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XERO 5 way purchases
Deadline Tracker • October 10, 2020
Xero 5 Way Purchases
Making sure all bills are paid in a timely and efficient manner is key for any household or business nowadays. As such, we will be focusing this week’s blog on how cloud accounting, and in particular Xero, can make the purchase side of your business run smoother for you as a business owner or others who help you run your business.
1) Attaching copies of invoices and information
When creating a bill transaction in Xero, you can attach a copy of the invoice or other important information relating to that transaction. Big deal I might here you say, well it is actually. No more having to keep paper copies taking up space in your office, helping you also implement “greener” practices whilst also worth mentioning that it comes with the bonus that HMRC accepts electronic versions too. But there is also the advantage of control and diligence. Having full knowledge of where all items are when needed, allowing yourself (and accountant to easy and fast access to any document required.
2) Hubdoc
But Xero haven’t stopped there. They have joined forces with HubDoc, to make this even easier for you. Most invoices nowadays are sent electronically either via an attachment or embedded in an email but rather than them sitting in your email clogging up your inbox, you can ping these over to HubDoc and they will start the process for you. By using AI, it will extract the date, amounts and tax information as well as creating an attachment already linked to this transaction. All that’s left for you to do is review it and say where you want it posted in Xero, though it will remember where you have previously posted and then hit sync. Done.
That all sounds great but how much is it going to cost? If you haven’t heard as of 18th March 2020 this is part of the Xero package, so it’s included for free and integrated with Xero so there is just one place of access and one sign in details too.
1) Assigning costs to customers
Do you have costs which you pass over to your customers? By assigning these costs to the customer at the time of creating the bill transaction, or afterwards if forgotten at the time, there is no need to remember to include these in your invoicing later as these will appear as a reminder when billing that there are these costs to include which haven’t been included previously.
For consultant clients this is a great way to ensure that all the expenses are reimbursed without having to keep separate logs or even think about it.
2) Repeating bills
This is a useful tool to mop up though expenses which come out each month for the same amount each time but you don’t always get an invoice for them. Set them up as repeating bills and Xero will include them in your bills to pay so you know that these are due.
3) Purchase orders
We are not claiming this is an all singing and all dancing purchase order system as it’s not but if you don’t need all the bells and whistles then it’s another tool included in the package.
Once created and sent your purchase order to your supplier all the information can be copied to a bill transaction with a click of a button and can move the purchase order to the billed status so you can see what costs you have committed to but the invoice hasn’t arrived yet.
4) TransferWise
You can now even pay your bills directly in Xero using TransferWise as it lets you pay and manage multiple bills using your preferred bank account rather than having to log into your bank separately to create the bill payments. This will also automatically update the status of your bills and then you can send remittance to your suppliers to notify them of payment.
Automation and cloud-based technology is allowing accountancy firms to move to the next level in providing maximum value for their clients. Giving value to your customers is a winner for both. For instance, if you can advise clients on maximising their turnover from £150k to £200k, everyone benefits with increased fees and profits. Having a conversation is important There’s an old bit of business advice that says don’t send an email when you can make a phone call and don’t make a call when you can meet. Reach out to your clients and talk to them. Before that, make sure you check on what is going on with their business, as they will expect that. It doesn’t have to be bad news or reminders about taxes and deadlines, it can be a discussion on how well they are doing. Outsourcing can help you keep track of your business and deliver more for clients. Accountants possess a wealth of data which is not always being used in the client’s best interest if they are bogged down with paperwork. It’s a lost opportunity to be proactive with them. Business can be generated by offering good value This is where Deadline Tracker comes into the picture. We all hear about how the labour shortage has hit accountancy hard and firms cannot get the right staff. Deadline Tracker is a dedicated tailor-made solution that can relieve the pressure on deadlines. Get it wrong or miss the filing deadline and you could incur penalties, which will increase if you delay in correcting the situation. That is where outsourcing can break a logjam. Deadline Tracker allows you to do away with complex spreadsheets and stop your calendar from being overwhelmed with customisable alerts, easy filtering of tasks, and an intuitive, single dashboard setup. Added value that frees up time and eases deadline pressure. All of this allows accountants to concentrate on delivering value for money, which needs to be demonstrated as unhappy clients can vote with their feet and look elsewhere for better value. We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements Keep up to date with the latest content by following our Social profiles on Facebook and LinkedIn .
Research from employment specialists Reed has found that half of UK workers are prepared to leave their roles to access hybrid working benefits. This means firms must now more than ever, double down on their employee retention efforts, especially accountants who have been hit badly by staff shortages. So they must showcase what they have to offer. Whether it be career progression, alternative career pathways providing a new challenge, learning and development or establishing greater flexibility around how and where people will work in a post-pandemic world. What is employee onboarding? Onboarding new staff is the process companies go through to welcome and integrate them into the workplace, a process that extends far beyond the first day, but continues until they’ve fully adjusted to their role and team. It allows for getting acquainted with the company culture and feeling welcomed and valued in their team. Why is onboarding important? If initial training and communication is poor, it can lead to demotivation. This may be one of the reasons that up to 25 per cent of new employees leave their jobs after their first three months. And this is a huge loss for a company that must repeat a costly hiring process to find a replacement. Good onboarding means staff reach full productivity faster, so getting new employees up to speed effectively can improve your company’s employee retention. As can outsourcing parts of the accountancy process to allow these employees to flourish. Onboarding process steps When welcoming new staff on board there are measures, like sending them a company welcome package, arranging a team lunch or dinner with colleagues, or preparing a presentation, that will make them feel welcome. Put together a plan for their first few days on the job and check all the important boxes, like informing co-workers, setting up their workstation or informing the front desk staff about the new arrival. So outsourcing tasks like tracking deadlines can help and allow accountants to concentrate on their staff. The chances are that new talented members of staff will stay and flourish if certain tasks can be outsourced. Organise deadlines and save time Deadline Tracker allows you to do away with complex spreadsheets and stop your calendar from being overwhelmed with customisable alerts, easy filtering of tasks, and intuitive, single dashboard setup. It can automatically manage deadlines and workflow by showing tasks in the order of priority that they should be worked on (overdue, warned, in progress and upcoming) in a kind of traffic light system. It allows you to organise, prioritise and track all of your deadlines in a single, easy-to-use system. All of this allows accountants to concentrate on attracting and utilising top talent. We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements. Keep up to date with the latest content by following our social profiles on Facebook , LinkedIn , and Instagram .
Use the three-minute rule, but make sure you don’t run out of time
There are many jokes about missing deadlines. Here’s one: “I'm reading a book about meeting deadlines – I should have finished it a week ago.” How about this: “Why did the chef miss his deadline? – He ran out of thyme.” Amusing, yes, but for businesses and their accountants, missing deadlines is not a joking matter. The explosion of technology and digital data puts many challenges in the path of SMEs. Deadlines are a part of every accountant's job, but with accountancy evolving more into advisory roles, many traditional tasks are now being outsourced. Outsourcing can also help with hitting those all-important deadlines with tasks like tax filing deadlines, quarterly and annual financial report deadlines, and deadlines imposed by clients who need financial information by a set time. Bespoke deadline tracking technology can help prevent accountants from tearing their hair out by helping to manage their workload. It can also help as businesses strive to attract the talent needed for an evolving profession. A move to address this has been launched by the global body for professional accountants ACCA (the Association of Chartered Certified Accountants) and the International Baccalaureate organisation (IB). They have signed a Memorandum of Understanding (MOU) that creates a pathway programme for IB students towards a professional accountancy career. ACCA’s diploma covers a wide variety of business and finance subjects, including technology and digitalisation, alongside core financial and management accounting subjects. Accelerated pathway into accountancy The IB is a non-profit foundation that offers four educational programmes for students. In the UK, it is studied mainly by young people in years 12 and 13 as an alternative to A levels. Accountants will benefit from this new talent ready gradually coming on stream and stepping up to the plate as the profession moves forward to a more advisory and consultative role. That does not mean that traditional tasks like compliance are overlooked and that’s where deadlines become ever more critical, and automation of tasks plays a clear role in improving efficiency. Keeping pace with fast-moving environments and supplying solutions to hitting deadlines and improved efficiency are outsourcing experts who can unburden businesses of some of the more mundane tasks with the use of clever interactive technology. Deadline Tracker is pretty much a unique development in the market, automatically managing your deadlines and workflow by showing tasks in the order of priority that they should be worked on (overdue, warned, in progress and upcoming) in a kind of traffic light system. It allows you to quickly and easily see when you can actually work on a deadline and not just focus on the due date. Deadlines will never creep up on you again. No joke! We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements. Keep up to date with the latest content by following our social profiles on Facebook , LinkedIn , and Instagram .
Never miss a deadline and improve your client’s profitability
Ticking away the moments that make up a dull day, Fritter and waste the hours in an offhand way, Kicking around on a piece of ground in your hometown, Waiting for someone or something to show you the way When Pink Floyd recorded those lines in the song ‘Time’ on their classic Dark Side of the Moon album, they were making a point about procrastination rather than taking action and the final line makes it clear you are sometimes waiting for expert help. A missed deadline is costly in terms of incurring penalties and losing business with the added impact on your reputation. Missing filing annual reports on time on behalf of corporate clients, or tax returns for individual firms can be costly for both sides. Accountants are busy people juggling various accounts and losing track of deadlines can easily happen as the pressure builds. The days of keeping track of such areas with pen and paper have pretty much been consigned to the scrapheap, no doubt with a few exceptions, like firms still using: · An annual calendar on the wall with highlights on deadline dates · A drawn timeline on a roll of paper · Information drawn an annual wheel · An actual physical diary As the festive season is upon us, we wish everyone a Merry Christmas and Happy New Year and hope you will be able to celebrate with your family this year. In that spirit, maybe time to treat yourself by allowing your firm to outsource these key tasks to an expert like Deadline Tracker. A variety of businesses use these electronic tools to highlight key dates, facilitate day-to-day operations and keep track of plans for meetings or projects. Deadline Tracker is a dedicated tracking app that allows you to organise, prioritise and track all of your deadlines in a single system, offering customisable alerts, easy filtering of tasks, and an intuitive, single dashboard setup. Our smart, intuitive dashboard allows you to create customisable alerts, and filter tasks as well as assign them to the relevant team member. In other words, it saves you precious time and then money. Pink Floyd no doubt would have approved. We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements. Keep up to date with the latest content by following our social profiles on Facebook , LinkedIn , and Instagram .
Time is money. That is a phrase attributed to Benjamin Franklin, one of the founding fathers of the United States of America. It is thought he meant that each choice you make has its cost, and delays through inaction, usually lead to a decrease in output.
The continuing growth in the UK economy after 18 months in the doldrums is driven by Small and Medium Enterprises (SMEs), which are the backbone of the UK economy.
1. Be friendly, but not too much
Would you carve your steak with a penknife?
