Why your business needs Real Time Accounting Businesses today are operating in a different and much fasterpaced world compared to only five years ago. The need to properly manage cash flow, to understand profitability, and to plan ahead from a tax standpoint are absolutely critical...
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ero, with the use of Bank Feeds and Bank Rules can help streamline the process of updating financials on a daily basis, in this article we explore some of the major benefits of updating accounting information in Real Time and how you can use Xero, and various add-on Apps to provide you with a real time understanding of your business finances.
much clearer and comprehensive view of the inflows and outflows of cash than QuickBooks does. In fact, our clients find that Xero’s Cash Summary Report is much easier to read and analyze compared to its
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Joe Serrone, Accountant, Polaris Tax & Accounting Joe Serrone is an Accountant, Tax Strategist and, Xero Certified Advisor with Polaris Tax & Accounting, a progressive Accounting Firm offering real time cloud accounting and proactive tax services to small businesses across the United States.
look like thirty, sixty or even ninety days out is extremely important for businesses that are very sensitive to cash flow in order to meet their short-term obligations. Understand profitability
Managing cash flow Keeping an eye on everyday costs is critical for your business survival, understanding if you have sufficient cash to meet payroll or make an important purchase throughout the month is vital for your business success. Without updating financial records on a daily basis, you cannot understand the true cash flow in your business and as a result, you are making financial decision without an understanding how these decisions will impact your overall business cash situation. In Xero, the century old Cash Flow Statement is called the Cash Summary Report, and provides a
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QuickBooks counterpart. Float is a great Xero add-on App that we often suggest to our clients. Not only does Float seamlessly connect with Xero, but most importantly Float provides a powerful projection of the business cash flow. Being able to predict with accuracy what your cash will
Many entrepreneurs look at the Profit & Loss Report very closely in order to understand how their business is performing, including their sales trends, what expenses they incurred, and how these affect their bottom line. The Profit & Loss Report benefits greatly from daily accounting updates because it allows you to see at any point during the month how the business is progressing, and even providing great comparison opportunities with prior months in order to see if you are doing better or worse. Xero has a very powerful Profit & Loss Report that allows full customization of the report as well a great ability to compare current financials with historical performance. Fathom is another great Xero addon App for reporting purposes that
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