Xero Makes Leaving QuickBooks(R) Easy With Free Conversion Service

Posted by on Oct 8, 2013 in Accounting, Blog, Bookkeeping, Cloud Computing, Quickbooks, Start-up, Uncategorized, Xero, Xero Advisor, Xero Consultant | 0 comments

From Market Watch, The Wall Street Journal PRESS RELEASE Oct. 8, 2013, 8:04 a.m. EDT SAN FRANCISCO, CA, Oct 08, 2013 (Marketwired via COMTEX) — Xero, the global leader in online accounting software, today announced a free QuickBooks(R) Conversion Service to convert QuickBooks data directly into its powerful cloud accounting solution. The service untethers over four million small businesses and accounting professionals from Intuit(R) QuickBooks, providing them easy access to a disruptive five-star online accounting experience, as noted by CPA Practice Advisor. A service long in demand, Xero’s QuickBooks Conversion platform is the first service to resolve the industry hurdle of comprehensive data migration to a non-Intuit system. The service will be demonstrated nationally during an upcoming roadshow, beginning October 21 in Baltimore and spanning 20 cities over the next month. For more details on when Xero will be in your town, visit http://www.xero.com/us/roadshow. Continue to full article at Market Watch, The Wall Street Journal   ____________     submitted by:   Suzy Payne Rabb Xero Certified Advisor New Day Consulting Group...

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Free Xero Setup for One New Startup

Posted by on Oct 6, 2013 in Accounting, Blog, Bookkeeping, Cloud Computing, Start-up, Xero, Xero Advisor, Xero Consultant | 0 comments

This month we are offering to setup Xero for one new startup business for free. (Please share this post.) Are you a startup business in need of a modern approach for accounting and management needs? Do you want instant access to your books from anywhere via smartphone, pad or computer? Do you want to collaborate easily with your accountant and others on your team without having multiple copies of your company data in circulation? Do you want to avoid the upfront time/cost of setting up and maintaining a computer network, desktop software? Do you need up-to-the-moment financial and management reporting to run your business successfully? If you answered yes to one or more, Xero may be a good fit for your business. Xero was built from the ground up to work in the cloud and is one of the most popular cloud accounting solutions today. Easy to use, easy to keep your books up to date and accessible from anywhere, Xero allows unlimited users at one low monthly cost and no up front costs, contracts. Your whole team can be up and going on Xero in less time, at less cost than you could ever imagine. So if you are starting a business now or in the near future, get started right and register here for free setup help. (Offer limited to new startups in the US, with little or no transaction activity.) First Name Last Name Email...

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Xero for Franchises

Posted by on Oct 2, 2013 in Accounting, Blog, Bookkeeping, Franchise, Start-up, Uncategorized, Xero, Xero Advisor, Xero Consultant | 0 comments

From Franchising Expo, Directory and News for Business Opportunities and Franchises    Repeat the winning formula Get the tools you need to successfully run your franchise, with an online accounting system that makes it easy to report, share and compare your numbers. Franchising is about replicating and selling a proven business model. Many franchisors provide great brand guidelines and a consistent product offering, yet when it comes to accounting, each franchisee is off on their own. Xero allows you to add those important back office processes to your franchise offering and gives you total visibility of what is happening in your franchise network.   Franchisors love Xero because… Xero can be used anywhere at anytime – Franchisors can easily review their franchisees numbers in real-time without waiting for them to be sent through. Xero connects to banks – Xero imports all live transaction data from their banks so franchisors always have an up-to-date and accurate picture of their finances. Xero has reporting templates – Franchisors love that they are comparing apples with apples with across their entire franchise network, helping them identify real business problems, not ones caused by inconsistent reporting. Xero connects with KPI and benchmarking apps – Franchisors love the deeper insight they get into their franchise network’s financials by using add-ons like Spotlight Multi or Fathom Reporting.   Franchisees love Xero because… Xero is simple – Franchisees love that Xero is so easy to understand and easy to-use with no software to install or maintain. One less thing to worry about when managing a franchise. Xero connects everyone – Franchisees and their franchisors can easily collaborate and the franchisor can provide immediate advice and coaching based on real-time data. Xero helps with benchmarking – Consistency in reporting means franchisees can benchmark their business against others in the network with confidence. Try Xero for free at xero.com   From the customer: “Having real-time information allows us to deal with issues immediately before they become problems. It allows us to have our finger on on the pulse.” See more of Tony’s story here. Tony Melhem, Coco Cubano   ____________ Contact me to schedule a free consultation about using Xero for your franchise organization.   Suzy Payne Rabb Xero Certified Advisor New Day Consulting Group suzy@newdayconsulting.biz...

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Business Structures: The Difference Between a DBA, Sole Proprietor, Corporation and LLC

Posted by on Sep 23, 2013 in Accounting, Blog, Legal, Start-up, Xero Advisor | 0 comments

From Small Business Trends, by Nellie Akalp Comment: Good, concise article for start-ups! Suzy When you’re starting or running a small business, countless questions arise, particularly surrounding your business’ legal structure: Is my business legal? What kind of business structure means I’ll pay the least in taxes? What happens if my business gets sued? What business structure is best for me? Below is an introduction to some of the most common business structures to help you navigate this important decision. Common Business Structures The Sole Proprietorship The sole proprietorship is the simplest way to operate a business. If you’re self-employed or conducting any kind of business and haven’t picked a formal business structure, then by default, you’re operating as a sole proprietor. The biggest advantage of the sole proprietorship is that it’s simple to form and maintain. Since there’s no separation between the sole proprietorship and the owner, any income earned by the business is considered income earned by the owner. A sole proprietor owner just needs to keep track of all the business’ income and expenses and report it on a Schedule C with their personal tax return. However, the biggest drawback of the sole proprietorship is that the owner is personally liable for any debts of the business. So if your sole proprietorship business runs into financial trouble, creditors can come after your personal property and savings. Likewise, you’ll be personally liable for any lawsuits brought against the business. The DBA (Doing Business As) A DBA (also called a fictitious business name, assumed business name, or trade name) isn’t actually a legal structure. Rather it’s a way for sole proprietors to use a business name without having to create a formal legal entity (i.e. corporation or LLC). This is typically the simplest and least expensive way for a small business to legally conduct business under a different name. For example, if Jane Doe wants to open a sole proprietor floral business called “Petals by Jane,” she needs to file a DBA for “Petals by Jane.”  This is basically so there’s a public record to let everyone know what individual(s) are behind a business. The Corporation (C Corp) A corporation is considered a separate entity from its owners. This means that the corporation (and not the owners) is responsible for any of its debts and liabilities. This is often called the “corporate shield” as it protects the owner’s personal assets from the business. A corporation has a formal structure consisting of shareholders, directors, officers and employees. Every corporation must select at least one person to serve on its board of directors and officers are required to manage the day-to-day activities of the company. Corporations need to vote on...

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Eye on Xero: Cash Summary Report Review

Posted by on Sep 22, 2013 in Accounting, Blog, Bookkeeping, Cash Flow, Cloud Computing, Xero, Xero Advisor, Xero Consultant | 0 comments

By Suzy Payne Rabb   “How can my income statement show I made a profit, when I have no cash?” If I had a nickel for every time I’ve heard this question, I could fill a gallon jar. In the past, I would explain that cash can be used for many things other than the business expenses that show up on the income statement. Cash might be used to invest in assets, payoff of debt or may be distributed directly to the owner or partners in the form of a draw or distribution. These items don’t show up on the income statement, but definitely draw down the cash balance.   The Statement of Cash Flows The Statement of Cash Flows is a primary financial statement and available in most accounting software solutions. This statement shows how changes in the balance sheet accounts and income affect cash, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement presents the movement of cash in and out of the business. The statement captures both the current operating results and the accompanying changes in the balance sheet and should be the report to answer the question. The major problem I’ve seen is that not many business owners use or understand the format of the standard Statement of Cash Flows. While every owner or manager has an interest in where the cash is coming from and going, most find the standard layout difficult to follow and I get it. Here is an example of the standard layout.   Xero’s Cash Summary Report Xero provides a simple Cash Summary Report that is essentially a cash basis income statement, together with some additional sections to show all the other movements of cash by GL account. Simple, direct and far easier for most users to understand. Most small business accounting solutions do not offer such a report. Don’t get me wrong, I still want a Statement of Cash Flows. I just prefer Xero’s Cash Summary report to show the owner exactly where the cash is going. I give Xero’s Cash Summary Report an A++! Schedule a free consultation to learn more about Xero. Suzy Payne Rabb BBA/Accounting Xero Certified Advisor New Day Consulting Group suzy@newdayconsulting.biz 512.892.8990...

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