5 time saving tips to managing your business

Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!

It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.

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Are you spending too much time on admin work in your business?

As a small business owner we wear a lot of hats:

  • generating income to the business (aka the bread winner)
  • issuing invoices and following up on overdue invoices from non-paying customers
  • managing bills and payment of such
  • recording transactions and preparing BAS
  • responding to requests from clients/leads
  • checking the mail/emails
  • keeping up with your industry’s regulations
  • Tidying up the office
  • … the list goes on.

Question to you: on average how many hours of admin work do you do every week?

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Single Touch Payroll – get sorted now!

Think your good old spreadsheet or notepad is good enough to keep track of employees’ wages? Think again!

On 12 February 2019, the Parliament has passed the laws requiring all businesses use single touch payroll from 1 July 2019.

This means that from 1 July 2019 onwards, all businesses that employ staff, whether it is 1 or 100, are required to register for single touch payroll to keep track of their employee wages, PAYG Withholding and superannuation obligations.

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Why you should consider moving onto the cloud

In recent years many desktop accounting systems started chasing after “the cloud” by establishing their online presence. Some are moving their software to the server/online environment, while the others completely revamped the look and functionality of their software to compete with other online software.

Cloud Accounting is the new, easy and efficient way for you to take control of your business paperwork and have more time to increase your profits or spend with your family.  What will you do with the time you save?

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Xero subscription changes

Most of you may have received this news earlier last week: Xero has recently announced adjustments to their Subscription plans for Standard and Premium plan users, effective 28 September 2018.

Premium plan users

As Xero rolls out more features on reporting, payroll and mobile apps, the prices of the Premium plans will increase starting from 28 September 2018.

This means that in your September and October invoices you will see an adjustment made to your monthly subscription fee.

Standard plan users

Starting from 28 September 2018, Xero Standard subscription users will notice that they will be able to have up to two active payroll employees on the Standard $50 plan, as compared to one active payroll employee currently.

It is therefore a good opportunity to review your subscription plans to see if you can update your subscription plans depending on your business needs. If you need assistance in choosing the correct subscription plan, or to update your subscription plans, please contact us.

More information can be found on this blog post.