Happy New (financial) Year!

We’re back

Sorry there’s been a wee lapse in our regular news from Outside while we dealt with the turmoil of the end of one financial year and the beginning of the next. We made it though and we hope you pulled through in good shape too?

With 99% of our clients being on Xero, we can tell you already – 2016 was a good year. A buoyant economy and some great clients like you has seen growth be the standout trend across the board. Time to quickly pat yourself on the back then reset the counters and do it all again, bigger and better than ever for the 2017 financial year! We’ll be in touch over the coming month to give you a heads up of when we’ll be tackling the nitty-gritty of your numbers and producing your 2016 financial accounts and tax returns.

Xero Tip #723821

Now that we’re right into the ugly tax time, with terminal tax coming up next week and provisional and GST not far ahead, it’s crucial to the cashflow that you’re paid on time, at the latest. That said, time worrying about this, as well as time chasing people for your money, is time you’ll never get back and I guarantee you didn’t price that time into your job!

Xero has come up with a nifty setting that does the worrying and the chasing for you, as soon as someone is late paying. It’s called invoice reminders and it’s as customisable as you like. 3 days overdue might be a friendly reminder, 10 days overdue might not be – it’s up to you. Check it out here.

End of year to do list:

  • Who owes you money? If you’re not using Xero to manage your invoices then you’ll need to note down a list of who owes you money as at the 31st of March, as we’ll be asking for it when we prepare your accounts. The second part of this is the worst, the ones who owe you money but aren’t going to pay. These are called ‘bad debts‘ and we need to know these too.
  • Who do you owe money? As per above, if you’re using Xero for your bills then you’re sorted. If not, you’ll need to write a list of these amounts as we’ll need this too.
  • Do you hold stock? If the purchase price of it all totals over $5,000 (excluding GST) then you’ll need to complete a stocktake of what you’ve got on hand at the moment. Give us a bell if you’re unsure about this.
  • Come up with your new year’s resolutions and tell us how we can help you achieve them!

Missed our last blog post? Check it out here. Look forward to catching up soon.

Your Outside team,
Tom, Cam, Lou, Rose, Li and the Dutch-based Harri