and effective a business is.
Credit management and collection is the important part of business that can easily become problematic. The awkward phone calls chasing up late payments, the back-and-forth emails and reminders that disrupt your workflow, and – of course – the ageing invoices filling up your accounts receivable as you wait to get paid.
Countless credit management and collection apps have stepped up to automate and streamline the process. If you take a look at Xero’s app store you can see just how many are on the market. Yet for achieving ultimately the same purpose, these apps each have their own features and pricing that will influence which one works best for different businesses.
Xero is a great bookkeeping program for tradies who are on the go and using their phones (or a tablet) all the time. From receipts scanning to creating quotes and invoices, receiving payments and keeping track of project costs.