Now that we are on the home stretch with this five-part series, and you have (of course) diligently employed each and every one of our savvy tips, we hope you are really starting to notice a difference in your business! Now, let's be honest, the vast majority of us will cringe just a wee bit when we hear the words: finance, tax, GST, PAYE, and accounting. If tackling your invoices and bookkeeping with regimented enthusiasm sounds about as enticing as spending Friday night locked in a public restroom, then these tips are for you!
1. If you employ staff, get on to SmartPayroll and set your crew up with the MySmartPayroll app on their phones. They can apply for their leave on the go and without needing to interrupt your flow during the workday.
2. If you're selling time for money, get a time tracking tool that links to Xero. (We currently use Harvest, but if I were starting my company again from scratch, I'd be setting up Accelo because of all the additional features! Definitely worth a look). My team track their time using the online timers against projects and clients which then seamlessly flows through to invoices and timesheets. If anyone is using paper or spreadsheet timesheets for billing, then you need to talk to us so we can help save you from double entry and tedious admin.
3. Xero and Receipt Bank. Sign up to simply load all of your payable invoices and receipts into Receipt Bank via the app (or by emailing) and the tool magically types in all the data for you to review and send to Xero with its attachment. No more mindless and time-consuming data entry! (Not to mention, less room for human error and unbalanced books). I actually didn't believe it when I first heard of Receipt Bank and was skeptical about the accuracy of the system. However, I was proven VERY wrong. And we've all heard of Xero, so I don't need to tell you why you should be using that!
4. Get Inland Revenue (IR) and RealMe logins. No need to send in paper tax returns anymore, when everything can be quickly done online. The Realme login will also let you file your annual returns and change your details at Companies Office website and recently there have been even more changes made so that you can file GST returns directly from Xero.
5. "Ya gotta keep 'em separated" – Your personal and business expenses should never come out of the same bank accounts! Make sure you have separate accounts and cards for your personal and business expenses to make bookkeeping and accounting easier for you (and your bookkeeper and accountant).
Our fifth and final blog in this series, we will be dissecting the most efficient ways to communicate. (Sneak preview: We can tell you that yelling down the hallway to a colleague four doors down hasn't made the grade as a top tip). We think with this last set of advice under your belt, you will be running your business like a seasoned professional. (Heck, you might even be ready to run for President of the USA - everyone is doing it…)
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