It’s not uncommon for businesses, particularly those in a service industry, to provide quotes to customers prior to commencing work.

If you have your Xero file set up correctly in regards to inventory and services items, being able to process accurate quotations on the spot can mean the difference between winning, or not winning the job! (think plumbers, electricians and other trades people)

The benefits of using quotes in Xero include:

• being able to generate and send quotes in minutes
• it’s simple to turn an existing quote into an invoice once the work is complete
• you can add your logo for a professional look and keep the format of your templates (ie: quote and invoice) consistent
• it’s easy to follow up quotes if they are not immediately accepted
• using online quotes often drives your customer into making a faster decision (most people these days love receiving information online!)

If you’re in a business where you currently prepare manual quotations, I hope you will take the chance to jump on the Xero website and look at the information available regarding the quote feature – I have no doubt you will be impressed, then you can Contact me to get you set up!

Regards

About a month ago, the Australian Taxation Office (ATO) launched their new website – given the high volume of content on their site, I expect it was a mammoth task!

Apart from the uncluttered and more modern look and feel of the site, some of the features they have highlighted to users include:*

Improved navigation – as a small business owner, you’ll get your own ‘menu’ of relevant topics when you hover over the business menu tab.

Improved search – results will flag any new content, show the date content was last updated, and will soon include relevant social media posts and videos.

A better experience on mobile devices – you’ll find the site easier to use on all your devices, with larger touch-friendly buttons, user-friendly mobile menus and larger text.

atoTV – no need to view our videos through YouTube – you’ll be able to watch them on our site, minus the ads. Also, clickable links in videos will make completing tasks on the site a breeze.

Improved content – we have a new topic homepage that lets you get a feel for topics at a glance and, where relevant, go straight to the page you need to complete a task.

Looks like the ATO are moving with the times – take a look and let me know your thoughts…

Regards

• Content in italics had been taken from www.ato.gov.au

With the new tax rule allowing small businesses to claim an immediate deduction for assets costing less than $20,000…now might be a good time for you to consider buying a car for your business!

Of course, the car must be used in your business, and you should be aware that Fringe Benefits Tax (FBT) may apply if you allow your employees to use the car for private purposes…

The basics relating to this tax deduction are:

• that the asset must cost less than $20,000 (after claiming any GCT)
• the asset can be either new or second hand
• the acquisition date must be after 7.30pm on 12th May, 2015
• the assets must be acquired before 30th June, 2017

When operating a business, often the most effective means of claiming your motor vehicle expenses is via the log book method.  In this case you should remember that you need to detail your travel for a continuous period of 12 weeks including the dates of travel, odometer readings at the start and end of each trip, the kilometres travelled and the reason for the trip…always keeping in mind that travel from home to work (and back again) is generally private in nature.

If you decide to buy a car for your business, let me know what you get – I love cars!

Regards

Taking care of inventory can be one of the most time consuming areas of bookkeeping – and almost every business I’ve worked with has had it’s own unique circumstances to be provided for…

Xero provides simple inventory management software that meets the needs of many users:

In Xero, small businesses can access a simple system providing for up-to-date inventory management, adjustments and reporting.

Some of the key features of inventory in Xero are:

• the ability to speed up your quotes and invoicing by adding inventory items to reduce manual data entry, all while tracking your purchases and sales
• gaining better control over what you buy and sell by easily tracking your quantities on hand
• as the balance sheet it always updated, you can get a real-time value of your stock on hand at the click of a button
• easily see which stock items are being sold (and their profitability)…and which items are costing you money to hold on to!

Having said that, if your inventory requirements are more complex, there are options available via the “Add-on market” – the add-on market will be discussed in a later post, but if you are interested to find out more, please get in Contact.

Regards