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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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How to Do Your Own Bookkeeping – Part 2

By |2022-03-04T04:14:20+00:00February 16th, 2022|Business|

Now that you understand some basic accounting terminology, let's talk about the next step in how to do your own bookkeeping. Because you want to do your own bookkeeping, we are also assuming you want to save money on software. This post explains how to set up spreadsheets, which are readily accessible via Google Sheets or Microsoft Excel, in order to do your own bookkeeping. Setting up Your Spreadsheets The first worksheet you will create is called a synoptic. This worksheet is where you will record your daily operating activities. On the sheet you'll need to make sure you have equal [...]

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How to Do Your Own Bookkeeping – Part 1

By |2022-03-04T01:03:08+00:00February 9th, 2022|Uncategorized|

Have you ever wondered about how to do your own bookkeeping? Understanding how to do this yourself can be a valuable skill if you’re a solopreneur or if you are interested in saving money on business expenses. Before we get into how to do your own bookkeeping, there are a few terms and concepts you must be familiar with. The Foundation of Bookkeeping - Double-Entry Accounting Double-entry accounting is a method of recording transactions that requires every bookkeeping entry to have an opposite transaction. This method of accounting ensures your books and records are always balanced.  Having accounts that are in [...]

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Why You Should See Your Accountant More Than Once a Year

By |2021-10-24T09:53:16+00:00May 27th, 2020|Accounting, Business, Taxes|

It’s important to see your accountant more than once a year—during tax season. The health of your business could depend on it. Accountants help with so much more than filing your taxes, yet businesses rarely seem to take advantage of this. Not only will you have a better idea of how your business is doing financially, but when you have regular business checkups with your accountant, you also have the ability to make necessary changes to improve business processes, increase profit, and save tax.   There’s No Time Like the Present to See Your Accountant It’s really difficult to plan for tax [...]

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Need a Controller but Not Ready to Hire? Try Virtual Controllership

By |2021-10-24T09:53:16+00:00May 15th, 2020|Accounting, Business|

Just like we go through awkward stages as humans, as your business grows, it will go through awkward stages too. One of those stages is needing more staff but not yet having the cash flow to hire a full-time (or even part-time) employee to do the work.  While a good employee is well worth it, they can also be expensive. Not only will you pay them wages, but you’ll also pay the company portion of payroll deductions and benefits. In many cases, there’s also the extra time it takes to train someone. That’s where a virtual controller can help. They are [...]

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Correcting Bookkeeping Errors in Xero

By |2021-10-24T09:53:16+00:00May 1st, 2020|Accounting, Xero|

Even Xero, one of our favourite accounting apps, makes mistakes sometimes. Because of this, it’s important to check your books, even if you’re using automatic bank feed downloads. There are many parts of the Xero bookkeeping process that are manual, so human error is still a possibility.  Because Xero uses live bank feeds, you can’t simply make a journal entry to the bank account to fix errors. Here are three ways to correct bookkeeping errors in Xero. The method you use will depend on what the error is.   Delete Sometimes Xero shows duplicate transactions coming from bank or credit card feeds. [...]

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I’ve Linked My Bank Feed to Xero: Why Isn’t It Reconciled?

By |2021-10-24T09:53:16+00:00April 16th, 2020|Accounting, Xero|

One of the amazing time-saving features in Xero is the ability to connect your bank feed. This allows you to see the transactions from your bank account in Xero live in real time.  But what happens when you’ve connected your bank feed to Xero, and Xero is telling you that your bank account isn’t reconciled?  While accounting apps are designed to save you time, they aren’t designed to be completely automatic. They still require a human touch. There are three essential things you need to do when it comes to working with bank feeds in Xero. 1. Reconcile Your Bank Feed [...]

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Using Xero’s Cash Coding Feature to Save Time on Your Bookkeeping

By |2021-10-24T09:53:15+00:00January 18th, 2020|Accounting, Xero|

Innovations in cloud accounting have made bookkeeping a breeze. At Virtual Heights Accounting, our favourite accounting app is Xero. You can do everything from invoicing to producing professional financial reports. It’s also easy to keep your records current.   Not only can you link your business bank account to Xero, but you can also do a number of additional things in Xero that further speed up the bookkeeping process. One of those tweaks is using cash coding.  What is Xero’s cash coding? The cash coding feature in Xero allows you to process bookkeeping transactions in bulk. The screen is more compressed than [...]

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