22 September 2022
Everyone wants a big fix. No one wants to hear that to be healthy they simply need to more eat vegetables, or to save money they should think about spending less. The truth can be so simple it’s dull, but it’s where we have to start. Just as with health or personal finance, the simple fixes come with complexities that need to be understood, otherwise we’d all do them, but that level of nuance can’t be accessed without getting the basic right.
Big businesses get the basics right.
Everyone wants a big fix. No one wants to hear that to be healthy they simply need to more eat vegetables, or to save money they should think about Big, successful businesses have rock-solid financial management in place, giving them strong financial foundations as a company. When you have full control of your numbers, that gives you more oversight of your revenue, cashflow, profits and the road that lies ahead.
As the world gets more and more unpredictable, people are on the search for this magic bullet more and more. Really, what we all need right now is a solid foundation (and a solid support system).
This is where the right admin processes come into play. These are the 8 things we expect from our clients, that help them act like a big business, no matter their size.
Enter all transactions in a timely way in Xero, or supply all the information we need to complete the bookkeeping process if we take care of it for you.
Digitise receipts as you incur them. Dext Prepare make this quick and easy – no excuses.
Manage your bank transactions and make sure that all bank reconciliations are done accurately and in good time. This is the only way to keep Xero up to date so you can get real time data
Keeping cashflow positive is important for every business – invoicing customers as soon as possible so that all work is accounted for is the only way of managing this
Planning your payment runs will make things run much more smoothly. Keep to the schedule and make sure suppliers know where they stand.
Just like payment runs, you should know when payroll information needs to be updated. There’s no use doing things last minute and then wasting time putting out fires – make time to keep to your schedule.
It’s not a bill you want to be blindsided by. Make sure you are up to date with your VAT obligations – keeping accurate records will help with this.
Every business hits bumps in the road – we can’t help if we don’t know about them. A problem shared is a problem halved, and in this case, it might even be a problem solved. Let us know about any financial issues you have or any that might be coming round the corner.
By getting the basics right, you help us to help you. With up-to-date numbers, real-time reporting and a current view of your scorekeeping, we can improve your business performance.
If you need more help with learning Xero, getting to grips with the app stack tools or training your staff, get in touch with us. We can set up group or 1-2-1 training sessions, so you and your team know exactly how to stay on top of your bookkeeping and think like a big business.
Xero is bringing machine learning to your bookkeeping, to automatically code your transactions and expenses.
The key Xero updates and takeaways from this year's Xerocon London fintech conference.
