RA Business Advisors

Xero

Utilising the Xero App Marketplace to Save You Time

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Time saving for small business has always been the focus of Xero, with over 700 apps on the marketplace to make Xero save you even more time. With so many apps it can be overwhelming, but there is no need to worry about which ones are best for your business as each app is reviewed by users – no room for bias! 

Xero app marketplace

Research has shown small and medium businesses who use cloud apps grow revenue 30% faster!

There are four key areas that Xero apps help businesses exceed in 

  • Project visibility and delivery: Achieve real-time views of projects that give you meaningful insight into how work will be completed and the impact on bottom line. 
  • Managing cash flow: Make sure your cash flow is healthy by realising revenue and settling bills efficiently 
  • Improve customer relationships: Generate new business through acquiring new clients as well as growing existing client revenue 
  • Managing people: Improve your processes to attract, retain and develop the right staff 

What are the best apps on Xero?

Let’s take a look at a restaurant business with a single storefront for example.

All of their accounting and payroll are processed through Xero, they also use apps to streamline point-of-sale, invoicing, and rostering.  

Vend

Vend provides a database of products which can be used to view profitability against wages and other expenses, opportunities to see sales, payments and posted stock orders as well as plenty of tools to analyse loyalty programs.  

Receipt Bank provides a one-stop automated solution for all supplier invoices to be deposited. Using your mobile device you can easily upload invoices through simply taking a photo. Receipt Bank automatically scans for GST and all other relevant information. This is all automatically uploaded to the cloud and transferred Receipt Bankinto Xero.

Deputy provides rostering software that all employees can easily use for time-sheets as well as processing leave and issuing rosters. Employees automatically receive messages whenever there is a roster change or associated changes. This app also allows you to easily juggle rosters in the case of an absent employee or spur-of-the-moment sick leave.  

You don’t need to worry about juggling between apps as all of these are integrated into Xero. Even better, these are all scalable, a store expanding to multiple stores can easily use Deputy to manage multiple stores, for example. 

But what if you don’t have a physical store?  

If you are thinking that maybe Xero might not be for you as you don’t have a retail business, there’s still value for you if you are operating a trade business for example.  

Through apps such as Tradify, tradies can manage jobs across multiple vehicles and process each job quickly through Xero. Through Tradify, a trade business owner can link their vehicles to employees, assign jobs, process billing for each vehicle and process payments for their employees – all through one app. Business owners can view all of this information through Xero at the end of the day, automating the things you don’t want to do and providing information you want all in one place.

How do I set this up? 

If you are already an avid Xero user, jump on the app marketplace and have a look at the highest rated apps. Otherwise, if you want to take the guesswork out of integrating apps – give us a call! We understand the importance of time and can set up your business with Xero and associated apps using the method that suits you best. We pride ourselves on providing you with knowledge and advice to incorporate Xero into your daily life without any hassle. Apps such as Tradify offer automation opportunities within Xero that truly change how you work, book a meeting with us now and see which apps would benefit your business!

Here’s What Went Down At Xerocon 2018 In Brisbane

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When we first started using Xero in 2010 we attended product seminars in small rooms of less than 100 people. There was no telling that less than ten years later, the Brisbane Convention Centre would be transformed into an all-encompassing more than 3700-person celebration of the platform.  

Xerocon 2018

What did speakers focus on?

Across two days of “Coachella for Accountants” we heard about some of the most exciting developments in the platform, but also learned to better appreciate work-life balance (and how Xero facilitates this, of course). The focus on work-life balance was part of the #HumanAtHeart theme for this year’s event.  

Who were the best speakers? 

Throughout Xerocon the speakers were presented in a way we haven’t seen before, all speakers were on stage at once, speaking at once. But while this may seem comical, each speaker was in their own separate quadrant of the stage, and the audience could choose which one to listen to through their headset.  

Day 1: Simon D’Odorico was a treat; talking about the Xero product roadmap and how the mobile apps Xero are rolling out are going to give more freedom to anyone on the platform. Genevieve Bell spoke about the emergence of AI tech and their impact, while everyone seems to focus on AI as the end of humans at work, Genevieve brought a fresh set of eyes. AI is moving from a command and control paradigm into more of a contextual environment.  

Day 2: Mark Manson kicked off the day with a bang, talking about finding happiness through adjusting your focus. As the author of The Subtle Art of Not Giving a F*CK, Manson had a great wealth of knowledge and made us laugh out loud while shifting our perspective on work.

Why is Xerocon called the ‘Coachella for Accountants?’ 

Xerocon sees thousands of accountants converging from around the country to hear all about Xero, network, and generally have a good time. When you take a look at what Xerocon offers, the name makes a bit more sense as well… 

Pools…Mini golf…Fancy lighting…There was even DJ sets. 

It’s like a mixture of a rock concert and a playground. 

Pool at Xerocon 2018 Playground at Xerocon 2018

What was our highlight? 

Having just read The Subtle Art of Not Giving a F*CK, hearing from the author Mark Manson was phenomenal! Manson’s view of the world is like no other, while we came to Xerocon hoping to leave with a fresh set of eyes on the power of Xero, we walked away with a fresh set of eyes on life itself.  

Take a look at the great wrap video for Xerocon 2018 below! 

Xero Up Their Game With Acquisition of Hubdoc

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Xero acquires HubdocXero’s vision for the workplace is focused on providing code-free accounting, and the platform has taken huge steps towards this with the acquisition of Hubdoc. Hubdoc is an automated data capture solution for real-time financial data that verifies and organises data from over 700 financial institutions.

With this acquisition, Xero adds streamlined data collection and classification to its arsenal, complimenting Xero’s “financial web” strategy. Integration between the two services is currently surface-level, but deeper integration is promised for the future. This acquisition follows the recent partnership between Xero and Gusto to deliver full-service payroll. Xero and Hubdoc are currently dedicated to further enhancing the AI and machine learning features of Xero.

For businesses this development is very exciting, as cloud-based accounting solutions continue to change the face of accounting, Xero has been a frontrunner. With this acquisition, the Xero platform continues to increase in ease and accessibility, enabling businesses to offload bookkeeping completely as all documents are available in one central location.

Collaboration is one of the biggest benefits of using Xero; the ecosystem of the platform allows users to pick and choose from endless tools to suit their needs. Whether you are doing your own accounting, or an accountant delivering value to your clients, the Xero marketplace has tools for everyone. At RA Business Advisors we are passionate about small businesses utilising Xero; if you would like to learn more about how Xero and Hubdoc could benefit your business, get in contact with us today!

Mid-Market to See Xero and Intuit Enter Arena

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Xero and Intuit to enter mid-marketAs the roll-out of Single-Touch Payroll sweeps across Australian businesses, MYOB Premier have decided against adding relevant services to their platform. This has given Xero and Intuit incentive to enter the mid-market, but is it worth your time?

Hang on, what is the mid-market?

The mid-market consists of the 50,000+ businesses in Australia with more than 20 but less than 200 staff. As well as more than $3 million turnover and three or more users of the core business system. This is a market currently dominated by MYOB, but soon to be contested by Xero and Intuit.

Why would I want to use Xero or Intuit anyway?

These platforms have been game changers for small businesses, offering a cloud-based platform which is constantly updating to include support for the future. Technologies such as machine learning, bank feeds, as well as well optimised user interface are huge selling points of Xero. However, to many these options are only available to small businesses with Xero or corporate level businesses with Workday. This is where the mid-market jump for Xero and Intuit comes into play.

Why isn’t the mid-market using these platforms now?

One of the main reasons cloud software hasn’t penetrated the mid-market is because of fear and cost of change. The majority of companies using MYOB do so because they doubt smaller software can perform, and fear the cost of corporate platforms. But this is not the case, as more businesses are realising Xero can match and exceed the performance of MYOB, as well as offering more features at a lower price point.

Tick Tock, Time’s Almost Up

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EOFY is just around the corner, so business owners beware. If you haven’t gotten it done, there is still some time left! If you’re a start-up founder, then pay extra close attention as I guide you step by step into your first business EOFY.

Step 1. Get your ducks in a row

Getting your documents in order is absolutely crucial when that panic sticking EOFY rolls around. If you don’t know what your number looks like it’s hard to make a plan on what to do.  As we keep telling you, we are XERO experts and we believe in most circumstances that is the best place to get your business numbers sorted.  For a start-up, there may be more cost-effective options to get you going and we can guide you through that decision.

Step 2. Seek expert advice

Many problems arise when tax time comes around; the biggest one is lack of understanding. That’s why our taxperts (link) are well versed in all the laws regarding tax.  We provide both taxation and business advice to arm you with all the knowledge you need. Penalties apply if your business isn’t compliant with legislation, so avoid unnecessary fees by talking to one of our advisors today!

Step 3. Claiming is the game

Small businesses that purchase new assets under $20,000 are eligible for a tax write-off to the full value of those purchases. Traditionally, you’d have to wait potentially say five years to realise this return but thankfully this upfront deduction has been extended. One catch: the assets must be purchased prior to EOFY and businesses cannot write-off expenditure that they are trying to also claim through an R&D tax incentive.  Other deductions such as superannuation contributions (new rules this year) can also make a big difference to your tax bill.

Step 4. Be aware

Tax rule changes are as frequent as Christmas these days, no matter what they change every year. It’s critical that you stay up to date with these changes. Last year the tax rate for small companies dropped from 30% where it had been stuck for quite some time. This year the rate is 27.5% for businesses earning under $10 million and 30% for businesses earning more.

Step 5. Arm yourself

Before the technological age really took off, owning a small business was a living nightmare. Thankfully the ATO has kept up with the times by offering an endless supply of small business administration information. Or if you’re really a tech head, there’s an app for that. Check out the ATO website for information ranging from start-ups to large businesses.  There is also a huge array of clever apps on the market that can help streamline your business and free up your time for the more important things in life.

Security – The Endless Dilemma

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Internet security

 

In this day and age, nothing takes precedence more than security. When I say security, I’m not talking about locking your front door or installing a home security system. I mean keeping your account and business information secure and encrypted.

Attention-grabbing headlines relating to online scams, hacks, or viruses are endless, we are constantly trapped worrying that our secure data is being uploaded to someone halfway around the world. Despite these endless stories, the internet is still safe for businesses – provided you take necessary precautions.


Information Matters

No matter what hard drive you use, IT guy you’ve got on speed dial, or how locked tight you keep passwords; your valuable information is NOT safe. From accidentally spilling your morning coffee, to a virus infecting your system and stealing all your valuable information.

Viruses have been plaguing computers well before illegal downloads occurred. In fact, computer viruses (or worms) first began in 1971 with ‘The Creeper Virus’. The first worm was simply an experimental program that became self-replicating, and an anti-virus program was created to remove it. Whilst virus and anti-virus are considered quite yin and yang, security packages just won’t cut it when a hacker wants your information.

To defend against these notorious criminals you don’t need to hire a professional anti-hacker for combating worms, you simply need to move your accounting to the cloud. The cloud replicates your data in different locations to make sure it’s both secure and available when you need it. Not even a natural disaster can affect your accounting data.

Your decision

If you’re thinking about moving your accounting the cloud, look no further than Xero. Security is the top priority and Xero takes every measure to ensure your information stays safe. You won’t need to research what cloud company to join, as Xero has done their due diligence and already utilize a secure and reliable company.

Beginners Guide to Surviving Tax Season

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1. Bookkeeping

Whether business or personal, everyone should be doing this in some capacity. Tracking your income and expenses makes tax preparation and filing so much easier for you and your accountant. To file your taxes, your accountant needs an up-to-date balance sheet (businesses), an income statement, and a record of capital-asset activities for the year (buying, or selling of assets).

2. Receipts and records

Record keeping is the number one priority anyone should have regarding expenses. It doesn’t matter if you keep your receipts organised in a shoebox or online, your accountant will thank you.

Protip: Reduce the clutter by choosing software that allows you to upload and store your receipts.

3. More than just receipts

Sometimes a receipt just isn’t enough. I know, it hurts to hear but it’s the truth! Providing fuel receipts for the use of your personal car won’t cut it. You need more information to back your deduction. The most effective way is to create a log. Track your km’s based on business vs. personal. The ATO won’t accept deductions for personal use, so make sure you make it clear how far you drove for business reasons.

Protip: Driving to and from work is NOT deductible

4. Deductions

Business expenses must be ordinary (accepted within your trade) and necessary. It’s also important to separate personal and business expenses, capital expenses, and any expenses related to the selling of goods (cost of goods sold).

5. Tax strategy

Tax-deductible business expenses are a great way for small businesses to reduce their tax liability. This is especially helpful for companies that are aggressively spending in order to expand. These reasons (and many more) are why tax strategies are so paramount for your business. This is why you need to choose a trustworthy and effective business advisor.

Whether you’re clambering to make your 2017 tax deadline or you’re just not sure what expenses you can deduct, you’ll need an accountant that understands your business and its year-long activities.

To speak to someone who will happily get to know you and your business, call RA Business Advisors on 07 3367 0852 and speak about your tax woes today!

 

Make Technology work for you

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Your small business

Running a small business seems great in theory; you’ve got the benefits of being your own boss, extra income, flexibility – the ‘Australian dream’.

When in reality you’ve got hours of administration work, constant pressure of cash flow, and endless hours working on the small minute financial details of you business. With revolutions in technology like the famous ‘cloud’, how come you still have hours of bookkeeping, payroll and the like?

The cloud isn’t the be all end all

Great, you’ve setup your business and transitioned everything into the cloud. Have those hours of painstaking work dialled back? Or has it just gotten worse? The cloud isn’t user friendly and unless you’re prepared to take up another university degree or spend hours reading through multiple guidebooks on bookkeeping, payroll, and marketing. When you’ve got inventory, cash flow, supplies, and clients/customers to worry about, how can you spare the time?

The cloud, bookkeeping applications, payroll software won’t save you time, it’ll just increase your workload.

By now you’re thinking, why did I ever start this small business, will it ever succeed? Don’t worry; you don’t have to handle all of this paperwork on your own. Luckily, there is a major time-saving solution just one phone call away.

 

The truth about the digital age

Going digital isn’t all that, sure it’s great in some aspects but sometimes you really need a human element. This isn’t new to the technological world either. Many major companies such as Apple and Spotify use ‘real human beings’ to create popular playlists.

Not to mention those little food apps like Foodora and Uber Eats that combine technology with real human beings. Would you trust a robot delivering your weekly order of Mexican? It doesn’t even begin with these guys, full stack businesses have been around since smart phones came into existence!

But this article isn’t about your food delivery needs, so let’s get back to the topic of your business. Apps won’t make your professional life easier like they do with your personal. You need a REAL solution; well don’t worry reader that’s where professionals come into play.

And by professionals I mean, accountants and business advisors. Don’t worry you won’t need to open a new tab and scour the internet for a business advisor that actually makes sense. We’ve got you covered!

 

Xero: The beginning of the end

Xero is definitely a life changer, as we’ve discussed before but it can also be a hassle if you don’t know what you’re doing. Small business owners enjoy using Xero as it makes accounting fun but in the long run some are making a mess of things. I mean, if you join a bookkeeping Facebook group, you’ll see what I mean.

Enter: a Xero-savvy business advisor with a free one hour training session. Now before you go rummaging around for your keys, you’ll need to book as everyone knows time is valuable.

 

What if I still can’t get it right?

You’ve gone through your free training session, maybe you’ve booked a few more but you still can’t quite get the hang of it? Lucky for you our tech-savvy advisors know Xero inside and out, so you don’t have to!

And here’s the absolute kicker; choosing a business advisor over a DIY can not only save you time but it’s less risky and less expensive than hiring an in-house bookkeeper. So if you aren’t up to the task of sorting out your payroll, taxes, accounts receivable, and accounts payable, then I advise you to give us a call or book a consultation.

 

Introducing Xero Projects

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September was an exciting month for Xero partners and small business owners in Australia, as Xero held their annual Xerocon conference in Melbourne. Xero utilised the event to announce an abundance of new apps and features, along with some changes arising in the cloud accounting system. One exciting new feature announced was Xero Projects, which is a tool that will give small business advisors like us the ability to collaborate even more closely with our clients. Projects will give business owners the ability to track their jobs more precisely, ensuring easier planning and budgeting and more efficient resource allocation. The essential goal for Projects is to help drive business efficiency and profitability.

Xero Projects Features

Xero Projects is a new simple time and cost tracking tool that:

• Focuses on the financial side of project management.
• Integrates with key Xero features, including contacts, invoicing, and very soon bills and bank reconciliation.
• Provides flexible, easy project invoicing.
• Supports fixed price and time billing.
• Monitors project budgets and financials.

It has been designed especially for small businesses with simple costing needs, allowing for collaboration with Xero accountants who will be able to provide live informed decisions and allow small business owners to manage their business more efficiently.

xero projects

Pricing

For businesses working with Xero accountants such as ourselves, Xero Projects is going to be free to use for the rest of 2017. Following 2017, this feature will initially be priced at $7 per month in the introductory period, then $10 per month thereafter.

We love this new addition from Xero, tools such as Projects are making Xero’s software an even more attractive proposition for small businesses owners – further expanding the platform to achieve efficiency and profitability.

If you are interested in learning more about Xero Projects or any other Xero add ons, our Xero experts are always available for a chat. Get in touch with us on (07) 3367-0852. or schedule a free Xero Consultation session below:

Post Contributor:
Andrés Pascoe

Make the Change to Xero

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With 30 June on the horizon the end of this financial year is fast approaching. If you have been struggling with old accounting software or Excel worksheets why not try eliminating these struggles before the new financial year? Why not change? Xero is beautiful online accounting software that is both easy and affordable to use, so much so that thousands of small businesses have made the transition. Utilising the power of the cloud Xero holds many advantages over other accounting software.

The cloud is, in basic terms, the delivery of computing as a service rather than a product over the internet. The software and data are hosted by a provider on their servers off site which we can access via the internet through a web browser. We already utilise the cloud checking emails, online banking, social media applications and many more. However, the cloud has consumed the way we live because of the power of mobile devices such as smart phones and tablets, the ability to access information anywhere and at anytime. For more information directly relating to the cloud please refer to our previous blogs.

Traditional desktop software carries a multitude of problems and with it brings unnecessary stresses:
• Data and system isn’t up-to-date
• Only works on one computer and data bounces from place to place
• Only one person has user access
• It’s costly and complicated to keep back ups
• It’s expensive, difficult and time-consuming to upgrade software
• Customer support is expensive and slowThe benefits of Xero speak for themselves:
• Cloud security is world class (same security as online banking)
• Clear overview of current financial position, in real-time
• Multi-user access makes it easy to collaborate online with your team and advisors
• Worry-free maintenance
• Everything is run online, so nothing to install and everything automatically backed up
• Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues
Many of our clients have made the move and loving it.  So if you want to avoid the software induced stress of the next financial year now is the time to change. If you have any queries in reference to changing to Xero please do not hesitate to contact us, as we will be more than willing to help you change over.