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5 Reasons Why You Should Keep Your Bookkeeping Up To Date

Balancing the books is a crucial part of running a successful business. If you’re a business owner, keeping a close eye on your accounts and monitoring payments that come in and go out is vital. If your books aren’t up to date, or your finances are in disarray, the risk of financial failure increases dramatically. [...]

Bill Automation – Which is the Best Product?

We mention bill automation frequently (because it makes running a business so much easier, of course). The ones we like the most for this purpose are Receipt Bank and Shoeboxed. There are currently 17 add-ons in the Xero marketplace that can automate your bills: Receipt Bank Entryless Expensify Datamolino Shoeboxed Hubdoc Xpenditure Invoice Smash PocketSmith [...]

Data Entry vs Bookkeeping vs Accounting

What kind of financial maintenance do you need for your business? There’s a common misconception that data entry, bookkeeping and accounting are similar disciplines but each position performs different duties (with some overlap). The chart below identifies the different duties of these three roles. Set-up  Enter Transactions  Checks, reconciliations and end of year processes Payroll  [...]

Bookkeeping vs Accounting

Bookkeeping and accounting are both crucial business functions, but they are not the same. There are key differences between bookkeepers and accountants. This guide will explore the main differences and provide you with all the information you need about bookkeeping vs accounting. What is bookkeeping? Bookkeeping is predominantly concerned with recording financial transactions and ensuring [...]

What is Xero?

In the past, accounting was typically done with pen-and-paper systems that often involved an accountant skilled in the use of a calculator and many sheets of paper that needed filling in. It was all about reading from invoice sheets, bills and other financial documents and compiling a business’s books by hands. Nowadays, there are far [...]