How to produce invoices in Xero This is the step by step process of how to produce invoices in Xero. First you’ll want to select Accounts – then Sales to get to the Sales Dashboard At a glance here you can see how much money you are expecting to come in...
Xero – How to do a bank reconciliation in Xero Firstly, you will either need to connect Xero to your bank or import bank statements to Xero. Once that is done, from your Dashboard select “reconcile” Xero remembers the last time you reconciled...
I am often asked what the best bank for Profit First UK is. The short answer is, that there is not really a best bank for Profit First UK! But there is a good way to set up the type of accounts that will work with UK banking (and limit the bank fees that you are...
When it comes to running a business, there is so much to do. You may be good at what you do and love your job, but unless you work with numbers (like me!) then it won’t make you an accounting wiz. However, correctly handling the financials of your...
For most businesses, you will (if you are VAT registered) need to submit a VAT return every 3 months. HMRC allocate your VAT quarters so you will have to look at your VAT registration certificate to determine which quarters you have been allocated. The VAT...
Firstly let’s start with what is Gross Margin (also called Gross Profit) It is: Sales – Cost of Goods Sold (or direct costs) = Gross Profit So let’s say that a client pays you £100 a month, and you have to get a new user licence for software, for...
It is very common, particularly when people start their business, that they incur debt. If that is you, and you are fed up with it, you are ready to really start paying it off, and not have it pulling you down…then read on. I also want to add at this point, there is...
