Business

  • Business, Cash Flow

    Signs of a Cash Flow Problem & How to Fix It

    You can have a profitable business and still fail. In fact, the NUMBER ONE REASON FOR BUSINESS FAILURE is running out of cash.

    5 signs you have a cash flow problem:
    1) Unable to pay suppliers on time
    2) Unable to pay your ATO obligations
    3) Unable to make superannuation payments for employees
    4) Customers not paying on time severely impacts you
    5) Unable to draw a regular wage

    5 ways to fix it:
    1) Review customer credit terms & start charging for late payments
    2) Move customers to shorter payment terms or upfront deposits
    3) Negotiate a short-term payment plan with suppliers
    4) Stop any excessive drawings from your business
    5) Stop any unnecessary spending – if you don’t need it, don’t buy it
    The best thing you can do to manage your cash flow is to implement a Cash Flow Budget. This will allow you to see where the issue is and how to fix it. Flying by the seat of your pants won’t change anything as you can’t fix what you can’t see.

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  • Bookkeeping

    Review: Xero vs Quickbooks for Bookkeeping

     

    “Which is better – Quickbooks or Xero?” Is a common question I hear asked over and over by small business owners.

    I’m certified in both Xero and Quickbooks. While I love them both, there are some major differences and not one size fits all.

    I prefer Xero when doing bookkeeping, but I have some clients on Quickbooks and some clients on Xero to suit each individual’s needs.

    Also, both apps have different features that are great. 

    Again, it just depends on who will be doing the bookkeeping, what your budget is, what you need from it and what (if any) 3rd party add-ons you want to integrate with.

    Here is a quick comparison of both apps:

    *Approximately

    Note: I have not included MYOB in this comparison as in my opinion (and many other bookkeepers) it’s not up to standard and many bookkeepers will charge a premium to take on a client with a MYOB app due to its limitations and efficiency. I used to be a MYOB fan back in the day, but it has failed to keep up with Xero and Quickbooks.

    As a Xero Partners, we often have access to special deals so if you’re looking to switch or start using Xero, we can get you up and running quickly. 

    We a range of bookkeeping packages to suit your needs and budget including Done-For-You Bookkeeping or we can set you up on a DIY Bookkeeping Package so save you money.

    To discuss the best bookkeeping app for YOU, book a FREE Discovery Call
    LET'S CHAT

    To find out about Xero click here: https://www.xero.com/au/ 

    And for Quickbooks Online click here: https://quickbooks.intuit.com/au/

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