When people dream of making a living doing what they enjoy, they often think they’re going to take the world by storm straight off the bat. Sadly, reality doesn’t work that way and often it takes longer than expected to get the word out about new businesses. No matter how much you love your business, there are going to be things involved which might not seem particularly enjoyable. These include hiring staff, finding solutions for IT-based problems and dealing with tax and bookkeeping efforts. Fortunately, there is one product which can help with the last two problems, and it’s a program which we advise our clients to use because it’s simply the best there is; Xero. If you’re still unsure about making the switch, Toohey Reid has put together an easy list of things to ask yourself to see if you would benefit from using Xero.
1. Is it important to know how much money you have in your business bank account?
If you said yes, you’re right. It is important to know how much money you have in your bank account, in real-time. This information is paramount to any business, not just yours. Money is the primary driver in business and without it, productivity halts, bills don’t get paid and businesses go under.
2. Do your spreadsheets and software allow you to see how much money you have in your business bank accounts?
If not, you’re making your life much harder than it needs to be. Imagine how much easier bookkeeping would be with integrated bank accounts in your accounting software. We’re talking about real-time updates to your account-keeping software that meet your business obligations.
3. Over the course of a month, how long do you spend doing your bank rec?
If you spend more time on this task than you wish to, then Xero can help. Seamlessly integrated bank accounts will save you time and make your life easier. With so much added stress from running a business, anything that reduces stress and gives you more time in your day is an added bonus.
4. Have you ever sent an invoice to a client and received the reply ‘I didn’t get your invoice’?
Xero’s new invoicing service is state of the art and makes it easier than ever to ensure bills get paid on time and without hassle. It features auto-save which saves every few seconds so that no progress is lost during the process. The invoicing is done online, via a web browser, which means that the client won’t be able to claim they never received it.
5. Has your accountant or bookkeeper ever asked you to provide them with your receipts or invoices?
The beauty of online bank account integration means that your financial advisor can also access the same data, at the same time. This is life-changing, as it means issues can be discussed as they’re happening, rather than 6 or 12 months down the track.
If these questions have you wondering whether or not your current software is providing the best possible service for you and your business, it could be time to get in touch with Toohey Reid to talk about how Xero can save you time and money!
General Advice Disclaimer
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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