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Automagic bookkeeping with Autoentry and Xero !!

Automate your bookkeeping with Autoentry and Xero

Who is it for?

Auto entry and Xero together are perfect for Small to Medium-sized Businesses.

There is no looking back to the old way of managing invoices and receipts – if you are looking to revolutionise your bookkeeping productivity then Autoentry is the solution for the problem that for years you didn’t realise you had.

Simply scan and email your invoices to Autoentry or take a photo of receipts and send them.

Join the hundreds of businesses on Autoentry by automating your expense processes so you can spend more time on your business, or the things you love.

How does it work with Xero?

The two systems integrate seamlessly to provide a near real-time view of your accounts. Auto entry software extracts the information from your invoices and receipts and publishes it directly into Xero.

Paddy Gahan Gahan.ie Xero Accountants

What Keeps you Awake at Night ??

What Keeps You Awake At Night? by Paddy Gahan

The most common reason is NOT KNOWING WHERE YOU STAND with respect to your business.

If you’re not getting reliable information on a regular basis in a format that you can understand, we can help! We’re experts at developing accounting systems and reports.

Alternately, we can prepare the figure for you, accurately and promptly, and offer you an outsider’s view on your performance. We can also help you develop an annual budget and show you how you’re doing every month against your targets.

Let me know if this is of interest.

Best wishes. Paddy Gahan Gahan.ie Dublin Accountants

PS. It’s important to produce accurate, understandable financial reports on a regular basis.

What’s Your Exit Strategy

What’s Your Exit Strategy?

The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably.

In the recent past, we have been helping a number of our entrepreneur clients develop appropriate exit strategies. There are many issues to consider …

• When do you want to exit?
• Can the business be sold to your employees?
• Is a trade sale more likely?
• Are there children involved?
• How much is the business worth?
• What needs to be done to enhance the value of the business?
• How long will it take?
• Do you want/need to stay on after sale of transfer?
• What are the tax consequences?

We have a tried and tested methodology to address each of these issues, to prepare your business for sale, find potential buyers and negotiate to get the maximum price a buyer feels your business is worth.

If you would like to discuss your personal exit plans I would be happy to help – please call me.

Paddy Gahan Gahan.ie Xero Accountants

6 great apps for small business owners

While being your own boss has its bonuses, self employment means you’re tackling everything on your own. But in today’s digital world, there are plenty of apps and software options to ease the burden. Here are some of my favourites.

1. Xero accounts
This is a brilliant package which allows you to access your business accounts anywhere anytime. We are now using it for our own accounts and rolling it out to our clients who love it.
2. Receipt Bank.
This is a brilliant service for bookkeeping and organising receipts plus it integrates with Xero. Cuts bookkeeping time and costs by half.
3. Capsule CRM
I use Capsule to keep track of the people and companies I do business with, communications with them, opportunities in the pipeline, and what needs to be done when.

4. Survey Monkey
Survey Monkey makes it easy to get feedback from contacts. You create a questionnaire using their templates, and then ask your contacts to complete the survey via e-mail or a social media platform like Linkedin.

5. Mailchimp
This is an online package that’s great for email marketing and newsletters and linking these with social media sites like Twitter, Facebook and Linkedin.
6. Dropbox
A free service that lets people bring their documents, photos and videos everywhere and share them easily. It allows us file all our documents online.

Paddy Gahan Gahan.ie Xero Small Business Accountants

Keeping your business books has just got easier.

Keeping your business books has just got easier.

Every business owner hates bookkeeping and paperwork.

Unfortunately it has to be done. And it has to be done in a prescribed format… otherwise the Tax Man will be on your back.

It’s also difficult. That’s why there are bookkeeping exams. That’s why there are professional institutes like the Institute of Certified Bookkeepers.

I guess you’d much rather be out there making money from your business than doing the books. And because everyone hates bookkeeping, most people end up doing it in the evening or at weekends. Yet, shouldn’t evenings and weekends be spent playing with the kids, spending time with your friends and loved ones, or out on the golf course?

Another option
A far better option is to employ a bookkeeper to get the job done properly. Unfortunately full time qualified bookkeepers typically cost €22,000, together with all the other associated costs and hassles of employing someone.

But that option is too expensive for most small businesses.

The solution is here
Technology has come to our rescue. It’s called cloud accounting.

Just like online banking has changed banking forever (it’s easier to transfer money in minutes, check your bank balance at any time rather than waiting for that monthly statement to arrive in the post and generally keep on top of your finances), cloud accounting has changed accounting systems.

The old-fashioned way of bookkeeping using manual ledgers, spreadsheets and desktop accounting systems will soon be a thing of the past.

Just like online banking, a modern cloud accounting system will save you a significant amount of time by automating many of the data entry processes that used to take up so much of your precious time and giving you instant access to your numbers.

If you want to see about setting up a cloud accounting system why not five me a call at 01 6684411
or email me at info@gahan.ie

Paddy Gahan Gahan.ie Xero Cloud Accountants

No 1 reason businesses fail and how to avoid it !!

The No. 1 reason businesses fail… and how you can avoid it

Don’t you just hate the old cliché, cash is king. I do.

But the fact is, running out of cash is the number one reason businesses fail. Despite the fact that very often they are profitable. But profit and cash is not the same thing.

So how do you protect yourself?
There are really two critical things you need to get right:
1. Keeping your finger on the pulse of your business, and
2. Collecting money fast.

So let’s look at each of those and how we can use modern technology to our advantage.

Your future is at stake
Better financial information helps you to make better business decisions. But it’s more important than that. We’ve seen many businesses fail through lack of financial information. Very often businesses run out of cash. They thought they had a profitable business, but suddenly they can’t meet the payroll at the end of the month.

Having the right numbers at your fingertips will give you an early warning system if things are not going so well.

What you need is an accounting system that gives you 24/7 access to up-to-date financial information and reports. And that’s where cloud-based software comes in. With a modern cloud accounting system you can access your financial data in real time from any device with an Internet connection.

Quicker cash collection
A modern cloud accounting system gives you fast, simple customised sales invoicing that will make your life simpler. And the facility for emailing of invoices, with the option to attach a statement at the same time makes it so easy to manage your sales and get paid quicker.

Even better, it allows you to embody payment methods into your invoicing. For example, click and pay to drive quick collection of your debts. It makes it so much easier for you to get paid, reducing bad debts and slow payers and putting more cash in your bank account.

You can also chase debtors whilst you’re on the go.

If you want to minimize the risk of running out of cash moving to a cloud accounting system is an important step to take.

Paddy Gahan Gahan.ie Xero Cloud Accountants

Great news You no longer need an Accountant !!

Great news

you no longer need an accountant

Recent studies by Oxford University and Deloitte (2015) suggest that about
96% of what accounting firms currently do will – in the not-too-distant future – become automated.
96%!
Surely that means the accountant is soon to be redundant.

Why is that?

In recent years advances in technology are automating much of the data processing. Your bank
transactions (income and expenses) can now be automatically entered into your financial records with greater accuracy. Invoices can now be scanned (or photographed with your smart phone) and put in the right place.
Not only does this save you a significant amount of time. It’s accurate.
Every quarter you can file your VAT returns at the touch of a button.
At the end of the year, one click and your end of year financial statements are almost done.

So do you really need an accountant any more?

What does this really mean for you?

The technology is called cloud accounting
. It is a much better way to control your business finances. It gives you 24/7 access to up-to-date financial information and reports and it saves you a very significant amount of time.

But will it really make the accountant redundant?
Probably not.

Certainly a cloud accounting system will make your life much easier.
It also makes the accountants life much easier too. And that means you can expect slightly reduced accountancy fees when you operate your business on a cloud accounting system.
What it really means is accountants need to change. They will no longer be paid for just adding up the numbers. Technology will do that. Instead they need to spend more time, using their
skills with numbers, working closer with businesses and helping them to interpret and improve
their numbers.
Some accountants will make that change. Some won’t. Either way, it’s a good thing for small business owners.

Our recommended cloud accounting software is Xero. Surely 800,000 users worldwide can’t be wrong.

IF YOU WOULD TO FIND OUT MORE AND GET A DEMO PLEASE CALL ME AT 01 6684411
PADDY GAHAN XERO ACCOUNTANT

Bookkeeping has just got easier

Keeping your business books has just got easier 

BOOKKEEPING HAS JUST GOT EASIER 

Every business owner hates bookkeeping and paperwork. 
 
Unfortunately it has to be done.  And it has to be done in a prescribed format… otherwise the Tax Man will be on your back.   
 
It’s also difficult.  That’s why there are bookkeeping exams.  That’s why there are professional institutes like the Institute of Certified Bookkeepers. 
 
I guess you’d much rather be out there making money from your business than doing the books. And because everyone hates bookkeeping, most people end up doing it in the evening or at weekends.  Yet, shouldn’t evenings and weekends be spent playing with the kids, spending time with your friends and loved ones, or out on the golf course? 
 
Another option 
A far better option is to employ a bookkeeper to get the job done properly.  Unfortunately full time qualified bookkeepers typically cost 22,000, together with all the other associated costs and hassles of employing someone. 
 
But that option is too expensive for most small businesses. 
 
The solution is here 
Technology has come to our rescue.  It’s called cloud accounting. 
 
Just like online banking has changed banking forever (it’s easier to transfer money in minutes, check your bank balance at any time rather than waiting for that monthly statement to arrive in the post and generally keep on top of your finances), cloud accounting has changed accounting systems. 
 
The old-fashioned way of bookkeeping using manual ledgers, spreadsheets and desktop accounting systems will soon be a thing of the past. 
 
Just like online banking, a modern cloud accounting system will save you a significant amount of time by automating many of the data entry processes that used to take up so much of your precious time and giving you instant access to your numbers.  And that’s just two of the many benefits. 

Our recommended cloud accounting software is Xero. Surely 800,000 users worldwide can’t be
wrong.

IF YOU WOULD TO FIND OUT MORE AND GET A DEMO PLEASE CALL ME AT 01 6684411

PADDY GAHAN XERO ACCOUNTANT
 

Critical Business Information in Real Time

Critical business information in real time

Every successful business has its finger on the pulse.

You need to know the key numbers. Not the numbers in last year’s accounts; they’re out of date. Redundant.

You need today’s numbers.

And that’s where your cloud accounting system comes in. If you don’t have a cloud accounting system this blog will explain the benefits and how to get started.

There are essentially just 4 types of accounting system:

Type 1: The Manual System

A manual system is cheap; you only have to buy a book. But that’s a false economy. Manual systems simply take too long. And your time is too valuable. It also takes the accountant more time to produce accounts so you end up with bigger accountancy fees. Manual systems also do not provide that all-important management information for making great business decisions.

Type 2: The Spreadsheet

Excel and other spreadsheet-based systems are also cheap. And whilst you can automate some processes (e.g. adding up columns), they take time to set up, you need advanced Excel skills to produce management reports and you can waste hours changing the spreadsheet as your business grows and evolves.

Type 3: The Desktop system

Then there is the old-fashioned desktop system. Whilst these are far better than manual and spreadsheet-based accounting systems they come with a host of hidden costs. Yes, the software can be relatively cheap. But there is a huge hidden cost of customisation, implementation, maintaining your hardware to meet the demands of changing software, dealing with (often costly and compulsory) software upgrades, security, scheduling back up routines and restoring data when things go wrong.

Type 4: The Cloud Accounting System

In contrast a modern cloud accounting system gives you the following benefits:
 It saves you a very significant amount of time,
 Gives you 24/7 access to up-to-date financial information and reports (you can use cloud-based software from any device with an internet connection),
 You can sleep at night knowing your sensitive financial data is always secure and backed-up automatically,
 No system downtime because all software upgrades are automatically installed. This worry-free maintenance saves you time and hassle,
 It reduces your accountancy fees because it makes it easier for your accountant to produce end of year accounts, and
 Since your accountant can access your data 24/7 you get more value from an accountant – they will help you run and grow your business rather than just adding up the numbers.

In short, a cloud accounting system will make your life so much easier and give you the critical numbers for your business in real time.

Now the bad news…

Your first problem is deciding which cloud accounting system to adopt for your business. There are a myriad of different systems. They are all different. Some are better than others. Some suit different types of business. And getting the wrong solutions will cause you a big headache. Assessing all of the options is time-consuming.

Then, once you’ve settled on the best system for you and your business you have to set it up.

Unless you’re familiar with setting up accounting systems this typically takes a full day or more. Not only do you have to enter all the key details of your business (accounting year end date, VAT registration number and so on) you also need to set up you chart of accounts (that’s the specific types of sales, income, expenses, assets and liabilities unique to your business). And once that’s done you need to transfer any opening balances.

Whilst you can do that yourself, your time is precious and valuable. So we recommend you talk to your accountant. Every good accountant will be able to set up your cloud accounting software.

We specialise in cloud accounting, so if your accountant doesn’t offer this service we can help. And you don’t even need to be in the same part of the Ireland… we can set it up online for you.

TO FIND OUT HOW A CLOUD ACCOUNTING SYSTEM CAN TRANSFORM YOUR BUSINESS
CALL ME NOW AT 01 6684411

Paddy Gahan Xero Accountant

Stuart Carter A Man On A Mission !!

Stuart Carter. A Man on a Mission !!

On a mission to help one million busy small business owners to get their life back

I wonder if you might help Stuart ?… He is on a mission to help One Million small business owners globally to work less, earn more and claim their life back! To make this possible, he has made his Amazon 5* book “The 80/20 Blueprint” available completely free of charge. The download is available here: http://www.the8020blueprint.com

Could you spread the word by sharing the above link with any business owners you know, please? (and if you haven’t downloaded it yourself, you may find it interesting!) Let me know how you get on with it!

Best Regards

Paddy Gahan Gahan.ie Dublin Accountants