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Moving to Xero with Skywise

This article is for what we affectionately call “DIY” businesses – those doing their own bookkeeping (or using a bookkeeper who will be managing their Xero for them – we’re more than happy to work with your current bookkeeper). If you’re looking for a bookkeeper to manage your Xero bookkeeping, check out our Xero Bookkeeping options.

If you’re interested in moving from your current bookkeeping system – whether that’s MYOB, QuickBooks, CashManager, BankLink, or the good old shoebox/plastic bag approach – Skywise can step you through the entire process. That process will generally look something like this:

    1. Give us a call/email and let us know a bit about your business and current situation
    2. We’ll get in touch and arrange a phone/in person meeting to have a chat and make sure Xero is the right fit for you (don’t worry, we’ll tell you if it’s not)
    3. Once you’re ready to go ahead we’ll decide on a conversion date (the date we’ll be saying goodbye to your old system and hello to Xero)
    4. We’ll give you step-by-step instructions on what you need to do to get ready for that date, and we’ll also book in your training session/s so you can hit the cloud flying
    5. On conversion day we’ll do our bit to convert you over to Xero, and we’ll make sure your business processes aren’t interrupted in the meantime
    6. We’ll complete your training session/s covering all the processes in Xero that you’ll be using
    7. Over following weeks we’ll keep in touch regularly to make sure things are running smoothly – you can send us your questions via email, and a follow up phone session is a great idea once you’ve had a little while for the training to sink in

The journey with Skywise doesn’t end there though – we are available for ongoing Xero bookkeeping support via phone and email; reviewing your file throughout the year to ensure you’re on the right track; and as registered BAS Agents we can prepare and lodge your BAS returns when they’re due.

Our first meeting is at no charge and there’s absolutely no obligation to go ahead, so don’t be shy – get in touch, we’d love to hear from you.

Kim and the team @ Skywise

Do I need a bookkeeper?

Before we start, please note that here at Skywise we work with “DIY” businesses (for those who are doing their own DIY bookkeeping we provide training, support and BAS services) as well as business owners who decide they do need a bookkeeper (we’re bookkeepers too!), so we don’t want to push you either way – we simply want to help you find the right answer for you and your business.

There is no hard and fast rule that determines what size or type of business should use the services of a professional bookkeeper. Every business, and every business owner, works differently – so the best way to make the decision is to weigh up the financial and opportunity costs of either going “DIY” or outsourcing your books to a professional.

The first thing many small business owners will focus on is the cash cost of using a bookkeeper. Of course, paying a professional for a service will always come at a cost. But is it worth it? Well that comes down to the difference in the end result – can they do it better than you? Unless you’re a trained bookkeeper yourself, chances are they’re going to win this one. So the cash cost of a bookkeeper really shouldn’t feature in the decision making, let’s move on…

Next up, what about the costs of not using a bookkeeper? Well, if your DIY data is inaccurate or incomplete you’re most likely paying a fair chunk more in accounting fees than you should – and paying your accountant to fix your handiwork is a cost no business should be wearing, but many do. The other hidden costs that inaccuracy can cause include:

  1. Overpaying staff (sadly, you can’t rely on your employees to put their hand up when this happens);
  2. Underpaying staff (this one will come back to bite you in the form of interest, penalties, and a rap on the knuckles from multiple government departments);
  3. Missing out on deductible business expenses
  4. Preparing BAS returns incorrectly or lodging late (again with the penalties and interest!)

If your accountant gives you top marks for your bookkeeping every year, that’s brilliant! Put a tick in the DIY column. On the other hand, if they have maintained a “no comment” status, I do suggest you ask for some feedback, just in case they’ve been too polite to question your bookkeeping abilities to your face.

And, all wrapped up with the financial costs are the opportunity costs. Put simply, if you weren’t spending X hours a week doing the bookkeeping, what could you be doing with this time?

  • If the business is busy, would you be better off working in the business? A bookkeeper might cost $400 a month, but if that extra free time allows you to get through more clients and therefore make $1000 more, you’re effectively $600 better off. That bookkeeping cost has just become a money maker.
  • If the business isn’t busy enough or if you’re in a growth phase, should you be working on the business? Planning, strategizing, working on your social media presence, or spending time mentoring your employees. Now that bookkeeping cost has become an investment in the future.
  • And finally, if the business is going well but you find that your dream of work/life balance is still just a dream, how much is your time worth to you and your family? If you could spend an extra hour a day out surfing, an extra day a week with your kids, what value would you put on that? That bookkeeping cost is now an opportunity to make “living the dream” a reality.

So if you’ve read to here and have realised that you can’t afford the financial and/or opportunity costs of not hiring a bookkeeper, get in touch with Skywise. We’re not just bookkeepers – we’re degree qualified and experienced former accountants who understand business and are dedicated to working with you and your advisors to ensure the numbers are ready and accurate when you need them.

And of course, if you’ve asked yourself all the questions above and decided that you’d rather keep the bookkeeping on your own To Do list for now, get in touch with Skywise! We will work with you to convert your business to Xero, provide customised one-on-one training, ongoing Xero and bookkeeping support including file reviews and BAS return lodgements. Going DIY is perfect for many businesses, but going it alone is not a risk worth taking – our expert Xero bookkeeping support services will keep you on the right track with your numbers.

Contact Skywise

Email: theteam@skywise.com.au
Phone: 07 5473 9073

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