Xero solutions for small and medium sized business on the Gold Coast

Have you ever feel overwhelm because you are a small business and don´t know how to handle your bookkeeping? Xero solutions for small and medium sized business on the Gold Coast its the solution to forget about using tons of paper work, lots of documents and its hard for you to find an invoice. Here are the key things I do with our own small business bookkeeping.

Owner in control

The best to do its have your business bookkeeping under control. When you have control of creating invoices and posting payments and to have the correct checks and balances in place to ensure the accounting is correct.

Nobody can move money, process payroll, or pay bills except for you. These are just good accounting practices.

Updated often

Keep your bookkeeping update at least once per week but often daily. This will let you be able to catch things faster and your books will always be up to date.

When you reconcile daily you have a really good handle on cash flow. By printing checks and entering transactions before they post to your bank account you really get an understanding not only of your current cash balance but also your future cash balance. Daily reconciling makes you the best of managing your cash flow. 

Always accurate

Keep your books accurate. This doesn’t necessarily mean you will have to know how to handle every single transaction that happens on your books. Every once in a while a transaction gets a bit complicated and that´s we are here to help you and give you the best advise.

When you don’t know what to do with a particular transaction don’t just bury it in a random account, just give us a call and we will help you ASAP. the best way to do its to keep all of your questions organized in one spot.

Make sure to add as many details as possible to the memo so when you do get the chance to give us a call, you have sufficient information.

Set goals

The key of success its always, always keep your goals present. It is really important to create a budget and forecast each year.

After you build your budget you just tell us your numbers, this way we can help you make them real and makes budget vs actual comparisons really easy.

Key metrics and reporting

There are certain key metrics and reports that every business owner should keep an eye on.

For example, having a 3 or 4 key metrics that you could watch every month. If they get out of line you can figure out the cause and try and make the necessary adjustments to bring them back in line with your goals.

Another important part of any small business owner’s job is to analyze financial reports. Having this information at your fingertips will allow you to quickly see if you are on track for the goals you have set. If not, you can always make the necessary adjustments to get back on track.

On the Gold Coast business owners usually operate without any financial analysis. Doing so is like running the business blind. You can’t analyze your key metrics and financial reports unless your bookkeeping is updated, accurate, and you have set goals.

When you receive money owing from customers in the form of accounts receivable is one of the biggest contributors to your company’s cash flow.

While business success hinges on having positive cash flow activity – where there’s more money coming in than there is going out – the money that flows into your business can’t really be counted as income until it becomes cash-in-hand.

Every accounts receivable entry in your company records is essentially a short-term loan that’s been issued to a customer.

Keeping your overdue accounts under control means getting paid for these loans in a timely fashion, unfortunately, many business owners don’t fully appreciate the crucial role that the collection of these outstanding debts plays in their success.

Why is cash flow so important?

This cash can help you to pay your employees and purchase supplies. when you are able to established a positive cash flow, your business its earning a profit.

No company can continue to operate if it consistently pays out more than it takes in, and it’s the ability to generate and use cash that allows your business to:

  • Stay on top of its debts
  • Enjoy regular growth
  • Maintain flexibility in the face of financial emergencies and expansion opportunities
  • Get approved for new credit
  • Attract additional customers with better credit terms

Could sound not very fun, but learning how to manage these accounts effectively can mean the difference between heading a company that profits from long-term success, and one that simply closes its doors and disappears.

The Importance of Checking a Client’s History

Now days its easier to keep your clients history, technology makes everything for you, and if you keep record of your clients, you will be able to evaluate and approve a client for credit.

for example:

  • running a credit check, and obtaining a credit report
  • requesting and checking bank and commercial references
  • obtaining a signed agreement with respect to the credit and payment terms being offered

Don’t fall into the trap of thinking that any new client is worth the risk of overlooking the occasional red flag. The cost of dealing with a customer who doesn’t pay can often be higher than the cost of forgoing that client’s business in the first place!!!

Collection Success for When You’re a Small Business Owner

Its really sad to know that some clients will never payed, I hope you will never have this experience (we will help you to never have one), there are any number of reasons why a customer might fail to pay their invoices on time:

  • smaller companies may be short-staffed and disorganized in their approach to paperwork
  • bigger companies may have trouble streamlining their large volume of administrative duties
  • companies of all sizes may experience negative cash flow due to a lack of proper budgeting or an inefficiency in collecting their own accounts receivable

We understand that dealing with your company’s accounts receivable demands an objective mindset and an understanding of when, and how, to gradually elevate your collection efforts.

Staying current with your invoicing, monitoring the status of your outstanding accounts at least weekly, and knowing when to enlist outside help are just some of the habits that will help to keep your company’s cash flow moving smoothly.

Need more inforamtion about xero solutions for small and medium sized business on the Gold Coast? give us a call today!

how can we help you?

Contact us at the Xero and Bookkeeping Accountant nearest to you or submit a business inquiry online.

Making the up most in every charter was my goal. Now I have the time

Ryan Addams
Sales and Logistics , Riviera Charters

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