• 4 Reasons Your Business Should Consider Digital Receipts

    Blog by Fuel Accountants

    Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them.

    Thanks to technology, paper receipts are becoming more a thing of the past. There are environmental reasons for the move. Paper receipts require millions of trees and billions of gallons of water to produce, and they emit carbon dioxide (CO2), so going paperless can be a good thing for the environment.

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  • Google AdWords — Ad Extensions

    I mentioned last month how important ad extensions are when using Google AdWords (in my opinion, Google AdWords should be compulsory for any company trying to advertise a presence online).

    Whilst ad extensions have been around for a number of months, it’s surprising how few advertisers use them, so it’s a big opportunity for you to dominate your keywords. You see, ad extensions make your ad at least twice as big, meaning your competitors’ ads get ‘pushed’ further down the page.

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  • Creating Buyer Created Tax Invoices in Xero

    A “Buyer Created Tax Invoice” (sometimes referred to in other countries as a “Recipient Created Tax Invoice” or “RCTI”) is an invoice for sales tax purposes that is created by the purchaser of the goods rather than the seller of the goods. This is common in many industries, especially where the purchaser has to assess the quality, quantity or price of the goods after they are delivered.

    Xero does not currently have the ability to use templates for Bills (which would effectively address this need), but there is a very simple workaround using the Purchase Order process. Here are the steps:

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  • Prepayments and Overpayments in Xero

    Xero has a “secret” transaction type (two – in fact) that many users aren’t aware of, and those that do often mis-use. It’s called “Prepayment” and “Overpayment”. These transaction types are actually variations of the standard Spend/Receive Money bank transaction but they have very unique treatments. These transaction types allow you to record money received from a customer (or paid to a supplier) BEFORE the proper invoice has been received.

    PPOP1You access them from the Spend/Receive Money entry screens from the Manage Account menu (but, for some reason, not from the New Transaction widget on the Account Transactions screen).

    From the Reconcile screen you need to be on the Create tab, then click “Add details.” The Prepayment/Overpayment options are in the drop-down menu beside the “Spend As” or “Receive As” menu. The default option is “Direct Payment.”

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  • How To Get More Twitter Followers By The End Of 2015

    We are now well on our way through 2015 and already talking about the end of the year. But setting goals is a positive step to changing your future. Everyone wants more Twitter followers. Some make the argument that numbers don’t mean anything, but each number is a person, who could be a potential client.

    Having hundreds, thousands, millions of people recognizing YOU is not only an ego boost but good for your professional reputation too.

    Imagine someone clicking on your profile and seeing 10,000 followers. Immediately that shows a user that you have something interesting to say, you’re an expert in your industry, people like you, and people know who you are.

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  • The Power Of ‘Personalisation’ And How You Can Use It To Grow Your Business

    If you’ve been exposed to any of our own media pieces (ads, letters, etc.) you’ll have noticed a high level of ‘personalisation’ in all of them. There’s a big reason for this…

    Adding any kind of ‘personalisation’ increases response significantly.

    Why? Because the recipient of your media piece gets the impression that you sent it to them – personally, rather than to 5,000 other people. Plus it helps your media piece stand out from the crowd, automatically giving it more attention.

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  • How To Have A Social Media Presence Without Being Present

    Running a social media strategy as well as being a business owner will only lead to stress and sleepless nights. But everyone is on social media, right? Even the Pope.

    You need to strike the balance between informative and annoying. Studies show the optimal postings for the two most popular networking sites are:

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  • Controlling Inventory. How hard is it Really?

    Inventory often accounts for a large portion of your business's current assets. Knowing how much to have on hand is a complex task. The very best of forecasts are seldom accurate and occasionally unforeseen problems do occur.

    Inventory management impacts different functional teams within the organization. Each team will have competing priorities and differing needs regarding inventory levels.

    Manufacturing staff will be looking to streamline processes to increase the efficiency of plant and machinery. While at the same time, the activities of the sales team can result in short-term delivery commitments and frequent rescheduling of the production plan.

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  • Do I still need an accountant or bookkeeper if I use Xero?

    One of the allures of cloud accounting is that it makes keeping your accounting records more accessible. Entering payables, managing receivables, and reconciling your bank account are now effortless. It does make you wonder whether you even need an accountant or bookkeeper at all these days!

    I often liken it to having a car. You can operate the car pretty well on your own. You know how to drive, how to put fuel in it, how to fix a flat – maybe even change the oil. But unless you were specially trained you wouldn’t try doing much more than that. You know that there are lots of things that you don’t know, so you pay a mechanic to do routine (and unexpected maintenance) and give you the certificates you need to keep the government happy. Sure, you could watch you-tube videos until 4 in the morning (every morning) and work out how to do most of what the mechanic does, but you would probably never do it as well as they do.

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  • How To Hit The Economy Head-On And Win

    Blog by Fuel Accountants

    the economy continues to struggle, now is NOT the time to panic. In fact, if you follow our proven strategies, you can use the recession in your favour and capitalise on the weaknesses of your competitors. What may surprise you is that numerous studies dating back to 1923 (Ronald S. Vaile—Harvard Business Review) and continuing through to 2001 (notably by Malik PIMS ) have shown that in times of recession those companies that maintain or even increase marketing spend, prosper most.

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  • 7 Ways To Transform Your Website Into A Social Media Hub

    Blog by Fuel Accountants

    Should your website be social? Are you looking to turn that static website into something a bit more interactive for your visitors? Keep reading to discover how to become…

    A Bit More “Sociable”…

    There’s no doubt that social media is a powerful marketing and communication tool for businesses and non-profit organizations that have embraced it.

    Yet, for most of us, our websites are still where the rubber meets the road. It’s where you turn visitors into leads, and prospects into clients and customers. It’s where you build your credibility and sell your wares.

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  • Dealing With Difficult People In The Workplace

    Blog by Fuel Accountants

    Working with the guy who shows up at 9.15am with the remainder of last night’s party on his breath is fun for no one. Nor is dealing with the undecider who takes days to produce a one-page report.

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  • How To Market Your Business On Facebook And Twitter

    Blog by Fuel Accountants

    There are so many social media channels available that it’s hard to keep up, but it’s important to be familiar with each platform at your disposal. And as you want to create brand awareness, you can’t afford to ignore what makes each one unique.

    If you’ve found an interesting article you want to share with your ‘fanbase’, what platform do you upload it to? Facebook? Twitter? You probably think it doesn’t matter where you upload it: as long as it’s online, people might see it.

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  • Understanding Twitter Analytics To Get You Results

    Blog by Fuel Accountants

    If you want to improve, you have to measure your results to see what isn’t working and, more importantly, what is. The good thing is, if you have a Twitter account set up, you can view your analytics for FREE.

    ‘Why do I need to see my analytics?’ you might be wondering. As with every other marketing strategy, you should be evaluating the results so you can prioritize your time on strategies that give you the results you want. And everything is displayed simply on your screen so you don’t have to be a marketing expert to understand what pieces of data to dig out.

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  • Delegate For Happier Employees And To Reduce Your Stress

    Blog by Fuel Accountants

    Delegate: To entrust a task or responsibility to another person, typically one who is less senior than oneself. Sometimes you’ll feel overloaded, and there’s only so much you can do. One hundred things need doing, and unless you’re superhuman, it’s physically impossible to get everything done.

    So what do you do? Well, you do something. Anything that makes you stressed can’t be ignored! You weren’t born to place a heavy burden on yourself all the time. Take action by delegating. The very word ‘delegate can send a shiver down your spine. But delegating isn’t a bad thing. It can benefit you and your team.

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  • How To Add Value Without Increasing Your Costs

    Blog by Fuel Accountants

    A s long as you provide excellent value – people will flock to your business and pay handsomely for the privilege.

    Business owners often make the mistake of thinking that price is the main issue in the mind of their prospects or customers. But what they’re missing is this: if everyone is viewed by the prospect as ‘the same’ – i.e. companies don’t take the time or effort to differentiate themselves from others and add considerable value – the only way the prospect can choose is based on price.

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  • Improving Your Management Skills Is Key To Your Success

    Blog by Fuel Accountants

    One thing that constantly amazes us is how quickly each year passes. The days, weeks, and months seem to roll into one, and before you know it, 8 months have passed. You’re left wondering ‘where did the time go?’

    Now that’s okay as long as you plan accordingly. However, most people spend more time planning their holidays than planning their time. If you plan – you get more done, much more done. If you fail to plan and set goals, it’s surprising how little you’ll accomplish.

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  • What documents should I keep?

    Blog by Fuel Accountants

    You need to retain sufficient documentation to substantiate your claim to an expense deduction and GST Input Tax Credit. The requirements are slightly stricter for something that includes GST (Note: GST refers equally to GST, HST and QST – we’ve simplified to GST here).

    Debit/Credit Card receipts and Paypal transaction receipts are generally not sufficient – they are merely proof that a transaction occurred and contain much of the same information as found on the bank statement, but not much else – you should keep the original invoice/order detail.

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  • Starting a Business?

    Blog by Fuel Accountants

    Wonderful – welcome to the excitement of owning your own business. If you’re still in the early stages of starting your business here are some things you might want to do early:

    Incorporate a Company

    There are several advantages of trading as a Corporation rather than a Sole Proprietor. These include:

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  • Announcing The New Website

    Blog by Fuel Accountants

    We are delighted to announce the launch of our new website!

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