Xero File Review Service

Xero File Review Service

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Streamline your business with Notch Above

Streamlining is about improving business processes to create efficiency – including operations, automation, planning and strategy.

As a business owner, it’s easy to get caught up in the day-to-day, especially when you’ve got a thousand items on your to-do list!

Streamlining your business, starting with your accounting processes, is a great way to help you save time and more effectively manage your workload.

In a nutshell, streamlining is about improving your business processes to ensure you’re operating as efficiently as possible. This is especially important for businesses with limited resources, where inefficiencies can have a significant impact.

The good news is that, with the right tools and methods, you can streamline your business processes to save time, cut costs and give you the space required to focus on growth.

So, what’s the first step to streamlining your business?

Get started with Notch Above Bookkeeping’s Xero File Review where we deep dive into your Xero file via a one on one online session:

This process will give you the peace of mind that your business accounting data is accurate and therefore providing information that enables you to make informed financial decisions to sustain and push your business forward despite COVID-19.

Using technology to automate laborious or repetitive tasks is one of the biggest time-savers for businesses today. Automation can be used to streamline payments and invoicing to stock management, customer service, accounting and many other functions. In the digital age, businesses need to optimise their workflows to maintain a competitive edge, and automation enables you to do just that.

Likewise, regularly reviewing your people and processes is key to being agile and refining your approach to stay efficient as you grow. This includes monitoring everything from staff numbers and job roles to meetings, communication strategies and operational protocols.

Call the team at Notch Above Bookkeeping on 1300 015 130 to book your session.

Fundraising isn’t the end-goal

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Should a business bootstrap or raise external financing?

There is a time and place for either strategy, but what we’ve noticed is that startups tend to fixate on the latter. 

Some believe that once they’ve raised enough money, everything’s going to be okay. But while raising capital definitely helps, it shouldn’t be the end goal of a business.

Working with someone else’s cash gives business owners a sense of confidence and accountability. But there are many things bootstrapping can teach founders.

In fact, it’s quite common in Australia for business owners to bootstrap.

They have credit card limits of $30,000 to $50,000 – enough to run their businesses on personal credit. That’s very risky. But in the process, founders become more disciplined and thoughtful about where they spend their cash.

At the end of the day, it isn’t just about raising the funds, because a business isn’t about going from fundraising to fundraising. It’s about being able to achieve a goal, such as acquiring new markets or launching proprietary products, with that cash.

Start with insightful financial reporting

Learning to use and understand the powerful reports inside Xero are critical to the overall success of your small business. The management team at Notch Above are able to work with you to customise advanced Xero financial reports, while identify strategies to increase your cash flow or setup your annual budget. Read more or call us today on 1300 015 130.

Related reading

The importance of financial transparency

Source Xero

small business Notch Above Bookkeeping Brisbane

The importance of financial transparency

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Financial transparency is important to investors

When pitching a business to investors, getting the right number – whether it’s net profit, sales, margins – is key. 

But the kind of data you present depends a lot on the stage of your startup and the kind of investor you’re looking at. 

As an investor himself, Sam had this advice to give: “If we’re talking about seed [funding], they’ll be investing more in the team, personality, vision, and market-depending on the stage.” 

He goes on to advise small and medium enterprise that “annual finances are useless in the beginning because business is changing so frequently. Investors will want to see on a month-on-month basis what’s happening.”

Mature startups appealing to investors who have part-ownership of the business is a different story. 

Investors typically want financial transparency to understand the health of the business. Like Sam, they usually ask for a monthly update using consistent growth metrics. But it’s a bonus if the investors are aware of what’s happening in the business’ bank accounts as well. 

A business could have sold to a client and earned $200,000, for example, but they might not be receiving the payment another 90 days. This kind of information helps everyone involved make better decisions. 

Tools like Xero are extremely useful in this case because it provides real-time insight into a business’ cash flow. Especially since cash flow management is one of the top issues for small and medium businesses, this sort of transparency is essential to grow and scale.

By making bookkeeping easy, we empower business owners to focus on scaling and doing meaningful business. Call Notch Above Bookkeeping in Brisbane on 1300 015 130 today.

Related reading

Numbers should tell a story

Source Xero

Xero Platinum Partner

Brisbane Xero Platinum Partners

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Brisbane goes platinum with new Xero Platinum Partner, Notch Above

The team at Notch Above Bookkeeping is delighted to announce that this month we have become a Xero Platinum Partner!

What does going Platinum mean?

For our clients, this means that we will simply continue to provide the same exceptional service and support we always have.

Being a Xero Platinum Partner is also recognition that we’re not a one-person bookkeeping firm – we have sophisticated systems and processes that allow us to support businesses by providing high-quality bookkeeping services across Eastern Australia.

Notch Above Bookkeeping was Brisbane’s first Certified Xero Platinum Bookkeeping Partner. We exclusively use Xero as well as many Xero apps, add-ons and integrations. Becoming a Platinum Partner is something we’re really proud of. It’s recognition of our hard work and all that our incredible team has given to grow our business and help our clients.

Our primary goal was always to be a successful bookkeeping provider in Brisbane that offers a streamlined service to business owners and accountants. Off this strong foundation, we have expanded our business, now providing our services to businesses in New South Wales and Victoria.

This is a great stepping-stone as we continue to extend our capabilities beyond Brisbane.

Being a Platinum Partner also means a lot to our team.

When we first introduced Xero there was definitely a buzz about bookkeeping in ‘the cloud’. We still believe Xero is the right playbook as it frees up so much time for users, allowing business owners to concentrate on running their businesses.

“Going Platinum is a great recognition of our consistency in delivering a high-quality service to our clients. We’ve worked hard to achieve this goal, and the status shows our efforts have paid off,” said Founder & Head of Delivery Jac Gallagher.

Notch Above Bookkeeping can have your business up and running with Xero quickly and accurately. We can help you set up the software, configure your security settings, import your business data as well as streamline your invoicing, payroll and BAS reporting. We also provide advice on the best Xero package for your needs. Contact Notch Above Bookkeeping on 1300 015 130 to get Xero, the world’s easiest accounting system, set up and working for your business this financial year.

try receipt bank for xero with notch above bookkeeping brisbane

Effortless Submissions with Receipt Bank for Xero

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If you still have receipts stuffed in your wallet, jacket pocket, or laptop bag you really need to try Receipt Bank for Xero.

Receipt Banks is a fantastic Xero app that imports your receipts and invoices into Xero.

Why not get in touch with Jac Gallagher and her team at Notch Above Bookkeeping today and learn how Receipt Bank can help you spend less time bookkeeping and more time growing your business.

Header image credit: screen shot from Receipt Bank website.

panicked man; bookkeeping woman

Help! I can’t get my Xero accounts to balance out.

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Xero is a powerful cloud accounting tool that has empowered many small business owners to take charge of their own finances. It’s a blessing for both business owners starting out and established businesses who rely on drawers of files and reams of paper.

Technically, you could manage your books on your own without any help. However, I don’t recommend a DIY approach.

Honestly, there have been countless times when someone desperately comes to me to surrender their Xero files due to an error they have no clue about. From my experience, this usually occurs when the client has no basic grasp of how Xero works. Most of the time, it is an easy problem to rectify.

One of the most comment questions I’m asked is “Why aren’t my accounts reconciling in Xero? I’m pretty sure I did everything right?”

And I’m going to answer that for you in an easy to follow list of all the common reasons why your accounts are not tallying.

How Xero works

I’ll briefly explain the basics of Xero accounting. On one hand, you can create business transactions in Xero. These are for items such as:

  • Spend Money: electronic payment, withdrawal, bank charges, direct debit, etc.
  • Receive Money: interest, cheque deposits, etc.
  • Transfers between accounts
  • Payroll payments

On the other hand, Xero will automatically pull in all your banks’ transactions.

The idea is to match the transactions you have created to the actual bank transactions that happen. To do this, there are many handy features in Xero that mirror real-life accounting. You can match multiple transactions to one bank transaction, reconcile part payment, undo a reconciled bank transaction if you made a mistake or delete and start over.

In order for your accounts to balance out, you need to have every single transaction matched or reconciled. Sounds straightforward, right?

However, you may find that your accounts are not balanced at times, meaning there are unreconciled transactions. You need to tackle each transaction one by one, tracing the origin and why it ended up unreconciled. Below are simple reasons why this problem may arise.

# 1. Using cheques

If you pay using cheques, you have no control over when the receiving party cashes it in. Until that is done, you may have an outstanding transaction in Xero that has no bank transaction to match.

# 2. Delay in deposits

This can occur when you record a transaction for a deposit, but the money has not arrived in your bank account. Most banks will process deposits within the same business day, but there can be delays due to cut-off processing times. This situation may also arise if using a cheque instead of an electronic payment.

# 3. Delay in online payments using credit cards

This happens when you create transactions against an invoice in Xero and payment is done online using a credit card. Everything depends on the merchant service as they have different processing times. It can take up to a week for certain merchants so make sure you understand their terms of service.

# 4. Payment not cleared

If you issue a payment, sometimes the transaction may not occur on the same day. Delays of 1-2 days is perfectly normal.

These four cases are the simplest explanation as to why you have outstanding transactions in Xero. Once you’ve figured out the root cause, you should allow a few days before seeing the bank transactions. Anything longer should be investigated.
For other cases, you could be looking at a big bookkeeping error that’s messing up your accounts, or a one-off mistake that’s easily fixed.

When you’re stuck or confused, get in touch with us, we have a good grasp of small business finance and will save a lot of time and avoid a massive headache that could keep you away from doing what you do best – running and growing your business.

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Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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Christmas in July? It’s possible with Xero.

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It’s now a freezing cold July in Brisbane, marking the start of a new financial year for most small businesses and sole traders. Although it’s only mid-year, my mind’s already thinking of Christmas and the wonderful holiday period it brings. This morning, I thought: wouldn’t it be nice if Christmas came early?

And then it struck me that it could – at least for small businesses.

How, you ask?

The period between Christmas and New Year is a wonderful time for most of us. You’re relaxed and free to go anywhere you please because you’ve finished all your work at the office and deserve a well-earned rest. In short, you have plenty of time in your hands.

Well, I’m telling those who have never used an online accounting solution, that you can gain more free time. Christmas can come early for those of you who are still stuck with manual tasks such as balancing the books, organising your receipts, chasing or making payments. Small businesses that keep their financial data in the clouds get the chance to relax more often.

You simply switch or sign up to Xero.

In the spirit of starting this new financial year on the right footing, allow me to explain in detail how you can make July feel like it’s already Christmas.

  1. Organise your finances once and for all in the clouds

By using an online accounting solution such as Xero, you will keep all your data in the cloud. This means you won’t lose a thing in the event of disaster such as a fire, break-in or a vicious virus on your servers. You won’t misplace a file or invoice and lose your records.

Attach your invoices, quotes, purchase orders, receipts and documents to the corresponding transaction when it happens so you don’t have a bunch of paperwork to do at the end of the month.

Xero provides a live dashboard that shows you all the important data of your business such as current cash flow position, payments owed to you, your bank balances and how your budget is tracking. You’ll never have to scour around for the latest data or an invoice at the last minute. Best of all, your accountant and bookkeeper will have access to your online data easily without you meeting them or sending a big file over an email.

Another great benefit of using an online accounting solution is you’ll never have to worry about updating your software to get the latest features. Everything is done for you in the cloud. Xero’s already working on integrating the data from credit bureau Veda so you can access the latest information on your contacts, such as their ABNs and credit rating.

Think of how much time you will be saving with this efficient organisation.

  1. Automate tasks and save time

Bank reconciliation is a feature which pulls all your bank transactions regularly into Xero, so you can reconcile them with payments made or received. This is done automatically, and all you need to do is to check that they match and click ok.

Another excellent feature is scheduling your payments so you will never forget them. You can also batch the payments so you pay them off in one transaction. Quotes can be done in minutes, and managed from Xero. The client has an option to click yes, no or give comments. Once accepted, turn the quote into an invoice within a few clicks.

There’s more goodies coming soon. A technology called the New Payments Platform is being built by the banks that will enable near real-time payments on a 24/7 basis. No more waiting for several business days. It is an open platform where accounting software can access it. This means you will be able to pay your suppliers and creditors from your accounting software without logging into your online banking. You will also get paid faster if your debtors use this feature.

  1. Work from anywhere you like

Work from any place you choose and avoid the rush hour traffic jam. Remote working is one of the biggest trends this decade and will only grow more popular in the coming years. Using an online accounting solution, you can access your financial data from any device such as your laptop, tablet or mobile phone.

Just like Christmas, you are free to go wherever you please and take life at a slower pace. Time to sort your accounts and finances at the end of the month? Prop up your laptop at a coffee shop, work from your phone at a park bench, or use your tablet in the comfort of your bedroom with your pyjamas on.

Don’t wait until December to reward your hard work. I’ve found that the key to a healthy mind is to balance your work, play and rest regularly so you’re not burning out too soon before the holiday season.

If you’re a small business, I would love to hear your grievances in accounting and finance. I promise I will try to alleviate your burden so it feels like Christmas all year round.

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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Xero For Small Business

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If you missed it live here is a recording to the webinar Jac presented on the 15th of March on Xero for Small Business.  If you have further questions for Jac after watching this book a time with her here.

The top 5 Benefits of Cloud Accounting with Xero

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Have you heard the hype about cloud accounting and wondered “how is it going to help my business?”

Many business owners are making the switch to cloud accounting, at first it seems daunting and too hard, but with the right team on board to help you with the transition the long term benefits far outweigh the switch.

Here are the top 5 benefits of Cloud Accounting

1. On-Demand Access

With a Cloud-based system, you’re not restricted to desktop computers located in one physical location.

XERO allows you to access data via a web browser or mobile app. Use your smartphone and tablet devices. Your mobile devices become your business centre where you can access your financial data at anytime from anywhere with decent internet coverage.

 

2. Up-to-Date, Real-Time Reporting

Data in traditional desktop accounting systems is often not up to date. The problem with this is businesses are making decisions and allocating resources based on outdated information.

What’s more, it’s impossible to make accurate cash flow projections based on outdated data. XERO gives qualified users (those with the necessary access credentials) ready access to real-time data. A business owner doesn’t have to wait to the end of the month or the quarter for an actionable report on the business’s cash flow.

 

3. Software Is Always Up to Date

Another issue with traditional software applications is that the onus falls on the business to regularly download and install new versions of the software. Compatibility issues can arise when collaborators share data with each other using desktops and laptops installed with different versions of the software. With XERO, everyone accessing the application is accessing the latest version of the application, eliminating any compatibility issues.

 

4. Reduced Operating Costs

XERO eliminates many of the upfront and continuing IT costs associated with installing and maintaining a traditional accounting system.

XERO is a software as a service application. That is a business pays a monthly subscription fee to access the application. The business pays nothing extra to upgrade the software, maintain an onsite network, upgrade the server, or have an IT team on call. For a single monthly fee, the provider ensures uninterrupted, 24/7 access.

 

5. Enhanced Data Security

If you’re using a USB thumb drive to move data from one computer to another, then there is always the risk of losing the USB drive.

What if your laptop is stolen or misplaced and all your precious accounting records are stuck on that laptop’s hard drive?

You’ve not only lost access to all your essential financial data, but it could take weeks to rebuild that data again. With a Cloud-based application like XERO all your data exists in the Cloud, not on your hard drive and you can access it from anywhere using a secure login.

If you would like more information on how moving to Xero could benefit your business give our office a call today on 1300 015 130. Happy to have a chat.

 

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

Like us now on Facebook.

Follow us now on Twitter.

Connect with me on LinkedIn.

Visit our Website.