Invoices can be a hassle for both businesses and their clients. There’s nothing fun about chasing up that client about their late payment, nor is it an efficient use of time to trawl through emails and inboxes trying to find that invoice from however long ago.
The Commonwealth Government is pushing ahead with an alternative, that looks like it will make things a bit easier for everyone.
eInvoicing is on the rise! And since software like Xero has jumped in on the change, it’s important for small businesses to know what eInvoicing is all about:
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:
The pandemic has seen huge changes to the way businesses run, with Zoom meetings and remote working becoming the new normal and working parents are loving it (if they have the space for it).
The common factor here, of course, is the move to digital solutions for businesses. Whilst ICT expenditure has always formed part of a business’ expenses, the pandemic has contributed to an increase in this area of spending.
Businesses are becoming increasingly digital, and it’s actually improving their performance. One of the areas I’ve noticed is the use of website chat has increased and customer service work can be performed by anyone running a micro business from their own home.
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.
My 7 year old son lent me $5 (which I then lent to his 12 year old brother) and then he lent his brother a further $10 directly so the older brother could buy something he really wanted at the time. Is it getting complicated already!?
This lending happened over a month ago and a conflict is brewing over the $10 he lent to the 12 year old because it was underwritten by his pocket money which had not been paid at the time.
All of a sudden I’m hearing about terms of trade from everyone! Maybe it’s because things are tight and customers need credit? Or maybe it’s because we have started offering course funding at $20 per week!!
We are busy updating our Credit Controllers Course right now. Check out some of the topics included that will get you up to speed.
Finally, after 23 years we’re making our training manuals available for sale! Not the ones we created 23 years ago but our latest versions of course.
Training manuals are an important learning tool for our courses because they contain the step-by-step exercises that the course is based around. Our first release of training manuals covers credit management, accounts receivable, accounts payable, data entry of quotes, invoices, purchases and payments – all the things that most businesses need.
THE DEFINITION OF a training course has changed a lot over the last 20 years. With new online internet technologies comes new ways of learning. The concept of the “micro course” is gaining momentum as students look for information when they need it, known in the industry as “just in time learning”.
There are lots of time and cost pressures for students as they juggle part-time work, kids and mortgage payments. As a result, we’re launching a brand new Online Training Service for past EzyLearn students AND new students — EzyLearn’s Video Training Library Membership.
The payment plan for the MYOB AccountRight COMPLETE Training Course package for $20 per week has proven to be popular and is still currently available. Better still we’ve just launched a payment plan for the Bookkeeping Academy COMPLETE COMBO – that means you can pay a low weekly fee of $20 and receive training on EVERY major accounting program in Australia, from Beginners’ to Advanced!
ACCOUNTS PAYABLE OFFICERS are responsible for paying invoices owed by a company to its suppliers or vendors.
They typically work in medium to large-sized businesses, where they may also be called an accounts officer and be responsible for investigating the cost of wages, materials, overheads and other operating expenses.
Here are some of the other common tasks you’ll find in an accounts payable officers job description.
NOT SO LONG AGO, bookkeepers and accountants only had to learn to work with one accounting program. That was back when MYOB, the market leader, had a strangle-hold on the industry, and though a few alternatives – Reckon, Quickbooks – tried to squeeze out a space for themselves, MYOB was too embedded in the accounting industry.
I RECENTLY WROTE about a Tradie Charging Too Little. In this I covered the four tell-tale signs, as told to me by a tradesperson friend of mine, that your prices are too low. But there are other business mistakes that owners, particularly tradespeople, make that can wind up costing them thousands in lost revenue — and when I say revenue I don’t just mean from existing clients but also past clients and new prospects! Continue reading 3 Little Mistakes that Cost Thousands
Be Aware of the Ebbs and Flows of Your Business: Multi-Period Profit and Loss Reporting
Nearly every business has its busy periods and its quiet ones. Crucial to the success of a business is knowing when these busy periods and quiet ones occur, so you can capitalise on them.
For a lot of Australian businesses offering professional services, December through January is usually when business winds down for the year. In the hospitality and accommodation industry, however, it’s typically the busiest time of the year, so planning for increased business is essential. Continue reading Running Multi-Period Profit and Loss Statements