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Exploring your Business Digital Assistants

Once upon a time, mobile phones were simply considered Personal Digital Assistants (PDAs). With the advancement of technology, we now have smart phones able to assist with many other activities, both personal and professional. It is, then, not surprising that many business owners call their phones Business Digital Assistants – BDAs. It is increasingly popular nowadays for entrepreneurs to enlist the help of mobile apps to increase productivity.

Business owners can also use apps to help run their business more smoothly. This is a perfect solution for small and medium businesses who have limited funds to spend on administrative costs, such as personal assistants or fancy accounting systems.

Let’s look at a case study showing how a small business can adapt to new mobile technology.

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Software for Healthcare and Special Care Start-ups: Choose XERO

With only a few accounting software options on the market, it seems healthcare and special care industry start-ups under NDIS have only two options to choose between: MYOB or XERO. However, NDIS-related services can be complicated, and the two systems are not necessarily equal in terms of their benefit to users. Given your limited budget as a start-up business, you might want to learn more about these two software options before making your choice.

Here is Tailored Accounts’ take in the issue. 

Comparing MYOB with XERO is like ranking Taxi Services against Uber. XERO creates a community of accountants, bookkeepers, application developers, and business owners, where ideas are exchangeable. It acts as a platform that can facilitate communication between those in the industry. MYOB is trying to follow in their footsteps; however, XERO is still the market leader for three reasons.

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Reconciliation of Your Payment Summaries

The six important steps of payment summary reconciliation that employers often overlook. 

Payment summaries generation is a simple task, however the back end reconciliation does take half to a day of work. Here are list of 6 STEPS that our staff have to go through to ensure that your payment summaries are faultless!

1. Reconcile all staff payslips in the past 12 months with BASs submitted to ATO during the year. Incorrect payment summaries is the biggest trigger to an ATO tax audit...we understand how important it is to ensure our data is perfectly matched with ATO data;

2. Reconcile all staff payslips information: Gross Salary, PAYG withholding, FBT, Super payable, Salary sacrifice, Termination pays. A full reconciliation between payroll report vs General Ledgers are conducted for the full year to ensure your staff pays are agree with what coded into your accounting software for the last 12 months; 

3. Once ATO = Pay summaries = General Ledger (debit/credit), our staff will print payment summaries and re-check them with employee payroll setup to ensure their pays are in line with their contract/award;


4. Payment summaries to be email to business owner/HR manager/CEO to check before we email to your staff;

5. Payment summaries to be emailed to staff before 14th July;

6. After 1 week from sending staff payment summaries, if we don't need to do any amendment, we will send Annual Payment Summaries to ATO before the DUE DATE 14th August.

 

 

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What can XERO tell us about leadership (Part 2)

Fuzuki Nishimura

XERO entered Australian accounting software market seven years ago. They used to be a boutique-sized business; however, they brought a disruptive innovation that has changed the landscape of accounting industry. Software used to be installed in our computers; and accounting data were handled mostly offline from our desktops. When XERO came out, we just loved it. It allows us to access data from multiple devices. Our clients could now enjoy seeing financial reports from their mobile devices.

                                                                         

Many of our clients love XERO because it is highly customised to their business needs. A grocery owner, who has been our client for more than four years, shared with me that XERO was the best software to handle hundreds of transactions and still able to generate real-time report. That is the reason clients choose to subscribe and stay using XERO for long term.

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What can XERO tell us about Leadership? (Part 1)

Harry Hoang

Coming back from XEROCON SOUTH in Brisbane, I kept asking myself about what have we learnt from the event. In the past, we tried to figure out the most suitable accounting software for our business and clients. XERO was the best choice. When at XEROCON SOUTH and talking to my colleagues, I realised that XERO is embarking in a leadership position in cloud accounting, which has never been taken by other big players.

I was keep asking myself about what we have gotten from the event. I asked staff to write few words about their personal feeling so we can consolidate to a good article for B2B this month. Personally, as a CEO of an accounting practice, I am thinking more about the direction, the leadership of the accounting industry in which XERO play a very important part of the Eco system. 10 years ago we all know that MYOB, QuickBooks are the most popular accounting software for SMEs and Accountants.

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ATO Announcement: PAYG Tax Tables Changes by 1 October 2016

Dear customers,

Please be informed that PAYG Tax Tables will be updated to reflect all the changes by Saturday, 1 October 2016. Details of the changes could be accessed HERE

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We encourage you to stay updated from the changes. XERO system will be updated accordingly as per the PAYG tax change. Should you have questions regarding the change, please contact us at  02 6169 5196. Our accountants will assist you with the information. 

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The “love story" between accountants and bookkeepers

Most people assume that bookkeepers and accountants get along very well―both share common goals and contribute to the long-term financial success of businesses and clients. The reality, however, is they tend not to share a lot of information with one another. Few weeks ago, a new customer asked us if we do tax preparation and lodging as he didn’t want to deal with too many parties (i.e. bookkeeper and accountant). I explained to him that bookkeepers and accountants work together as a team because they each have different skill sets and make up different stages of the financial cycle.

Before engaging us as their bookkeepers, some of my customers have previously requested for their accountants to perform both bookkeeping and accounting for them. While many hope that their accountants can be “one-stop shops” for their financial needs, many realise that their accountants don’t offer bookkeeping services. So, should bookkeepers and accountants compete with one another, or should they cooperate with one another? Based on my past experiences dealing with business owners, clients, and accounting firms, I think that bookkeepers and accountants should dance around with each other to realise the best possible outcomes for their clients.

But why are such harmonious and effective relationship shard to achieve most of the time? In my opinion, the problem lies with both accountants and bookkeepers.

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End of Financial Year Note

Most business owners do not know that the SME sector in Australia has wasted millions of dollars due to inefficient cost, most of which can be attributed to the complex bookkeeping process. As the financial year is coming to an end, here is a guide to help business owners save the unnecessary cost and improve the company performance in a period when financial management is very much needed.

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To improve the existing financial management process, you will first have to evaluate the system. Take a minute and think about how you control your financial process right now. Most SMEs have the same mistakes listed below:

  • They fail to realise how important financial management is. Businesses with poor financial management tend to suffer from poor cash flow and profit margins, ineffective debtor control, and an inability to meet their business’ commitments;

  • They are unaware of alternative solutions such as hiring an accountant or implementing an accounting system. If crunching the numbers is not your strength, either hire or outsource to an accountant or bookkeeper who will deliver regular and reliable information and advice that you can use to manage your financial position;

  • While many businesses are in the field of IT, it is surprising how backward their accounting systems are. Stacks of receipts, manual ledger books, simple Excel sheets, messy financial transactions and reports, and overdue BAS and tax returns are common among start-ups with bad financial management;

  • Businesses owners tend to focus on their products, ideas, and clients, often neglecting the fundamentals of their business. I have never seen a successful business that does not have strong financial management.


As a matter of fact, most people fails to realize their mistakes until it’s too late. If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. It is seemingly running well and you believe you are able to manage it until the end of financial year approaches. One client shared with us that EOFY used to be her nightmare and she was always lost with massive paperwork. Only until the end of financial year does your disorganized bookkeeping system come back to bite you. To avoid this scenario, though, here is the EOFY to-do list from our executive director.

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Tailored Accounts - A Xero Expert

Xero is beautiful online accounting software for small business. With Xero, business owners will have real time online financial updates anywhere, anytime on your Mac, PC, table or mobile. Tailored Accounts is proud to be a Xero expert. We are Xero Gold Partner, Certified Advisor and recently become the sole Xero Cloud Integrator in Canberra.

Xero Authorised Integrator in Canberra

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What you could learn from Xero Roadshow 2016

The February Roadshow is the the first official event of Xero in 2016. Xero Roadshow came to Canberra on 4th February and attracted hundreds of local accountants, bookkeepers and entrepreneurs. Tailored Accounts team was one of them. Apart from amazing food, the Roadshow also gave plenty food for the brain. Here are what we have brought back from the event.

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Quick time entry in Practice Manager from Xero

As an outsourced bookkeeping services provider charging clients hourly (and of course, guarantee all jobs are completed at possibly highest standard), Tailored Accounts pays great attention on time tracking. It is time consuming for Tailored Accounts (and for any accounting practice) to record time accurately (but we need to do that for better performance management and billing clients).

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Why did we move to cloud accounting?

Cloud accounting makes business more efficient

Why did we move to Xero? Because of the software’s outstanding features? Because of benefits from the partner program? They are all correct. But the ultimate “because” was “because we wanted to be our clients’ choice”. Clients are always the motivation for all our innovations. One of the best innovations we made was converting the system to Xero – cloud accounting system. 

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Accelerating cashflow with Online Quotes

When we released Quotes in January, we let you know that we were going to continue to add to this feature. The initial release was the start of a journey, not the end.

Over the past few months we’ve continued to monitor your feedback in our Community and have added new features to Quotes in each release. With this week’s release, we’re pleased to give you Online Quotes.

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Xero - Clould Accounting For The Future

By Harry Hoang

Reprinted from B2B Magazine

Xero certified partner

As this is the last article of 2014, I will try to sum up what I have written for B2B during the past 6 months. I have introduced XERO – the world’s leading cloud accounting application along with its ecosystem which allows businesses to operate with their browsers instead of their desktops. I still remember this day 5 years ago when the IT technical support officer came to my office to install updates for my company’s server and computers. We ended up with 3 non-operating days due to a range of issues – bugs, non-alignment between the “old” and “new” updates, and conflicting dependencies. Technology will continue to evolve with added features, hence there are more reasons why companies should embrace cloud accounting.

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Xero Touch in one touch

The mobile team here at Xero is very pleased to announce that we have just released Touch ID for iOS! Thereby putting your business at your literal fingertips. This has been quite a long time in the making, with Layton having first knocked together a prototype at WWDC back in July. That caused quite a bit of excitement internally:

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Using mobile applications to run your business

In my last two columns, I introduced you to two of my favourite mobile applications – Xero and Receipt Bank. I use them on a daily basis and consider them to be part and parcel of my business. The growth in use of mobile devices has led to an explosion in the development of mobile applications. Small-to-medium businesses are using these applications to improve their processes and help their customers, while others have jumped on the bandwagon to develop their own applications for their staff to use or to sell as a product.

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Xero Gold Partner

We are thrilled to announce that Tailored Accounts became a certified GOLD Partner of Xero in May 2014. We are one of only three Xero Gold Partners in ACT. Our partnership with Xero lets our clients get the most of our expertise and experience. 

Tailored Accounts as Xero Gold Partner in Canberra

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Files On The Run: Xero Touch For iOS

Xero Touch for iOS has now been updated to give you access to your files from your mobile device.

Xero touch for iOS

Files for Xero was released back in October and was a game changer, allowing you to attach source documents to transactions, giving you a full picture of your financial data and supporting materials all in one place.

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Purchase Orders: How this Xero function would help businesses.

Xero just moved a step closer to completing the remaining core accounting functions.

Businesses now can create, send and manage Purchase Orders in Xero. This function will help put any businesses in control of purchasing from your suppliers, so you both know exactly what’s been ordered, the agreed cost, and when and where it should be delivered.

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