panicked man; bookkeeping woman

Top Xero time saving tips

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Top Xero timesavers to help you run your business more efficiently

If you are short on time, take a peek at a few Xero time-saving tips.

Work smarter, not harder

Global search

Global search is available to all Xero users from most screens in Xero. Use it as a shortcut to open other screens, or to ‘add new’ transactions.

Open global search from the magnifying glass in the navigation menu, or press forward slash (/) on your keyboard, and search for the screen you need.

Another option is to use shortcut keys when searching. You can see a list of these on-screen now. In most cases, the shortcut keys are the first initial of the screen name, such as ‘B’ for Bills or ‘R’ for Reports.

Bank feeds

Arguably the best time-saving feature in Xero, and one of the favourites amongst many of our users, bank feeds! Xero connects with thousands of banks across the globe to securely import bank statement lines into your Xero organisation on a daily basis.

If you’re using online banking already then connecting a bank feed is a no brainer. If you’re yet to add your bank account in Xero, you’ll be prompted to connect a feed when setting up. If your bank account is already set up, you can click ‘Get bank feeds’ at any time to connect a feed.

Once connected, your bank statement lines will automatically appear in Xero, ready to reconcile. This saves you from manually entering statement lines, making bank reconciliation much easier.

User roles

One saying we love is “work smarter, not harder”, and that couldn’t be truer when it comes to Xero user roles. Why should you do all the work when you have staff that can help?

Security is an important part of all businesses and it’s key when more and more businesses are running online. That’s why it’s so important to give your staff the correct level of access.

There are different user levels with great customisation in Xero, which means you can invite your staff AND accountant into your organisation. Not only does this come with your subscription, but it also means that staff can take on some of the workload. This frees you up to concentrate on some of the more important areas of the business – or maybe give you time back to spend with family.

Register for Xero Education Month each year to learn more time-saving tips and more

Join Xero each March to gain the skills and knowledge you need to build your business with Xero.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small businesses across Australia to prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology. Call us to find out how on 1300 015 130 today.

Source: Xero

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#cloudbusinessbookkeeping

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Jac Gallagher working at her laptop2020 Notch Above Bookkeeping

Is your business analysing the rise in data to better understand customers?

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The COVID crisis has prompted businesses to become more customer-centric

Those that don’t go down this road may struggle to compete.

Is your company collecting data that helps you understand your customers better and putting it to use when you engage with them?

If the answer is ‘no’, you’re behind the eight ball and it may be to your commercial detriment, perhaps catastrophically so, in the months and years to come.

That’s because the worst pandemic in a century didn’t just up-end economies and societies, it also transformed the way consumers acquire goods and services and interact with organisations.

Last year’s cyber surge

Australia, for example, saw an unprecedented surge in e-commerce activity as stuck-at-home shoppers let their fingers do the walking during April and May’s nationwide shutdowns and through the remainder of that strange, socially distant year.

NAB’s Online Retail Sales Index: January 2021 revealed Australians spent $45.61 billion on online retail between January 2020 and January 2021; a whopping 49.1 per cent increase on the previous year’s figures. That number, which represents around 12.9 per cent of the total retail trade estimate, is expected to continue growing, as shoppers eschew bricks and mortar experiences for the convenience and safety of digital browsing.

Australians aren’t just spending their hard-earned online. Increasingly, they’re using digital channels to research goods and services and interact with organisations before, during and after the purchase process.

For many organisations, that’s necessitated the adoption of additional digital channels – think web chat, SMS and apps – to allow customers to connect with them, whenever and wherever it suits.

Organising with the data deluge

The upshot of this dash to digital? A deluge of customer data pouring into organisations via multiple channels.

In many enterprises, that data is stored in a series of silos where it can be accessed and analysed, to obtain an understanding of a customer’s dealings with the company, via the channel in question.

Savvy businesses, however, are doing things differently. They’re using new generation customer data platforms (CDPs) to aggregate customer data from across all channels and sources – web, mobile, server and cloud. And they’re analysing it to create a complete picture of individual customers’ motivations, preferences and behaviour patterns.

So much so that Twilio Segment’s Customer Data Platform was processing over a trillion API calls a month by the end of 2020 – a 100 per cent increase on the previous year’s figure of 500 billion.

Keeping the customer satisfied

So, what are those ahead-of-the-curve businesses doing with the insights they’re amassing about their customers?

For most, the overarching goal is to create seamless, compelling customer experiences in real-time, in both the virtual and real-life realms. That’s because, in a crowded market, customer experience can be the only significant point of difference between an organisation and its competitors – and enough of a reason for one-time buyers to become loyal, repeat customers.

Hence, we’re seeing businesses use their aggregated data to inform digital advertising campaigns via Facebook, Pixel and Google ads, email marketing mailshots via Mailchimp and Braze, and interactions with customers via platforms like Salesforce, HubSpot and Zendesk.

Laggards lose out

And businesses that don’t take this data-driven approach to interacting with customers and delivering experiences that meet and exceed their expectations? Increasingly, they’ll find themselves left behind; struggling to remain relevant and compelling, at a time when cash-strapped and cost-conscious consumers have every reason not to spend.

Investing in a customer data platform is the starting point for every enterprise that’s serious about doing more with digital. For Australian businesses yet to take this high-tech step, the stakes are high and the clock is ticking.

Get onto cloud bookkeeping in your business

Xero is Australia’s most popular cloud-based bookkeeping and accounting software. Transform your business with real-time financial reports by making the switch to Xero.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small businesses across Australia to prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology. Call us to find out how on 1300 015 130 today.

Article first published by Dynamic Business on 4 May 2021 at https://dynamicbusiness.com.au/topics/technology/business-customer-data-analysing-advice-tips-opinion.html

Notch turtle with a special message

Digital bookkeeping for business

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The benefits of a digital bookkeeping expert in your business

Bookkeeping using traditional mediums such as hard copy invoicing, spreadsheets or desktop software can create high costs in business.

They’re also notorious time thieves!

However, cloud bookkeeping lets you liaise with your customers accurately, cost-effectively and measurably. Plus, not to mention that you can easily pay your employees on time and make sure you’re keeping on top of your employer and superannuation obligations.

Small to medium-sized businesses owners typically spend too much time keeping the books as it is hard to get experienced digital bookkeeping professionals with apt skills to work within the business. Therefore, outsourcing digital bookkeeping services to an experienced cloud bookkeeping specialist is becoming more widespread among business owners. Outsourcing is easy and streamlined without the need to hire skilled bookkeepers on the payroll.

We’re super excited to see how last week’s Budget measures play out. Particularly the announced investment incentives for the digital economy and the expansion of small business digital support services.

Digital and cloud solutions are very much on the government’s agenda. Partnering with a digital bookkeeping provider, like Notch Above Bookkeeping, helps you achieve your goals, enhances your business reputation, and lets you attract and keep more customers. In coming weeks we’ll explain the top benefits of having a digital bookkeeping expert working for your business.

Here’s the bottom line

If your team lacks the skills, expertise or time, then why not partner with Notch Above Bookkeeping? Being a small business, we understand the value of your business goals. Our team of experienced bookkeeping specialists have years of industry exposure across a number of niches.

We can seamlessly transition your bookkeeping to the cloud, identify the top-performing drivers of your business, improve your business efficiency, plan a strategy to put accurate financials in front of you every month or quarter, and help you better organise your payroll and customers no matter where your business is located within Australia.

Want help with the creation of a customised cloud bookkeeping solution? Reach out to our cloud bookkeeping specialists at Notch Above Bookkeeping to get started.

Simply fill out the form here, and a member of our team will be in touch »

Notch Above Bookkeeping has been providing business owners with accurate and timely bookkeeping services that makes them more efficient and gives them peace of mind for 15 years. Let us help take your business to the next level of bookkeeping digitally, via the cloud! Call us on 1300 015 130.

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Future topics

  • Engage and keep customers organised more easily
  • Cost-effective bookkeeping
  • Access to advanced financial reporting
  • Stay in sync with the latest bookkeeping best practice

#Xeroplatinumbookkeepers #remotebusinessbookkeepers #cloudbusinessbookkeeping

success

Switch now to Online services for business

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Online services for business is here

It is replacing the Business Portal and the electronic superannuation audit tool (eSAT).

With a range of new features, this new service allows you to interact with the ATO in a more contemporary way.

Online services for business can be accessed on multiple devices, including smart devices like your phone or tablet.

To start using Online services for business, log in with your myGovID as you did for the Business Portal.

Users are enjoying the new functionalities and have provided positive feedback.

The Business Portal will close soon so make the switch to Online services for business today!

To access Online services for business, go to ato.gov.au/OSB.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small business owners across Australia (especially medical specialists such as dentists, orthodontists, optometrists and anaesthetists) to prepare BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology.

Source: ATO

#remotebusinessbookkeepers #cloudbusinessbookkeeping #xeroplatinumbookkeepers

2021 Bookkeeping Firm of the Year finalist

2021 Australian Accounting Awards

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Notch Above Bookkeeping shortlisted in the Australian Accounting Awards 2021

Notch Above Bookkeeping has been named a finalist in the Australian Accounting Awards for Bookkeeping Firm of the Year!

The Australian Accounting Awards recognises and acknowledges the achievements of individuals and firms, whether they are in the profession’s most senior ranks or if they’re a rising star within the industry, and rewards them with a prestigious and highly sought-after accolade and national exposure for their contributions.

The finalist list, which was announced on 11 May 2021, features over 300 high-achieving accounting professionals across 36 submission-based categories.

Head of Business Services, Belinda Lever, said she was humbled to be recognised and proud to be named as a finalist in the Australian Accounting Awards 2021.

“Our team’s recognition for excellence in bookkeeping reinforces the strength of our service and dedication to engaging with our clients and connecting with the community.”

“Bookkeeping professionals have been at the forefront of the economic crisis since the start of the pandemic and each has risen to the challenge to support business owners and the broader business community.”

Jotham Lian, Editor at Accountants Daily said, “To the finalists of this year’s awards, congratulations for consistently delivering the best service and outcomes for your clients over the past 12 months.”

“The 2021 awards will be like no other, shining a light on the professionals and firms who led the industry during a time of unprecedented change through the past year of constant obstacles and challenges.”

As digital disruption and automation continue to play out in the accounting industry, successful bookkeeping firms are those that can rise above and continue to capitalise on the business opportunities associated with their vital services.

This award recognises the bookkeeping firm that most effectively drove business growth during 2020, utilising a range of business development principles and tactics. As well as looking at support and servicing initiatives, this award considers the activities, strategies and actions of each bookkeeping firm finalist in terms of driving growth and efficiency.

Winners will be announced at a gala ceremony in Sydney on 18 June 2021. Review a full list of this year’s finalists here.

The team from Notch Above Bookkeeping

Winning and keeping talent

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How business owners can win and keep the right talent in 2021

The ongoing uncertainty around COVID-19 has resulted in an unstable economy, with the impact on the job market hard to predict.

Despite this, many small business owners remain optimistic about the coming months.

In fact, Xero’s latest research revealed that almost half (48 per cent) of SME owners believe small businesses will be key to kickstarting the economy once lockdown and tier systems are relaxed – positive news for jobseekers.

Still, optimism must be met with preparation. If you’re a small business owner, here are four ways to set yourself apart as a top employer. 

Offer autonomy 

Many of the ways that COVID-19 has changed the way we work are here to stay, and business owners need to learn how to support their employees in the ‘new nine to five’. For example, in a post-Covid world, some employees may prefer working in an office for structure and collaboration, while others will require flexible working to flourish. It’ll be challenging for both employers and employees to strike the right balance. However, the companies that stand out post-Covid will be the ones that pay attention to how the pandemic has affected their employees’ needs and working styles, and then adapt accordingly.

Invest in your technology

The pandemic has been a catalyst for growth for the adoption of many new tech tools. Our research suggests that over a quarter (26 per cent) of small business owners are now using technology that is increasing the productivity of their business. It also suggests one in five (20 per cent) are looking to invest in artificial intelligence (AI) and machine learning to automate parts of their business. This explosion of technology means a prospective employee may choose to leave your employment to work with a more technology-savvy competitor.

Staying at the forefront of technology with cutting-edge software will position your business as ambitious and forward-thinking. Technology has been at the heart of helping firms adapt throughout the pandemic, and business owners should not underestimate the role it will have in the economic bounceback.

Build an effective employee value and wellbeing proposition

Ensuring the mental and physical wellbeing of employees should not be a reactive exercise when adversity strikes, but a continual process of prevention and protection. In order for employees to thrive, they need to know that their employers care for them around the clock, and not just through challenging times.

Forward-looking businesses will empower employees to find the right mix of tools for their individual needs. For some, this could mean safeguarding time to recharge or prioritise sleep or exercise. Others might carve out time for mindfulness or disconnecting from technology.

Another central element of your employee value proposition is compensation and benefits. To attract top talent, you should reevaluate existing employee packages and ensure you’re making an attractive offer, because giving people what they deserve pays dividends.

Keep your business accountable on diversity

A recent survey by McKinsey & Company showed that nine out of ten executives have found executing their DEI strategies challenging during the pandemic. Although companies have responded rapidly, employees, and in particular diverse employees – including women, LGBTQ+, people of colour and working parents – have struggled the most in the pandemic. The result is that only one in six employees from a diverse background feel supported. This means business owners now have a clear opportunity to build a more equitable and inclusive workplace that strengthens their organisations far beyond COVID-19.

Employees have never required more support than they do right now. For many, this period has been a time of uncovering a radical new approach to work and to life, and this might mean new or higher expectations from employers in a post-COVID world.

Businesses that seize the moment by paying attention, listening to their employees and remaining responsive to changing themes will not only be better placed to support their employees, but will drive sustainable business performance and attract a wider pool of talent to drive future growth.

Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll processing, invoicing and debtor management and BAS returns. We set up systems and checklists to ensure nothing is missed and things are processed when it suits you. We can be involved as little or as much as you like, we give you the flexibility to decide what’s best for your business. Call us today on 1300 015 130.

Source: Xero

#remotebusinessbookkeepers #cloudbusinessbookkeeping #xeroplatinumbookkeepers