Tag: Xero

Why we love Xero!

Posted on | by Jade Donno

It’s no secret that we love Xero! It is the accounting software that we recommend to absolutely all of our clients. This is because we truly believe that it offers better features and useability than its competitors. Here are just some of the reasons why we love Xero!

1) Easy to use

Xero has made its interface very user-friendly and we find it easy to use on our end as well. This also makes it easy for us to teach you how to use it, to make sure that you get the best out of it and make sure your data is always accurate and up to date! We offer Xero training sessions to all of our clients at the onboarding stage so we can make sure you start off with it well, especially if you have never used it before.  Multiple users can be added who can all access the software at the same time.  You can also have different access levels for different team members so individuals can access or be restricted from certain parts of the software as appropriate.

2) Up to date reports

Using Xero means you will be able to access up-to-date reports that make it easy to understand how your business is doing. These are also able to be tailored to your specific needs for your company.

3) Cloud accounting

As with the majority of the other products that we love, Xero is cloud based! This means there is no need to save your documents to your PC and your data is backed up automatically and securely so you will never lose it. This also means that it can be accessed anywhere at any time, either via the web browser or the app.

4) Automatically brings in bank feeds

Xero can be set up so that it automatically brings in bank feeds from your business bank accounts and credit cards so your transactions are automatically bought into the software daily.  This limits the need for manual entries and means your figures are up to date in real time. This makes it easy for our bookkeepers as well as we won’t have to ask you for statements!

For a list of available bank feeds please see here.

We can help you set up your bank feed if you need, please just get in touch.

5) Integrations with other software

Xero also has over 1000 different apps, add-ons and integrations with software such as Dext, GoCardless, Stripe, Vend, Square, PayPal and more. Many of these apps can be set up to automate time-consuming tasks to make your admin easier!

If you need any help with setting up apps and integrations with Xero please get in touch.

6) Ahead of the crowd

Xero is typically always one step ahead of its closest competitors.  This can be in terms of reporting or keeping up with change in statutory requirements and legislation such as Making Tax Digital, Domestic Reverse Charge and even the Covid Furlough Scheme. It is constantly evolving and adding new features, particularly based on customer feedback on what features users would like to see implemented or ways existing features can be improved.

If you would like to find out more about Xero, transfer over from your existing software or try a free trial or demo please contact us so we can discuss!

10 ways to make sure your invoices get paid!

Posted on | by Jade Donno

Wouldn’t life be simple if you could guarantee that your invoice would get paid on time every time? Sadly, this isn’t always the reality. With the economy coming out of recession, there is a danger that your business invoices may not get paid in a timely fashion. Here are our best tips for getting your invoices paid:

1. Invoice promptly

The longer you take to invoice someone, the more likely it won’t get paid. Of course, no invoice normally means no payment…

Cloud accounting software such as Xero includes the feature to do recurring invoices. So, where you have a regular repeating invoice for the same amount with a customer, use this recurring invoice feature to cut down the chance of missing an invoice.

If you are finding that you are getting behind on your admin, then give us a call. We can take care of your bookkeeping to leave you free to run your business

2. No surprises!

If a bill is not expected, it probably won’t get paid! If a project is going to occur some extra expense or cost, always talk to the client or customer about it. If you just crack on with it and don’t tell the customer about the unexpected cost coming their way, you risk getting into a payment dispute.

Before you bill someone, always make sure that:

  • They are aware and expecting the bill
  •  They have agreed to pay the bill

3. Make it easy

This is such a simple one but easily missed. Make sure you are removing any barriers to pay your bill. Such as:

  •  Including a ‘pay now’ button linked to a payment gateway on your invoices. For example, Xero will do this for you with a Stripe account. Some customers may be happy for you to type in their card details over the phone using this option.
  • If you visit the customer on-site, then have the means to take payment whilst you are on site. E.g. with a card machine.
  •  Including your bank details on the invoice. (You will be surprised how many businesses and tradespeople don’t do this).
  • Offer multiple ways for your customers to pay. Eg. Bank transfer, direct debit, or credit card. Try to avoid offering the option to pay by cheque as getting to the bank can take time.

4. Set up a Direct Debit

If you have regular customers, getting a direct debit mandate signed from them is a great way to be more in control of when they pay you. GoCardless is an inexpensive direct debit solution that integrates well with the likes of Xero and other accounting software.

5. Get paid up front

There is no rule saying you can only invoice after you start work for a client. In fact, we will ask for payment upfront for some of our services, such as a client wanting a one-off tax return. If you or your customers are not happy with a 100% upfront payment, why not ask for a deposit to get the work started?

6. Build a relationship with the person who pays you

It always helps to be on good terms with the person at your customer’s business who pays your invoices. The stronger the relationship you have with them the less chance you have of having your payment “delayed”. If you don’t already know who this person is at your customer’s organisation it might help to find out.

7. Understand your customers’ accounts process

Do you need a PO number on your invoice? How does the invoice need to be addressed and who too? What needs to be on the invoice for it to be paid promptly? Who at your customer’s organisation needs to sign off the invoice before it will be paid? Who in the customer’s organisation is responsible for accounts payable? And can you get their name and contact details to help ‘ease the way for your invoice to be paid’?

When a finance department is preserving cash for a business, they will reject an invoice for payment for the smallest reason.

8. Create a process for unpaid invoices

For example, this could include a series of communications when the invoice is issued. Then a call or email the day before the invoice is due to see when it is going to be paid. Then a series of calls or emails several days and weeks after the invoice is due to be paid.

Also, most accounting software have a feature that will automate reminders for you.

9. Consider offering a payment plan

Most customers want to pay your bill, but sometimes stuff gets in the way. Consider offering a payment plan. Getting paid over 6 months in instalments is better than not getting paid at all.

10. Stop work if your invoices don’t get paid

If you get to the point where you have unpaid invoices and work still to do, stop working. Don’t carry on in the hope that they will get paid eventually as you may start to incur debts yourself. You’ll be surprised how quickly your unpaid invoices may get paid if you stop working for a client.