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Workshops and Xero Software Training at Vibewire

By | Xero Training | One Comment

Community Engagement – XERO software training

vibewire workshop group 1On Thursday, 12 May 2016 Keeping Company launched a new concept of education workshops with a group of talented and passionate youth at Vibewire headquarters in Ultimo going over XERO software training and other accounting and tax problems that Start ups face.

Vibewire, established by Tom Dawkins (@tomjd) in his uni days back in 2000, is a co-working environment for creative entrepreneurs. This Sydney not-for-profit organisation, acts as a launch pad for young people to provide the resources, networks and programs needed to enable them to do “awesome things” with their business ideas.

Sharing Tom’s beliefs, the first instalment “Accounting and Tax for Start-Ups” was presented to this group by our Director, Ryan Miller. The topics covered included and Introduction to Cloud Accounting and XERO, obligations and dealing with the ATO, what structure is best for me, contractors and superannuation.

Accounting and Taxation for Start-Ups

The Keeping Company program has been put together by experts and contains core elements, strategies and insight from accounting, taxation and business management.

The aim is to equip these young people with the skills necessary to manage the finances of a small to medium business using the world’s most beautiful accounting software, Xero. Use Xero to quickly create sales invoices, purchase orders, manage inventory and to take care of tax and compliance obligations such as the Business Activity Statement (BAS).
vibewire workshop1st vibewire group workshopFuture workshops have been scheduled at the request of enthusiastic attendees to include topical matters such as tax deductions, depreciation and fixed assets, business names and registrations, employing people, tax invoice layout, ASIC and more….

Information and Training

Keeping Company are XERO Gold Partner representatives and Certified Advisors. We are experts in Cloud Accounting and use the best add-on software’s available to help our clients do better business by improving efficiency, saving time and costs.

We offer specialised one-on-one XERO software training with one of our XERO Certified Advisors which can be customised to your individual needs.

For more information, please visit our website or send us your details so we can have an expert answer all your questions.

GET THE WORKSHOP NOTES HERE.

why small businesses need accounting software today

By | External CFO | No Comments

If you’re a small business owner and have the goal of being successful and making money, then you absolutely need to be using an accounting software. Regardless of the structure, sole trader, company, partnership or trust, accounting software will greatly help you run your business.

Accounting software has progressed in leaps and bounds in the past few years with fantastic technological advances for the end user. The software has also moved to the Cloud. “Cloud” accounting means that there is now no physical software to install and the file is stored in servers and located via the internet. Cloud providers such as MYOB have the same security as the major banks, so if you use internet banking you should not have any security concerns.

The advantages of using accounting software in the Cloud for small business owners are as follows:

Real time access to financial information – by being able to access your accounting software file any time you want you will be able to make informed and up to date decisions about your business.
Automatic bank feeds – one of the major advancements in Cloud accounting is “bank feeds”. Bank feeds is when your transactions are updated in your accounting software when they appear at the bank. This saves you time in data entry and possibly the additional hours of a hiring a bookkeeper to manually enter all transactions.
Multiple user access and no version control issues – with your file stored in the Cloud you are able to have multiple users logged into the data at the same time. This will allow you to keep working on your file while the accounting is working at the same time which means no version control issues.
Add-on solutions – there is a huge marketplace for add-on software that synchronizes with your cloud accounting file. The add-on software can assist the small business owner with debtor control, inventory, project management and payroll to name a few. A savvy small business owner will do some research of the software to see what will best improve the way business is conducted.
Improve cash flow – by being able to review your debtors in your accounting software you will be able to make decisions about collection and credit extension. The ability to issue online invoices via email will mean the invoice gets to the client faster, which means faster payment (hopefully).
Processing payroll – accounting software packages help the small business owner calculate the correct amount of superannuation payable as well as PAYG to withhold on wages, which means no more manual calculations and errors that may result in fines and penalties from the ATO.
Make a tax change for the better this end of financial year with MYOB AccountRight, it’s the power to manage business, your way. For further information or assistance with setting up or upgrading please contact Keeping Company on 1300 533 787.

The information provided here is of a general nature for Australia and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’s circumstance will vary for end of financial year.
By Ryan Miller, published 1st June 2015 for MYOB “The Pulse”.

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