Identifying Financial Trends in Your Business Using Xero Reports

By |2022-05-18T03:26:12+00:00May 10th, 2022|Accounting, Business, Xero|

. Your business records produce patterns in financial data known as  financial trends. Identifying financial trends in your business using Xero reports can tell you the direction in which your business is going. This is important so you know if you’re on track or if you need to rethink your current strategy.  A business is nothing without its financial reports. They are a representation of the business's health and will help you make important decisions. To properly analyze your business's financial reports, you must know what you are looking for. There are five key metrics to examine on a regular basis. [...]

Streamline the Grant Application Process with Xero’s Tracking Categories

By |2022-05-16T14:21:07+00:00April 10th, 2022|Business, Not for profit, Xero|

You have a great idea, and you're ready to take your business to the next level. You've spent hours of your time researching, planning, and building, but you’re in need of funds. Where can you get a grant?  Luckily, there is a solution. In this post we will share a few tips on how to find grants that are right for your organization. We'll also share how to track the money’s use once you receive a grant. 1. Grants for Your Business Grants are one way to obtain funding for your business. They are awarded to qualified organizations and individuals that [...]

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What is a Virtual Accountant?

By |2022-04-02T02:04:37+00:00April 2nd, 2022|Accounting, Business, Taxes|

The short answer is, a virtual accountant is the same as any other accountant. Accountants choose to work virtually due to a variety of reasons. Here at Virtual Heights Accounting, we see the value of technology to save time and money, so we’ve been one-hundred percent virtual since day one.  There are many types of accountants. Some work in public practice at an accounting firm. Others work for companies as controllers, CFOs, or any number of aptly named positions. The lingo for this type of accountant is one who works in industry. The main difference between public practice and industry is [...]

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Virtual Heights Accounting Earns Xero Gold Partner Status

By |2022-03-12T05:10:14+00:00March 12th, 2022|Accounting, Xero|

Virtual Heights Accounting is excited to share that we are officially Gold Partner status with Xero. From day one, Xero has been our go-to accounting app, so we are excited to achieve this milestone and pass along some great benefits to our clients in the process. Xero is the go-to app for real-time accounting. When your books and Records are accurate and up-to-date (in real time), you can make informed and effective decisions now, not six months from now. This offers you the benefits of reaching your business goals faster and the ability to pivot if necessary. What is a Gold [...]

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How to Do Your Own Bookkeeping – Part 3

By |2022-03-04T04:12:40+00:00February 23rd, 2022|Accounting|

Now that we’ve discussed some basic accounting terminology and showed you how to record your business transactions using spreadsheets, let’s talk about what you can do with those spreadsheets. Keeping your bookkeeping up to date allows you to have a reliable measure of your business’s financial performance. This is only possible if you use your bookkeeping to create financial reports. We included an income statement with our Google Sheets bookkeeping template. If you are completing more than one month of bookkeeping, you will need to transfer your income statement items to the financial statements tab each month.  Creating Your Income Statement  [...]

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Have You Thought About Selling Your Business?

By |2021-10-24T09:52:59+00:00September 29th, 2021|Accounting, Business, Taxes|

Now that you’ve completed a checkup on your business, if you’re close to retirement age or just looking for a change, you may want to consider selling your business. Depending on your business, selling could earn you a nice lump sum of cash.  Among the top reasons business owners don’t sell are that they didn’t know they could or it seemed too confusing. It may be confusing, and sometimes it can be a lot of work to sell your business, but depending on your goals, it can also be worth it. Read on to learn more about selling your business.  Before [...]

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A Back to School Business Checkup

By |2021-10-24T09:52:59+00:00September 15th, 2021|Accounting, Business, Xero|

Whether you’ve been in business for a while or you’re just starting out, a business checkup is a great way to stop and see where you’re at in relation to your business goals. September will always feel like back to school here at Virtual Heights Accounting. But that’s a good thing. It means it’s time to pause, take stock, and recalibrate if necessary.  A business check up can look like a number of different things. You will likely have a sense of where you have gone off track. Maybe you need to finally file that paperwork you’ve had sitting on your [...]

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Wagepoint: The Friendliest Payroll App

By |2021-10-24T09:52:59+00:00August 9th, 2021|Accounting, Payroll, Technology|

Wagepoint is a payroll app that lets you pay employees and contractors. There’s no need to mess around with spreadsheets or use manual calculations. In fact, when you do these things, you run the risk of preparing inaccurate payroll records. Inaccurate payroll records can result in audits for you as the business owner and tax return adjustments for your employees. No Complicated Calculations When you use an app like Wagepoint, the app does the heavy lifting for you. You enter your employees’ personal information, including their wage or salary, and personal tax credits. With Wagepoint, you can pay employees directly through [...]

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What is Cloud Accounting?

By |2021-10-24T09:52:59+00:00July 5th, 2021|Accounting, Technology, Xero|

If you have a business and you've been looking for an efficient way to manage your books and records, you've probably heard about cloud accounting. QuickBooks Online and Xero are two of the most popular online accounting programs. If you haven't heard the term cloud accounting then it’s likely you’ve heard of either one of these programs. Something that's often not discussed in relation to cloud accounting is what it means to have your accounting in the cloud. And what are the benefits of doing this? Before we get into the benefits, let's talk about what it means. The Cloud is [...]

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Year End Questions: Why Does My Accountant Ask so Many?

By |2021-10-24T09:52:59+00:00June 8th, 2021|Accounting, Business, Taxes|

If you’re new to working with an accountant, it can feel a bit off-putting to have to answer so many business year end questions. However, without asking all these questions, your accountant can’t do their job properly and in compliance with industry standards.  Frustrations around answering questions can be eliminated by understanding why your accountant is asking these questions. Once you understand why your accountant is asking all these questions, you will also be more prepared for meetings. Below, we discuss some of the questions your accountant may ask you and why. Initial Consult Just like when you meet anyone for [...]

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