Like to know how to improve Xero operation?
Accounting systems are often the last thing business owners want to focus attention on. GST and tax compliance are often the main objectives. This thinking is a massive lost opportunity!
Your Accounting System can be useful for so much more than record keeping and compliance.
If it’s set up right, by someone who really understands financial reporting, and what you as a business owner want to know about business performance, it can be a goldmine of information. It could literally make/save you thousands of dollars by showing you:
Which are your most profitable sales.
When your costs are creeping up and when it’s time to increase prices/negotiate better supplier prices.
How you compare to others in your industry.
When your overheads might be getting out of hand and above what you expected.
If your profit is on track to your yearly goal and what to fix if it isn’t.
Your true cash position – not just what it says on your bank statement!
What you are owed, by whom and for how long.
What you owe suppliers and for how long.
How much stock you’re holding and if it can be better managed to improve cash flow.
How much ‘Work in Progress’ you have and if it can be better managed to improve cash flow.
And much, much more!