As the owner of a successful franchise your time is valuable. Finding the time to keep accounts up to date can seem impossible.
Xero is a cloud based accounting software which can help you run your franchise efficiently.
It can be accessed on your phone, tablet or computer. Mac or PC
Here are 3 timesaving secrets that can help you.
1. Receipts – You can take a photo of any receipt you pay with your credit card and upload it to xero ready for allocation in the bank account the next day
2. Pay Slips – Employees can be invited to the employee portal. From there they can apply for leave and print their own copy of their payslip. No more requests for copies of 3 months of payslips.
3. Timesheets – Employees can login to Xero and complete a timesheet and submit to their supervisor. No more hard to read paper timesheets.
Do your accounts show some sign of life but you can’t imagine them in full bloom?
Here are 3 key steps you can take to bring your accounts back to life.
1. Own it. By this I mean admit that you need help and be willing to do whatever it takes to get it sorted
2. Get all your paperwork both hardcopy and electronic together. Dump them in a box, bag, folders anything as long as they are all in the one place. (ok maybe not the laundry basket half full of dirty washing)
3. Locate a bookkeeper who can inspire and train you to understand financials and get your accounts in order. Use Facebook or Linkedin, accountants or ask your friends
Once you have worked through these steps your accounts will be bristling with life and information about how your business is doing
Are your sales great but no one pays anyway near on time? A great way to turn this around is using direct debit. Then everyone is happy.You get paid at exactly the right time. Your client never has to make the effort to pay you. A win all round! There are several direct debit companies around or check with your bank.
The 7th day of the month is a great day to review your accounts for the previous month and year to date. Doing this is a reality check to see how revenue and expenses turned out compared to budget
Time to contact your accountant! Now is the best time to have the accountant review your accounts ready for 30 June. Looking at 9 months of accounts will enable them to give you some tax planning advice. Then you will have plenty of time to implement before 30 June. No stress, no missing out, no “wish I’d contacted the accountant earlier instead of the 29th June”
Placing a value on your time so you spend time on the right things is key to success. These 7 points explain it well. Especially the power of saying No
inc.com Extraordinary time managers have a radical focus on priorities over perfection, and get more done than the rest of us.
Make this week a success by being focused on the right things
inc.com Being busy is great for your bottom line, but don’t let it be an excuse for mistreating your employees or failing to manage your business resources properly.