Archives

Part 2 in our cash flow series In Part 1 of this series we explained the difference between cash and profit in a business. To briefly recap: your cash flow is the flow of money through your [...]

Part 1 in our cash flow series Sometimes a business might show a healthy profit on paper, but still have no money in the bank. This can be bamboozling to a business owner. If my business is so [...]

Let’s say you have a customer called XYZ Items you sell products to. However, you also purchase goods from XYZ. Let’s also say that this month you sold $500 worth of your goods to this customer, [...]

In Part 1 of this topic, we showed you why you don’t need to process payments for your sales and bills. You can simply wait for the ‘green match’ to appear on your bank, and [...]

One of the best time-savers Xero has to offer is that of reconciling amounts that in your bank account to your purchases or sales. In most cases with Xero, there is no need to record payments for [...]

The ATO stipulates that you should be able to ‘explain’ all transactions that go through your business. Your records should also be ‘in writing’ (paper or electronic) and kept for a minimum of 5 [...]

Single Touch Payroll (STP) is coming in on 1st July 2018. STP is a new reporting method for payroll which will simplify the process of providing the ATO with information about your employees and [...]

Do you need help with GST codes for your Xero transactions? If so click on the link below to open our GST coding table. Books In Shape – GST Coding Resource

You don’t need to carry stock items in your business to benefit from Xero’s inventory function. Using the ‘untracked’ inventory feature while invoicing your customers or entering your bills is [...]

If there’s one thing that can get small business owners baffled it’s the matter of GST! While some business owners will claim GST on everything they buy without checking if it’s correct, others [...]