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Switch to eInvoicing

July 19, 2022 By raadmin

What is eInvoicing?

EInvoicing is a government initiative designed to make the exchange of electronic invoices more efficient via your accounting software. Once the sender generates the invoice within their software, the information will be directly sent to the receiver, ready to be approved and paid for.

EInvoicing enables better control over your invoicing by:

Automatically appearing in your software to reduce the need to manually enter the invoices
Using the ABN (Australian Business Number) of your trading partner as well as validating key details before the eInvoices are sent. This then removes the need to follow up the invoices that were incorrectly addressed or lost.
Removing the manual entry of invoices to eliminate the time-consuming and costly errors
Delivering the invoices with real-time information that can be accessed in your accounting software
Limiting the fake or compromised invoices as well as other false billing scams
Allowing you to seamlessly trade with other eInvoicing-enabled businesses across Australia and worldwide.

This process can be implemented easy and efficiently. For more information about these measures ask your accounting software provider or click here. However, if you do not currently use an accounting software, there are several free and low-cost options available.

How does Xero incorporate eInvoicing?

EInvoicing software is similar to Xero as it allows the eInvoices to be exchanged efficiently and safely amongst the government and other businesses. Hence why we highly recommend Xero as your go to accounting software.

Get started with eInvoicing with Xero within a few steps.

Within Xero, you can register via the Peppol network by using your ABN and it’s a free service.
In Xero enter your ABN, then enter your chosen customer’s ABN to ensure they are registered within the Peppol Network.
The eInvoices will be received automatically from the supplier which reduces the risk of misdirected emails or letters. This also means there is no need to manually enter the data into the invoice. These eInvoices can be viewed as draft bills via the Xero app or on your laptop, ready to be approved and paid for.

For more details on how it works in Xero check out the following Xhelp guide: Register to receive eInvoices – Xero Central

How Much Documentation Do You Really Need For a Tax Return?

August 2, 2019 By raadmin

Tax time is one of the few times of the year where keeping an absurd amount of paper in your possession is socially acceptable. But while most of us can confide in our receipts to keep us safe navigating our tax return, receipts aren’t always enough – especially if you get audited by the ATO.

As one such Australian told the ABC some weeks ago, claims for $120,000 of self-education over three years lead to a full-scale audit. When asked to supply bank statements as well as receipts for their education, they were taken aback, but this is not an alien concept for audits from the ATO. Unfortunately for this person, they made mistakes in previous returns leading to a $24,000 debt – but this doesn’t have to be the case for you.

Jumping through various hoops to only get stung with a big debt is a pretty jarring experience and you are destined to learn some lessons going through that type of hardship. The number one lesson they learned?

Keep records and use a tax agent

The ability for tax agents to easily change previous years returns and to accommodate sudden changes in your financials makes keeping yourself safe during an audit much easier. Furthermore, keeping records needs to stop being an exclusively analog process. Scanning your receipts into software such as XERO or Dropbox not only frees up space in your pocket but makes it far easier to organise and recall receipts.

At the end of the day, if you have correctly worked out your claims so you aren’t claiming more than you should be and have your documentation in order, you have nothing to worry about. If you aren’t confident that you can correctly work out your deductions, take the stress away and contact a tax agent. We can help you get the most out of your tax return, give us a call today on 3367 0852 or email us through mail@raaccountants.com.au

Five Tips To Get Your Business Ready For The New Year

January 24, 2019 By raadmin

1. Make sure you are maximising your use of Xero

The cloud is the place to be in 2019, has your business gone digital? If you haven’t fully integrated the cloud into your business just yet don’t worry, because we are here to help. The benefits from cloud accounting are endless but here’s just a few: scalable, cost-effective and easy to use, no need for software to clog up your computer and no need to worry about huge initial costs as Xero runs off a monthly subscription.

Not only this, but apps have brought a whole new dimension of utility to the Xero platform. Research from Xero has shown businesses which make use of apps grow net profits 30% faster. Apps enable you to combine a specialised set of services into an app stack that works together to streamline your business. Eliminating so many of the hassles commonly associated with the archaic endless list of computer programs you would use in the past. Goodbye dumb license agreements, goodbye constant update waits, hello more time on your hands.

You can read about some of our favourite apps here

2. Automate your business processes

Automating your business processes reduces manual tasks in processes such as forwarding data, extracting information from databases and much more. A good business integrated app stack will not only eliminate human-caused errors but will save you money.

Faster, cheaper and powerful, these apps will not only identify bottlenecks in your business but will eliminate them too.

3. Review your expenses

Has it been a while since you took a good hard look at your supplier costs or your additional spending? It’s time to get on top of your expenses and cut unnecessary costs out of your life. The first step is to examine your quarterly invoices and see if there are any unwanted patterns arising. Shop around and make sure your current supplier is giving you the best deal you can get.

Review the purpose of what you are spending money on and consider if it’s critical to the success of your business. Think about the renewal fees and whether there are loyalty discounts you can access.

Consider making some payments to decrease your debt, whether it be the company credit card or back payments to suppliers. Making payments ahead of interest coming into the picture is an important policy for ensuring you don’t have unnecessary debt.

4. Forecast your cash flow

A well thought out cash flow forecast is helpful for predicting surpluses and deficits in cash flow. This mean your business can make better decisions, as well as prepare for potential business changes or decisions.

There’s three steps to a cash flow forecast:

Estimate your likely sales for each week or month
Estimate when you expect to receive payments
Estimate your likely costs

After you’ve taken these steps, add an opening bank account balance and the revenue, less expenses for each period to calculate your likely cash position.

Once you’ve taken the necessary steps to create your cash flow forecast, make sure you are updating it throughout the year.

5. Come in for a free consult!

If you want to take your business to the next level this year or have been thinking about taking the next step to become a pro at Xero

GIVE US A CALL!

App Stacks – The Next Step For Business Optimisation

December 13, 2018 By raadmin

The future of business is digital. This might sound like something you would hear from someone in the 90’s, but digital is taking on a whole new meaning. The world of apps long relegated to games and memes on iTunes has moved into the world of business. The positive effects on your business from having an ideal app stack are boundless. Research from Xero shows small businesses using apps grow net profit 30% faster.

Hang on, what is an app stack?

App stack is the name given to the family of apps you have working for your business. In the digital ecosystem it’s important to eliminate clutter. You need to make sure your app stack is set up to work efficiently for your business. When you have the ideal stack you are going to see administrative work eliminated, time saved and a foundation for success built.

What are the ideal apps for small businesses?

Xero – Xero is our bread and butter here at RA Business Advisors, but it’s for good reason. Xero is where everything starts when it comes to running your small business. All the apps that follow in your stack will most likely already work perfectly with Xero considering the Xero app marketplace already has over 700 apps integrated.

Google Docs – Well-known by everyone but still an integral part of any small business, Google Docs is the go-to word processing software for those looking to save money.

ReceiptBank – ReceiptBank allows you to scan receipts directly into Xero, simply take a photo with your phone and ReceiptBank will scan for important information and produce a handy version in Xero instantly.

Hubdoc – ReceiptBank is the go-to app for your receipts but what about banks and online vendor receipts you have to fetch? That is where Hubdoc comes in, automatically fetching statements, bills and receipts from more than 700 banks and online vendors.

WorkflowMAX – WorkflowMAX is exactly what the name suggests, a solution for maximising your workflow. Through WorkflowMAX you can push sales invoices to Xero, get payment confirmation, send invoices and view profitability all through one place.

Deputy – Deputy is the ultimate employee management tool, simplifying rosters, timesheets and every aspect of payroll and time billing – all integrated with Xero. All in 1 click!

If you want to take the next step and get a tailored app stack for your business which will work towards your goals, get in contact with us today on 07 3367 0852.

How Are You Making Sure Your Mobile Phone Data Is Safe?

November 23, 2018 By raadmin

Recently, the new shiny iPhone XS and XR entered the market.

For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model.

If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current device, and start playing with its new features. Right?

But have you considered the security aspects?

According to online security software vendor, Norton, the scary reality is that 978 million people in 20 countries were affected by cybercrime in 2017. In New Zealand and Australia, one in four small businesses experienced a cyber-attack or hacking attempt.

“It’s an unfortunate fact that the impact of cybercrime is a reality for all businesses,” Xero Head of Security, Paul Macpherson, said at the recent Xerocon conference in Brisbane. “We continually remind all of our customers – small businesses, accountants and bookkeepers – to take precautions to keep their data safe from hackers.”

Sure, you’ll be eager to try the cool Face ID feature and of course you wouldn’t dream of breaking your shiny new phone. But are you mindful of how you’ll keep its contents safe too?

Obtaining a new phone is the perfect opportunity to get everything set up correctly right from the start. And if you don’t plan to upgrade your mobile phone, there’s no time like the present to make changes.

Are you too relaxed with your data security?

While many of us are looking for convenience of easy-to-find or easy-to-remember passwords, in reality you’re making yourself vulnerable to digital identity theft.

Xero Head of Industry, Matthew Prouse, says “the biggest mistake people make is keep highly confidential information in their phone, such as in ‘Notes’ or disguised as a contact. You’re walking around with a pocket of very sensitive data.”

Prouse recommends that you do not –

· Add passwords and pin codes to the ‘Notes’ app

· Try to disguise passwords, bank account numbers or your tax file number as phone contacts

· Choose obvious passwords (such as your date of birth or cat’s name) that even your kids can work out

· Replicate the same codes everywhere (such as your bank account pin)

· Allow your computer or phone to automatically save passwords

· Hand over old mobile phones to your kids without clearing all sensitive data first

Think about the worst case scenario: your phone gets stolen. For many of us, this doesn’t just mean losing a device. It also means losing passwords. And your digital identity.

Every day, there are reports of email accounts being hacked, phishing emails being sent with the aim of collecting credit card details and bank account numbers, and credentials stolen from one website and then used against other sites to see if username and passwords have been replicated.

Macpherson says over 80% of breaches occur via stolen or weak passwords, with email as the primary method of attack. So it’s highly important to keep sensitive employee and customer data safe via modern security practices, especially while running a sustainable and trusted modern business.

How can I improve my phone security?

Now is the time to brush up on your security awareness.

Prouse recommends utilising apps such as LastPass and Google Authenticator for encryption and a second layer of security for important business and personal websites. However, you can’t just download them and consider yourself completely covered.

“As a business owner, your smartphone itself needs to be safe and secure too,” says Prouse. “Make sure there is a fingerprint scanner, facial recognition, and good password security.”

And when it comes to passwords, Prouse suggests thinking outside the box.

“You might like to check out Stay Smart Online for some good tips and policies around passwords. Don’t just use your date of birth, postcode, or banking pin numbers. Pick random numbers; the authorisation apps will remember them for you.”

It’s also key to remember that if you have an existing authenticator app setup on your old phone, you need to set it up on your new device before disposing of your old one.

So if you’re getting your hands on the new iPhone X, take some time to set up the security as a priority. Because, admit it, downloading Instagram was otherwise first on your list!

Staying Safe At Tax Time Begins Now!

November 16, 2018 By raadmin

As the year comes to a close and the financial year moves forward at full-steam, it’s important to be on top of your tax time practices now to prevent heartbreak later.

The ATO have profiled the five most common mistakes Australians are making during the end of the financial year period:

Leaving out some of their income (for example, money earned from cryptocurrency etc.)
Claiming deductions for personal expenses (for example, between work travel, personal phone calls etc.)
Forgetting to keep receipts or records of their expenses (around half of the adjustments the ATO makes are because the taxpayer had no records, or they were poor quality)
Claiming for something they never paid for
Claiming personal expenses for rental properties (either claiming deductions for times when they are using their property themselves, or claiming interest on loans used to buy personal assets like a car or boat)

If you are worried about what you can claim for work-related personal expenses, just remember these three golden rules:

You must have spent the money yourself and not have been reimbursed
It must be directly related to earning your income
You must have a record to prove it

With ATO efforts to crack-down on tax time cheats increasing, it’s more important than ever to ensure you don’t get caught off-guard when June 30 comes around.

If you are worried about any of these, don’t hesitate to get in contact with us! Especially if you are worried about ensuring you are on top of your receipts over the year. Through utilising apps such as ReceiptBank with Xero you can streamline your business and won’t have to worry about storing receipts ever again!

Utilising the Xero App Marketplace to Save You Time

October 2, 2018 By raadmin

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!

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 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 into 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

September 18, 2018 By raadmin

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.

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.

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!

https://www.youtube.com/watch?v=NyFcG1ifIjw

Xero Up Their Game With Acquisition of Hubdoc

August 29, 2018 By raadmin

Xero’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!