Reasons Your Small Business Needs Xero

We’re heading into a world that will be dominated by smart devices relying on the Internet of Things (IoT) to share massive amounts of data in real-time. As a business owner, you need to be able to quickly access your business’s financials to make more informed decisions. If you are planning for the long-haul, where you always remain on top of your business financials, then you need accounting applications like Xero. Here are a few reasons why you, too, need Xero:

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(Image source: xero.com)

Work On the Go

Xero allows you to run your business on the go. How? Well, it’s because it gives you access to the financial information of your business no matter where you may be. What this means is that you—or anyone else who needs access to your financial data—can work on updated data whenever they may want to. Managing a business is a tough ask and Xero realizes it as well. That’s why Xero works hard to ensure that you may work on the go!

Get Paid Faster

Cash flows are, perhaps, the most considerations for businesses, especially the smaller ones. Why? Well, it’s because you NEED cash in hand to keep your operations going. This is where Xero comes in, for it equips small businesses with such tools that they may use for the purpose of getting their hands on their receivables faster. Gone are the days when you needed to send your customers printed invoices and wait until they paid up. Xero gives you the option of making use of online receipts so that you may be paid faster. How? Well, online receipts give customers the ability of making online payments through your invoice. This shortens the procedure and, hence, allows you to get your hands on that hard earned money sooner!

Get Rid of the Monotony

One of the worst tasks that come with bookkeeping for a small business is that the nature of the job is monotonous, owing to how certain tasks need to be repeated again and again and…again. With Xero, however, you can put an end to this monotony by letting it perform all of such tedious, repetitive tasks. There are plenty of benefits for doing this. Firstly, it’ll make your job of managing the business more interesting for, let’s be honest, no one loves monotony. More importantly, however, the use of Xero for such tedious tasks will give you more time to spend on such key business issues that REALLY matter for the wellbeing and growth of your business.

Collaborate Better

Xero can serve as a single source of data for all of your employees and advisors. What this means is you and your advisors will be looking at the same piece of information when you’re consulting with your advisor to make the next, big business decision. And the best part is that Xero allows you to invite your advisors into your data for, absolutely, no additional cost at all.

When you look at all that Xero has got to offer to your small business, its employment appears to be an absolute necessity for the wellbeing of your business. If you need advice on how you can make the best use of Xero for your business, the experts at SKB Accounting have got your back!

Why Quickbooks Is Just What You Need

Quickbooks is one of the most popular names in the world of accounting applications. The product has been designed to take care of all accounting needs of a business, giving customers a choice of choosing between software based or cloud based systems, in accordance with their unique requirements. But is getting Quickbooks worth it, or is it just another fancy cost?

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Here are a few reasons why your business needs Quickbooks:

Communication and Online Features

Quickbooks is able to communicate and share data with hundreds of other business applications. What this means is that you won’t have to spend your precious time doing it, nor have to appoint someone for it. With such an automated mode of communication between business applications, the possibilities of human errors are also taken out of the picture. Quickbooks can also receive online payments, through the Quickbooks Online Billing feature. According to it, you can send the invoice through email to your customers and the customers can, in return, pay you electronically. Quickbooks makes the chore of payment and collection easier and convenient for both parties. Other features, such as accepting credit cards and online payment of bills all serve to make Quickbooks, almost, integral for all businesses nowadays.

Automated Reporting

With Quickbooks, you’ll have the ability of generating all kinds of reports at your fingertips. Gone are the days when you needed days, at times, to prepare accounting reports. Regardless of whether you need to know where your business stands or if you’re planning for the future, Quickbooks will be able to generate accounting reports based on, both, historical and projected forms of data. Having such powers at your fingertips will not only aid you in taking important business decisions but also help you in everyday endeavors, such as securing a loan.

Simplicity and Flexibility

On the whole, accounting applications tend to be cumbersome and, at times, too hot to handle. What differentiates Quickbooks from the other applications of its kind is the fact that it’s extremely simple to use. What this means is that all your staff needs to take care of all of the bookkeeping needs of the company is a basic background in accounting and an understanding of how the software works. That’s it! Also, Quickbooks has got such customized accounting packages available for different kinds of businesses, making it one of the most flexible accounting applications out there.

Cost Saving

Regardless of what the size of your business might be, the fact of the matter is that Quickbooks will cost the same. This is what makes Quickbooks so affordable and one of the best bargains in the world of business. For a few hundred bucks, you can automate a lot of your bookkeeping tasks—of varying complexities—and save your money and time in the process. In order to truly make a win/win situation, however, it’s advisable to train your staff before shifting your bookkeeping to Quickbooks.

If you’re looking for advice on how you can best implement Quickbooks in your company, or if you’re looking for the right accounting application for your business, in general, then you should know that SKB Accounting has got the answers to all of your questions. Make the most out of Quickbooks with SKB Accounting!

Why Integration with PayPal Is the Right Thing to Do?

The two most important things that make businesses successful are their ability to minimize expenses and maximize profits. However, the efficiency of both of these considerations depends upon getting the right payment processing solution for your business. Here are a few reasons why PayPal can be the best choice that you’ll ever make in this regard:

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Bigger Transactions Made Better

With PayPal credit, your customers are allowed an access to special financing which enable them to have more time to pay for their purchases. This feature is helpful with the bigger purchases, especially, owing to the fact that it gives your customers more time to pay. But what makes this convenience an absolute gem is the fact that your business will get paid, in full, upfront. The credit line to your customers is extended on behalf of PayPal and not your own. What this means is that you’ll be able to make bigger transactions on credit (technically) and not have to worry about your liquidity either.

International Business Made Safer

One of the biggest reasons that business owners give for not going international with their activities is that they are afraid…afraid of frauds. However, with the integration with PayPal, they can turn the tides on this threat of fraud, owing to the fact that PayPal’s reputation is goes well beyond the U.S. What this means is that businesses will be able to capitalize on the international markets without having to worry about frauds. It has become a matter of fact now that online business is made secure through the usage of PayPal as an additional layer of security.

Hidden Charges Made Nonexistent

PayPal believes in transparency. What this means is that scams, such as hidden charges, are completely nonexistent in your experience with PayPal. PayPal doesn’t promise minimum rates to reel businesses in only to find out that the add ups make it a whole lot more expensive. PayPal, as a company, doesn’t need the assistance of such underhanded techniques which is the reason why it offers flat rate, based on which businesses can make their decisions. This is also a huge plus when you consider the fact that PayPal doesn’t charge any startup or cancellation fees either.

Funding Your Business Made Easier

Dips are part and parcel of a business’s lifecycle. Regardless of whether it’s because of a dip or because your need to expand, you’re going to need funding—sooner or later—for your business, right? What a wonderful thing it would be if you get these funds easily, right? But what if I told you that there is such a way? How? Well, through PayPal Working Capital of course. Certain businesses may qualify for a business loan from PayPal Working Capital, without a credit check, at a flexible payment schedule.

No matter how many advantages to integration with PayPal may be, you need to find the thing that would work the best for “you”. It’s recommended, therefore, for you to consult professionals—like the ones at SKB Accounting—in order to gain an expert’s insight into what your business truly needs!

What Utility Do The Statement Of Cash Flows Hold?

Considering the popularity of the profit and loss, people tend to underestimate the utility that the other parts of financial statements have got to offer, especially the statement of cash flows. Here are a few reasons why the statement of cash flows is important for your business and decisions:

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Cash Is a Better KPI than Most Others

Focusing, merely, on the excess cash that a business generates can serve to be a better Key Performance Indicator than a lot of other items on the profit and loss accounts. Why? Well, it’s because it shows that your business is generating…well…cash! Isn’t that the purpose of doing business in the first place? Having excess cash means that your business won’t have any severe problems relating to liquidity, which is a good meter for all businesses. Having too many assets caught in accounts receivable, for example, can result into a, mere, growth on paper at times, owing to the fact that there’s always a chance that the proceeds won’t be recovered.

They Tell You Where the Money Went

Cash flow statements give you the complete picture of your cash expenses. From this, you can decipher where your money went and whether or not something needs to be addressed. Your company might be giving loads of profits on the profit and loss statement, but what if you don’t have enough cash to make the next payment for your loan? Won’t that put the going concern assumption for your business in jeopardy? Such and other similar issues cannot be identified through a look at the profit and loss statements, merely. Analyzing your cash flows, every once in a while, will help you in streamlining your expenses.

A Focus on Cash

If the statement of profit and loss all that you consider, you’ll be a subject to the false impression that generating profits is the only way to generate excess cash, when it’s not. Creation of excess cash can be done, also, through taking measures such as cutting down your expenditures. Or, in other words, cash creation can be done while spending cash. As an example, consider that a company collects from customers faster and more efficiently than it pays off its suppliers. Hasn’t the company created extra cash using this simple measure? Such insight can only be gained through the statement of cash flows.

Making Big Decisions

Will you be able to finance your assets in the long term? The fact of the matter is that expansion requires not only the generation of assets but also the financing of it. An analysis of the cash flows will give you an idea of whether or not you’ll need to use external sources for the purpose of financing your growth. There are a number of decisions that can be taken in this regard, hence an understanding of the cash flows statement is important to ensure that you make the correct one.

Considering the importance of cash flow statements for your business, you’ll be best served by putting your faith in professionals for expert advice. If you’re looking for advice on how you can make the most out of your cash flows, SKB Accounting has got your back!