Tradesmen Gold Coast

News - Bookkeeping Using Xero

  • Home
  • Bookkeeping Using Xero
Bookkeeping Using Xero
  • Oct 12, 2017

Bookkeeping Using Xero

A Gold Coast company is making it easier for tradies to do what they do best.

Invoicing clients can be a tedious time consuming task for tradesmen so less time spent on this taks the better.
Xero has emerged as a favourite software package for tradesmen. For around $55 per month you can automate your invoices. If you have an online shopping cart Xero integrates with Stripe which is the perfect payment gateway.

Some background on Xero

Xero went public on the New Zealand Exchange (NZX) on June 5, 2007.
By choosing the NZX instead of investment from Silicon Valley they avoid pressure to sell to a larger competing company.

The company focussed on New Zealand initially and then expanded to other markets like Australia.

Reasons Xero Accounting Software may suit you

  • all plans support unlimited number of users
  • no long term contracts
  • you can downgrade without any cost penalty (change to cheaper plan)
  • cross industry acceptance and integration (refer below)

Xero Integration

Company's like Reece offer Xero Integration with their maX online business management system.
There is a complete developer integration guide for Xero.

Point of Sales POS can also be integrated into Xero
From Xero API-:

"We've gone for an approach that focuses on getting your sales information into Xero by summarizing sales for each payment type so, if anyone needs to revisit their daily sales figures later they are clearly labelled in Xero for easy cross checking with your POS system."

Xero Manual

How does your business compare?

Key expenses depend on your industry but are typically along the lines of rent, wages, cost-of-goods and marketing. The ATO provide details on various industries called Small Business Benchmarks. These provide an interesting insight into expenses.

"Most small business owners I meet never look at key expenses as a % of turnover and yet getting this ratio right is the make or break of your business in many ways."

Jeannie Cloud 9 Bookkeeping

Timber Floor Sanding

Tax return – other benchmarks for 2015–16

Benchmark range

Annual turnover range

$50,000 – $100,000

$100,001 – $200,000

More than $200,000

Cost of sales/turnover

20% – 28%

21% – 28%

22% – 33%

Labour/turnover

21% – 31%

19% – 27%

21% – 29%

Motor vehicle expenses/turnover

7% – 10%

6% – 8%

3% – 5%

Printing

Tax return – other benchmarks for 2015–16

Tax return – other benchmarks for 2015–16

Benchmark range

Annual turnover range

$65,000 – $200,000

$200,001 – $500,000

More than $500,000

Labour/turnover

18% – 30%

17% – 28%

21% – 30%

Rent/turnover

8% – 13%

6% – 10%

4% – 6%

Motor vehicle expenses/turnover

3% – 5%

2% – 3%

1% – 2%

Painter

Tax return – other benchmarks for 2015–16

Tax return – other benchmarks for 2015–16

Benchmark range

Annual turnover range

$50,000 – $150,000

$150,001 – $600,000

More than $600,000

Cost of sales/turnover

13% – 19%

15% – 20%

15% – 22%

Labour/turnover

22% – 32%

28% – 40%

36% – 48%

Motor vehicle expenses/turnover

7% – 10%

3% – 5%

2% – 3%

Landscaping

Tax return – other benchmarks for 2015–16

Tax return – other benchmarks for 2015–16

Benchmark range

Annual turnover range

$50,000 – $200,000

$200,001 – $500,000

More than $500,000

Cost of sales/turnover

20% – 34%

27% – 38%

30% – 42%

Labour/turnover

18% – 28%

19% – 29%

23% – 34%

Motor vehicle expenses/turnover

6% – 10%

4% – 6%

2% – 4%

Topics

Tags

Share:

Weiss Electrical

Electricians home automation air conditioning data security Brisbane.

Electrical Brisbane