Bookkeeping is an essential business process that goes under the radar. For the most part, owners and bosses with zero Xero training think they can magically make numbers coalesce. While it seems simple, getting the company’s books in order is far from easy. If you don’t do it right, there’s a chance you will do more harm than good and hurt the business in the long run.
Thankfully, there are telltale signs which show that you need a training course to boost your skills. Carry on reading to find out more info so that your company’s accounts never have to be in jeopardy again.
You Don’t Understand Compliance
Complying with governmental rules and regulations is one of the hardest things to do as a bookkeeper or accountant. For one thing, they change regularly. For another, they are very complicated. If you don’t know your tax code and how to pay your contributions on time, there isn’t going to be a peace of mind. Instead, you’re going to be worrying about GST all of the time and waking up in the middle of the night in a cold sweat.
Our Xero training will show you how to keep up to date with changes in the law so that you don’t flout them. Of course, our team of bookkeepers is happy to input your data into Xero and save you the hassle.
Patterns Are Tough To Spot
A training course will do more than show you how to keep your books – it will teach the theory behind accounting. The problem non-specialists have is that they can’t spot patterns that professionals can, and it costs the business money. When you know how to report regularly, things such as reducing expenses and managing cash flow will be a walk in the park.
Guidance from a qualified bookkeeper means you will be able to make informed decisions in real-time based on accurate numbers.
There Isn’t Enough Time
As a leader, you feel as if there aren’t enough hours in a day. Not only that, but you’ve got to complete the essential tasks to ensure the company doesn’t grind to a halt. Owners and bosses who spend more time on the firm’s accounts than on running the business should consider Xero training. Learning the shortcuts and how to minimise your time doing the little jobs is part of being in charge.
Outsource the entire process to us if you don’t have the time or patience. Then, you can spend your time more smartly in the office or at home.
You Spend A Lot On Late Fees
There isn’t enough money to go around at the best of times, so you can’t afford to waste it needlessly. Late fees or penalties issued by your bank or suppliers are unnecessary and easy to eliminate with Xero training. All you need to do is figure out how to keep tabs on your accounts. When you get to grips with the system, you can set up payments to leave directly without worrying about a lack of funds.
Then, your relationship with your suppliers won’t hit rock bottom and damage future negotiations. Also, the firm’s credit will remain stable, allowing you to borrow when times are tough.
You’re Not Chasing Payments
On the flip side, not chasing payments is a sign you need Xero training. In a perfect world, customers would pay up punctuality and everything would be rosy. In reality, there are gaps in payments and businesses have to wait long periods for consumers to find the cash. Therefore, the odds are high that you are owed money from a customer but haven’t chased it up yet. If you’re not in the process of making calls and enquiring when it will get paid, you probably aren’t keeping track of your finances properly.
With efficient invoices and automated reminders, you won’t have to deal with liquidity issues because of late payments.
You Can’t Fix Problems On Demand
Bookkeeping problems rear their heads at unwelcome times, and you’ve got to be able to respond accordingly. Those who can’t run the risk of letting the issue escalate out of control until it grows too big to repair without professional help. Although a training course won’t transform you into an expert, it will provide you with the basic tools you need to fix accounting problems.
With our video tutorials, you’ll know what went wrong and what action to take.
The Bookkeeper Hub
At The Bookkeeper Hub, you get an online training course that’s available anytime. We’ll get you using Xero like a pro for the sake of your business.