Xero contains many features that enable multiple users to work together with ease. One such feature is the Discuss tab on the bank reconciliation screen. Within this tab, users can save notes regarding any unreconciled bank statement line. The result is that issues can be resolved and questions answered much more quickly. Let’s take a […]
Category Archives: Bookkeeping
Real-time accounting is when your books are caught up to the present and you know exactly where you stand with your account balances, revenue, and profit. It’s truly doing your accounting in real time. The opposite of real-time accounting is getting your books done once a year (or worse, being years behind). When you wait […]
Creating repeating invoices in Xero can save a lot of time if you are a company who charges your clients a monthly fee. There is no need to enter the same information every time you do your billing. By following these simple steps you can streamline your billing and free up some of your time. […]
Do you spend a lot of time reviewing stacks of reports each month so you can get the information you need to make decisions? Do you find out after the fact that something went wrong in your business and that if you had known about it sooner, you would have made different decisions? If so, […]
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If you are like most small business owners, you barely glance at the Balance Sheet and go straight to the Profit & Loss Statement (also known as the Income Statement). But there is a lot of value in reviewing this report. In this article, we discuss the main components of the Balance Sheet. We also […]
You have been hearing about it, you may even be curious about it, but the real question is – are you ready for a online accounting? Online accounting provides so many benefits, including – anytime anywhere access, the ability to collaborate, and security of your precious data. Anytime Anywhere Access Do you ever feel chained […]
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Bank reconciliations. You know you should do them, but why? What is a bank reconciliation? What should you look at after you have performed a bank reconciliation? How often should reconciliations be done? What is a Bank Reconciliation? A bank reconciliation is a comparison of what the bank says your balance is to what your […]
Now is a perfect time to get your financial records in order. Tax moves you make now can mean saving you money. Here are five quick tips for you to feel more prepared about your financial status as you go into year-end. Avoid Penalties This time of year is ideal to double-check your tax payments […]
A great accounting system should help you streamline your accounting processes, speed receivables, and help you identify opportunities to increase your profits. In order to maximize these benefits, you’ll want to make sure you take advantage of the system’s features that enable these benefits. There are many features to benefit from, and here are just […]
Watching the cash balance is one of the most frequent activities of a small business owner. Besides making sure you have enough cash for payroll and bills, there is another huge opportunity you can benefit from: lowering the cost of processing your bills. It can be expensive and time-consuming to process bills and handle the […]