If you have projects or regions that you would like to track in your business through it’s own Profit and Loss Statement this can be easily done through tracking.
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Chart of Accounts in Xero
Xero has a great Chart of Accounts template and you have the freedom to add more account codes that are relevant to your business.
Posted By : admin ( 02/22/2016 )
Fixed Assets in Xero
With the help of your accountant and bookkeeper you can keep your Asset Register up to date so that your depreciation values can be factored into your Profit and Loss Report on more regular basis than once year.
Posted By : admin ( 02/22/2016 )
Adding New Users in Xero
You can add Users to your Xero data file and you can also restrict the functionalities that some Users can access.
Posted By : admin ( 02/22/2016 )
Reporting in Xero
How reporting in Xero can help you understand your business.
Posted By : admin ( 02/22/2016 )
Manage bills and purchases in Xero
Here is another feature of Xero that can help you with your business cash flow.
Posted By : admin ( 02/22/2016 )
Sales and Online Invoicing in Xero
Xero allows you to invoice on the go, and also facilitates a Pay Now feature to get you paid faster.
Posted By : admin ( 02/22/2016 )
Bank Reconciliation in Xero
The fantastic efficiencies of bank reconciliations in Xero.
Posted By : admin ( 02/22/2016 )
The Xero Dashboard
This video gives you an overview of the Xero Dashboard.
Posted By : admin ( 02/22/2016 )
DEALING WITH YOUR DEBTORS
www.creditorwatch.com.au should be your first step in your process for extending credit to your customers.
Why I hear you ask?
ASIC has identified a serious increase in the number of companies going into administration. Why not be ahead of the game and monitor your business money better.
Ask yourself these questions:
Would you extend credit to a customer if you were aware of their credit risk?
Would you risk your business to help that customer if they were a credit risk?
Creditorwatch keeps an eye on your customers for you, you will be sent an alert if there is a change in their credit status.
Recommendations:
1. Before you take on a new customer, perform a free credit check to know their credit worthiness.
2. If you decide to extend credit then provide them with a manageable credit limit in the beginning.
3. Continue to monitor all your customers for changes. Through Creditorwatch you will be able to react sooner rather than later on the credit that you extend to your customers.
4. Put a process in place for collecting payments. You can do this manually through a diary or you can use an automated product that syncs with most accounting softwares.
5. Notes, Notes, Notes as you can see I can’t stress this enough. You need to keep track of your communication process with all your customers. This helps if you have to go to debt recovery on your customers.
6. If you are struggling to get payment out of a customer, send them a final notice letter outlining your next steps including registering a default. Creditorwatch has some tools that you can use for this.
IF YOU HAVE ANY FURTHER QUESTIONS IN REGARDS TO DEALING WITH YOUR DEBTORS PLEASE CALL ME TO DISCUSS.
Posted By : admin ( 09/25/2015 )
