When to hire a bookkeeper is a question most entrepreneurs and company directors ask themselves at one point. At what stage is it the right time? You don’t want to do it too early, but leaving it too late is just as bad decision. At What a Figure! Accounting we will cover this in detail …
When to hire a bookkeeper? – 4 key factors Continue Reading »
If you came to the final conclusion that it’s time to move on from Excel spreadsheets (or skip that step all together), you came to the right place. Preparing your cash flow forecast statement with Float app is an excellent, time saving solution. At What a Figure! Accounting, we will show you how to set …
Cash Flow Forecast Statement – How to Set It Up with Float App Continue Reading »
On the accounting software the menu heading will still show as ‘draft’, but if you download them or email them to your clients, they will have a Proforma heading on. Download one to see it works. Just make sure not to approve them. If you do, they will turn into an invoice and be …
Proforma invoice: What is it and how it affects your VAT? Continue Reading »
Once you are ready, you can approve it and send it to your customer. Credit notes can reduce your tax bill Many companies have outstanding sales invoices sometimes dating back to even years. If your company is one of them, and you are registered for VAT (and submit your VAT on an accrual basis): …
Credit Note: What it is and how it can reduce your taxes? Continue Reading »
Are you having trouble with your Xero reconciliation? Have you reconciled all your bank transactions, but your Xero balance still doesn’t agree to your bank balance? There could be three reasons why: 1.) You have Outstanding Payments and Receipts in your bank reconciliation 2.) You have missing or duplicate bank transactions in Xero. 3.) Your …
How to do Xero reconciliation – your Bank doesn’t agree? Continue Reading »
A cash flow forecast can help your business (or even yourself personally) to predict and prepare for future financial difficulties. This is usually the main use, but companies also use it to plan different scenarios. For example: purchasing a building or employing more staff. Are they financially feasible? Let’s look at the options and the …
How to Do a Cash Flow Forecast (free template!) Continue Reading »
Things to keep in mind if someone is setting it up for you As you can see, Xero conversion balances can be set up very quick with little minimal information or very detailed. This is also the case when accountants set it up manually. What do you get when Xero is very well set …
Summary: If your Statement Balance doesn’t agree to your actual bank account balance, then it could be because your conversion balance is wrong. This is one of the potential reasons if your bank balance doesn’t agree. At What a Figure! Accounting, we will look at two of the three most common problems: 1.) Outstanding Payments …
Conversion Balance: Fixing it can fix your Bank Balance Continue Reading »
Is your P&L mixed on cash vs. accrual accounting basis? Most of the time yes – and we will explain why this is. Sales invoices: most companies raise sales invoices in their accounting software, so this will be (as a standard) on an accrual basis. You will then have the option to view them on …
Cash vs. Accrual Accounting (Plus its tax implications!) Continue Reading »
Summary: In this article, we will review what a fixed asset register is. What type of items you should and shouldn’t account for in here and what are the advantages of using it. Lastly, once you have accounted for fixed assets, how to depreciate them in what time frame. For our illustrations, at What a …
Fixed asset register and depreciation – What is it and how to do it? Continue Reading »
