Lessons from three pricing stories

Times were tough, so John decided he had to drop his prices below his competitors. The results seemed gratifying. Business picked up quickly and when John looked round his shop he could see his sales staff were always busy with customers. Then came the call from his accountant. “Aren’t the sales figures great?” said John, getting his bit in first. ‘Yes”, said the accountant, “impressive sales indeed. That’s the good…  Read more

Efficient business systems really pay off

Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are…  Read more

How to turn your hobby into a business

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

Tax tips for new business owners

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support…  Read more

Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Benefits of money mindfulness

If you’re like most people you’ve probably gone for periods of time without really thinking about how you spent your money. Maybe you even avoided looking at your bank statement so you wouldn’t see how much money you spent and how little you saved. It’s something a lot of people do, especially nowadays when we can spend our money so easily without handing over cash. If you’ve ever looked at…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

Get paid first – why your salary should be your business’s first monthly expense

It’s the line item most often left out of a small company’s budget: the business owner’s salary. Let’s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need to earn a living – and paying yourself can actually help your business succeed. Here’s…  Read more

Smart money tips for business owners

Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,…  Read more

Let Freedom Ring!

When I think of celebrating Independence Day the first things that come to mind are usually. Fireworks Spending time with family and friends Grilling outside on the BBQ Matching Patriotic Old Navy T-shirts A little Bruce Springsteen, “Born in the USA” And now that we live in the South, FIREWORKS make a second appearance on the list! That’s because here in Tennessee blowing things up is a true expression of…  Read more

Three ways to speed up invoicing

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client…  Read more

Announcing the Top 50 Cloud Accountants of 2018 (North America)

This is the fifth year we’ve released our annual Top 50 list, which aims to recognize accounting and bookkeeping firms in North America who are setting an example when it comes to leveraging cloud technology. We received hundreds of applications for this year’s list, many of which included exciting stories showcasing how cloud technology has enabled both advisors and their clients to reach their goals. We are incredibly impressed by…  Read more

Food truck accounting hits the road to success | Xero

Never underestimate the power of a chance meeting. Michael and Mindy Levy of Bean Counter 4 Hire met Tate Henshaw of Polay + Clark at a Xero Roadshow. And the meeting of the minds put together a food truck accounting solution that considers everything – including the back-end and client experience.   To find proof of their solution, say hello to Lauren MacLeod and Danny Bua, Jr. from That Awesome…  Read more

Restaurant and Food Truck Owners Rejoice with Vendor Payments Simplified

Owning a restaurant and/or a food truck is an exhilarating experience and comes with a unique set of challenges. The work is hard and although the days are long, they are satisfying and the taste of success is oh so sweet. Any thriving owner knows the recipe for success is no secret. It has as much to do with business as it does with the food. That’s why it’s more…  Read more

The Power of Pricing

Nothing sparks more debate among accountants than the topic of pricing. Everyone seems to have their own method and yet no one feels as if they’ve got it all figured out. The cloud has driven a big shift in the industry from hourly pricing to the fixed or value pricing model. While the hourly pricing model is far from ideal for a modern firm, no one can ignore it’s simplicity.…  Read more

How these two firms built a successful niche advisory partnership – part one

Going niche requires a strong understanding of the business you want to help. And when you’re going niche collaboratively as a team, the devil is truly in the details. For Michael and Mindy Levy of Bean Counter 4 Hire and Tate Henshaw of Polay + Clark, combining forces for Food Truck Accounting was a labor of love. Establishing this niche was underwritten by a passion for food trucks and a…  Read more

Cheers to the winners at this year’s Xero Americas Awards!

The Xero Americas Awards is an opportunity for us to showcase and celebrate the achievements of our accounting and app partners. With an outstanding array of partners in the Xero community, it’s difficult to recognize just one partner in each award category. We’d like to extend our sincere thanks to everyone involved in the Xero community, we couldn’t do it without each and every one of you. And to the…  Read more

How these accountants forged a partnership made in the cloud

It was a chance meeting, where they stood next to each other in the valet line, brought together by a shared excitement to learn and network with their fellow Xero partners. The Xero community is known for its “camaraderie and collaboration,” says Tate Henshaw of Polay + Clark. So when he attended the Xero Roadshow in Atlanta, Georgia in November 2016, he knew he’d find partners with a shared interest…  Read more

Announcing the Top 50 Cloud Accountants of 2017 (North America)

This year, we received hundreds of applications from accountants and bookkeepers across North America. We were amazed by some of the feats that firms were able to accomplish thanks to cloud accounting technology. As you’ll see below, the cloud is truly revolutionizing how accountants, bookkeepers, and their clients are doing business. Without further ado, please give a virtual round of applause to our list of the Top 50 Cloud Accountants…  Read more

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