As I tell my clients, not having a business plan is rather like going on vacation to Disney Land with no idea when you will go, how you will get there, how you will pay for it or where you will stay once you get there.  You might get there anyway, but you will likely

The best part of an accounting/bookkeeping system is seeing the money come in.  No matter how much you might dislike bookkeeping, that part is at least a bit enjoyable.   What isn’t fun is gathering the payment information from all the various sources.  Xero has a couple of solutions for that. First, Xero connects seamlessly with

The reason you are in business is to get paid, and hopefully get paid quickly.  Xero makes it very easy to invoice your clients and get paid. Invoices are very easy to create.  It is not necessary to create the client first, though it is helpful.  The invoice screen looks like this: You enter who

Did you know that you don’t have to reconcile your bank account every month?  I don’t mean just leave it for six months and then do it all at once, I mean EVER.  Xero downloads and reconciles transactions for connected bank accounts every day.  Then once a day or every couple of days you (or

If you’ve been following along lately, you’ve discovered that I love Xero.  I switched my personal and professional finances to it.  However, if you are happy with your current bookkeeping software, you have no trouble working with your accountant at tax time, and your bookkeeper (if any) can get access without obstacles, there is no

The answer is no, unless you get audited (if you can’t prove it, you can’t deduct it), loose all your bookkeeping files or some other hazard.  Then you will probably wish you’d had saved every scrap of paper you’d ever received after a transactions, if only to ease your mind.  So now you are thinking

If you go to Xero’s site, they will tell you that Xero is simply beautiful accounting software.  And it is.  It is more than that though.  I have always been of the opinion that to use Quickbooks well, you needed to have a basic understanding of double entry bookkeeping.  I good working knowledge of the

The foundation of a business, whether it is a new business or an existing business, should be a business plan.  It is surprising how many people open businesses (including me!) without only a vague plan trapped in their heads.  I am happy to say that I now have a written business plan.  I have found

Current assets divided by current liabilities. Obviously you want a number greater than one — the bigger the better.

Those obligations that management expects to fulfill during the next fiscal year.