You should ask yourself the following questions.

Can I see the exact financial position of my business at any time

Do I have a dashboard view of the most important accounts

Can I see who owes me money

Can I see who I owe money to

Can I get reports myself for debtors profit and loss and balance sheet

Is my bank and cash  process simple and easy to use

Can I run a VAT reoport

Cam I access my accounts from anywhere and anytime

Can I see my accounts on my iPhone or iPad

Can I invoice remotely or set up repeating invoices

Can I access all this information myself or do I have to wait for someone to send it to me.

So what should you do if your present system that does not measure up and you would like to start turbocharging your business.

If you would like a free demonstration or trial of the Xero system please call me at 668441 or email me at pgahan@gahan.ie

The Xero team  knew that lots of people would come to see Xero Payroll (all systems are go for a late April release). But the  $20m capital raising and acquisition of cloud-based practice management sweetheart WorkflowMax have really turned the tide on attendance.

Just look at how far Xero has  come since last year.  In 2011 there were just 38 attendees in Sydney.  This year? 240! Mind-blowing.

Then there was Adelaide, where 120 people came – up from 13 last year. Even some of the regional locations saw an uplift in numbers – as much as 10 times compared to last year.

Now the team are aiming to create the biggest Xero event ever

Which brings me to Melbourne, where a whopping 387 people (up from 42 in 2011) are registered for the event on 28 February. (Update: 401 people are now registered!) 

Here’s the challenge. Earlier this month, 410 accountants and bookkeepers went to Xerocon NZ. Xero want to better that number and give Melbourne’s roadshow the largest attendance of any Xero event (worldwide) to date.

From the feedback we’ve received so far things are looking good.

The slowness corresponds with the peak usage time for the Xero application and we expect to have reduced performance during the same times today.

The performance issue has been caused by a sudden increase in the number of Xero users combined with a high uptake of the new Report Packs functionality for New Zealand users. Reporting usage increased by 10-20% compared to the same time last week.

Xero have a number of actions underway to resolve this issue including the implementation of additional capacity that they expect to be online today.

Another example of immediate action from the Xero Support Team

The Information Technology and Procedural requirements to which any electronic, photographic or other process used for the storage, maintenance, transmission, reproduction and communication of any record must conform were published by Revenue in Iris Oifigiúil on 27 January 2012.

The updated requirements differ from the previous requirements (see Tax Briefing 46, December 2001) in two respects:

• It is now no longer a requirement to retain the paper originals of any third party record where an electronic copy of the original record is generated, recorded and stored in accordance with the information technology and procedural requirements as published.
• Addition of a requirement that all electronic copies of records must be accessible to a Revenue official in paper or electronic form, the method and format of delivery to be specified by the Revenue official at the time the records are being requested.

THINK OUTSIDE THE BOX AND  DOUBLE YOUR BUSINESS

Up to this year I had a self limiting belief that all my clients would be Irish based businesses.  However for the year to date half of our new business has come from abroad mainly the UK and N. Ireland. This has come about through leads from our website and referrals from existing clients. So what do you do?

Ramp Up Your Internet Marketing

It’s amazing how many businesses don’t take their online marketing seriously.  If you want your website to provide plenty of leads you need to adopt inbound marketing techniques and have good content on your site.

Adapt Your Product or Service

Not every product or service is immediately suitable for this offering.  However with a little thought most business processes  and products can be tweaked to be sold remotely. For instance if it requires face to face discussions this can be done using Skype or Go to meeting.

 Put Your Accounts in the Cloud

Most online accounting systems like Xero allow you to email your invoices and statements and control your finances online. They also allow you to have up to date accounting at your fingertips.

Finally Think Global

Most successful Irish entrepreneurs are no longer content thinking locally but are intent on Global domination. So think global and get up and get going.

There was some great feedback on my Top 10 things SMEs want from their accountant post and in particular, demand for the other side of the equation – the key things an accountant wants from a small business client.

Everyone wants their business to sing and to do that you need a great relationship with your accountant. Ideally your accountant needs to work with a small business that has efficient systems and processes, well trained and capable staff, but the accountant also needs you to work effectively too. This supercharges the relationship and empowers both sides. So how do you stack up?

1. Understand how to use your software

On the face of it, Xero is easy to use and feels nice and light. But invest some time and you’ll find a lot more power under the hood. Do the free webinars and find out what else it offers your business. And when in doubt, ask. Remember if the transactions are dealt with correctly the first time, the value this information provides is so much better.

2. Be aspirational and want to grow your business

Your accountant can only help you improve your business if you’re prepared to make changes. Some changes may be small, but others will be big. In reality you’ll need to work harder to grow your business. So make sure you have the right mindset.

3. Have an open mind and listen to advice

Some of the things your accountant may suggest to you might seem perplexing or unusual. If you’re not sure of what the impact might be, then ask. Try to tie everything back to cashflow, because that is easy to comprehend and report on. You don’t have to take the advice given, but take the time to understand. You’re the CEO, your accountant is like your CFO. It’s their job to challenge you and prove their thinking via the numbers. A good CFO/CEO debate is really healthy for your business.

4. Be responsive

Have an action list of things you’re working on together and try to have them done before the next meeting. Time management is key. Improving your business will require time, so allocate slots of time for to doing the work. Your accountant knows you are busy and they are there to help, but you have to do your bit too. Be responsive to requests for information and communicate well. Don’t be shy to pick up the phone. Time is money, the more time an accountant spends chasing you for stuff, the more it will cost you. And finally, treat your accountant’s staff with respect. If there are issues that arise, escalate these to the partner of the firm.

5. Have a strategy,  a plan and a budget

Involve your accountant in strategy and planning. You can build a fantastic plan and financial template for your business in about two to three hours.  But the more time you spend thinking strategically, the more clarity you’ll have around what it is you need in order to become more successful.  Your strategic plan will deliver milestones, goals and KPIs that can be presented at board meetings.

6. Have board meetings and management reports

These are not just for big business. You need to report regularly, preferably monthly or at a minimum, quarterly. The report should show you how you’re tracking as per your plan. One to two hours a month on this stuff is seriously important because it gets you out of the weeds, builds discipline, and focuses the business on what’s critical. If you want to sell your business one day, having good monthly accounts, board meetings, minutes and action items is very helpful in the due diligence phase. You’ll also have fun doing it.

7.  Know your goals – financial and non-financial

You need to know why the heck you are doing all this. Owning your own business is hard work. It’s risky and thankless. You need to be very clear on what you are driving toward. Your business is an asset that will grow in value if you focus on creating value. Talk to your accountant, tell them what you want out of life and then you and your accountant can work together to make your dreams a reality.

We’d love to hear what business owners and accountants think of this list – after all it’s your relationship we’re talking about.

at 6pm in the Burlington Hotel, Dublin 4.

There is no charge to attend and refreshments will be provided.

To register NOW for the event on Linkedin, please click this link:

http://linkd.in/AF8elH

These events were extremely popular in 2011 with  large numbers attending.

I would like to invite you to visit our YouTube channel.

http://www.youtube.com/user/gahanAccountants

You will see snippets from previous events that have taken place, with some testimonials from our valued members.

These particular events are approaching their 1st  year anniversary so let’s keep them going long into the future! ]]> http://www.gahan.ie/final-call-for-2012-business-networking-summit/feed/ 0 http://www.gahan.ie/grow-your-business-free-review/ http://www.gahan.ie/grow-your-business-free-review/#comments Thu, 09 Feb 2012 08:57:43 +0000 Paddy http://www.gahan.ie/?p=1172

 We are happy to offer you a Free, No Obligation, expert review of your business and growth prospects

 Call Paddy Gahan at 6684411 or email pgahan@gahan.ie

We are happy to offer you a Free No Obligation Review