Are you a tradesperson or do you service the trade services sector? Flexi-Tribe recommends that you consider using Xero for the following reasons!
Xero offers comprehensive solutions that cater to all of your requirements. It boasts a user-friendly interface and operates on the cloud which allows you to access it conveniently from anywhere, even while you are on holiday 😎. Xero will also provide robust management reporting features and will seamlessly integrate with various applications that facilitate smooth collaboration amongst its users.
Still not sure?
We have handpicked the top 10 tips that showcase the amazing features of this platform.
Getting your Chart of Accounts Right: Ensure your chart of accounts is tailored to your business needs. Whether it's organising the cost of sales or separating revenue accounts, a well-structured chart of accounts is crucial for accurate reporting.
Connect Bank Feeds: Link all of your bank accounts to Xero for seamless tracking of payments and effortless reconciliation. Stay on top of your finances by monitoring all transactions in real-time.
Business Accounts Only: Separate your accounts and use only your dedicated business accounts for all transactions. This simplifies tracking and eliminates the hassle of sorting through personal expenses.
Set Up Separate Bank Accounts: Keep GST, Superannuation and PAYG accruals separate to avoid surprises when BAS is due. You can easily monitor these accounts.
Utilise Payment Gateways: Integrate Xero with payment gateway options like Stripe or Pinch for easy invoice payments. Streamline your cash flow and get paid faster with the 'Pay Now' functionality.
Go Paperless with Receipt Management: Use mobile applications like 'Hubdoc' or 'Receipt Bank' to digitise receipts and invoices. Save time on data entry and eliminate paper clutter.
Verify Sub-Contractors ABN: Ensure sub-contractors are GST registered to avoid incorrect claims on TPAR. Verify ABNs by using the ATO's online tool before making payments.
Update Apprentice Pay Rates: Set reminders to update apprentice pay rates annually.
Implement Debtor Management Systems: Set up auto reminders in Xero or utilize debtor management apps to streamline outstanding invoice notifications. Reduce debtor days and improve cash flow management.
Keep Xero Updated and Accurate: Regularly reconcile transactions to keep Xero data up-to-date. Use the Xero management reporting tools for informed decision-making and financial planning.
And one other thing..
You can save time and money whilst ensuring compliance and accuracy within your financial records. By partnering with Flexi-Tribe, our bookkeepers will manage your BAS efficiently.
Take a look at our Services and Pricing Guide to know more!
At Flexi-Tribe, we offer comprehensive bookkeeping services tailored to your unique business needs. From setting up Xero and historical bookkeeping to training and ongoing support, we are here to help you save time and money.
Contact us for more information about how we can support your business!
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