Keeping the books up to date is critical for any business. Letting things get disorganised is going to create big headaches down the road, so it pays to have systems in place that prevent this. But don’t worry - as a business owner you aren’t expected to necessarily manage all of this process alone. After all, you’ll want to be focusing on the things you’re most effective at (and enjoy!).
Bringing on an employee is a big step in the life of a business. It represents growth and new skills coming into the fold. With over half a million small-medium businesses in New Zealand, there’s a huge amount of pay runs being processed each week. If you’re new to the world of paying employees, it can feel a bit daunting getting your head around the tax obligations and admin. However, there's no need to worry...
Keeping on top of your expenses is key to running a healthy business. Over-extended businesses leave themselves open to real financial headaches, and when a business continually pays late, the relationships with those creditors can suffer or even disappear. Establishing tight practices around paying as much as receiving payments gives the business much more clarity on its position at any given time.
Waiting for an invoice to be paid after the due date has passed can put tremendous strain on the cash flow of the business. If late invoices become ‘normal’ for the business, it’s harder to grow and invest back in the business.
In this guide we’ll talk about aged receivables in more detail and what you can do to reduce and even eliminate this problem from your business.
Do you trade internationally? Would you like to be able to send invoices, quotes, and purchase orders, or receive bills and payments from overseas?
If you trade using any international currency, getting multi-currency set up in your Xero is a must-do. In this article, we talk through setting it up and the benefits it will provide you.
Explore Xero’s extensive library of guides from ‘Getting Started” to “Mastering the App”. Click below to dive in, or give us a call – we’re here to help!
