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Lil Roberts on Boss Move Podcast

Lil Roberts joins Kison Patel of Boss Move Podcast to Discuss The Elements of Success

Success is not about luck and chance. It’s about visionary leaders who intentionally pursue the critical elements every business needs to be successful.
Join Kison Patel from Boss Move Podcast and his guest Lil Roberts, Founder, and CEO in the episode Critical Elements of Success as they talk about the secret ingredients for success and how to get them.

Lil Roberts as a speaker at Endeavor Miami

Lil Roberts, CEO Joins The y.FTL Panel at Endeavor Miami

Endeavor Miami hosted their y.FTL panel, the second panel in their y.FLORIDA series. Lil Roberts, Xendoo’s CEO was one of the speakers. As Florida’s entrepreneurial ecosystem continues to develop they will continue to shed light on the strength of Florida’s entrepreneurs. Honored to be part of an amazing night with incredible people!

These are the women in Miami tech you need to know | South Florida Business Journal

The Miami tech movement wouldn’t be what it is without the women founders, executives, nonprofit leaders, and venture capitalists who have spent years championing the region’s innovation community. An article by Ashley Portero, Senior Reporter, South Florida Business Journal. Read more here 

These are the women in Miami tech you need to know

Startups Podcasts

Low-Burn | Scaling Your Startup S2 E8 with Neyborly’s Ben Seidl & Xendoo’s Lil Roberts | E1224

When it comes to financial health as your scaling your startup there are six steps to healthy financials for scaling your startup. Watch for insightful tips for your small business by our CEO and Founder Lil Roberts, at This Week in Startups – Scaling your Startup. E1224 of Low Burn.

 

 

Small business owners must adapt to digital transformation

4 Reasons Why Digital Transformation Is Table Stakes for Small Businesses

Small businesses are making the leap into digitalization to respond to evolving consumer behavior and expectations, adapting to new working norms, putting data to work to drive performance and building business resiliency.

Profile of a Founder: Lil Roberts of Xendoo

We believe business owners should have time to do what they love, build their business – not do bookkeeping.

Lunch with Norm and Lil Roberts

Importance of LIVE events & What’s the Future of Ecommerce | Lil Roberts | Ep. 173

The new buying habits are post-pandemic! What to expect? Xendoo CEO and Founder Lil Roberts is back to share with us the new buying habits post-pandemic and how eCommerce fits into retail’s post-pandemic future.

“We believe business owners should have time to do what they love, build their business – not do bookkeeping.”

Online Bookkeeping Provider xendoo Now Helping Small Businesses in 46 States, 12 Countries

One of Broward County’s biggest startup success stories continues to grow at a rapid pace.

Fort Lauderdale-based xendoo has developed a SaaS bookkeeping platform targeted at small businesses. The startup reported a two-year revenue growth of 777% from 2018 through 2019.

Best Real Estate Accounting Tips for Agents and Brokers

Editor’s Note: This post was originally published in November 2019 and has been revamped and updated for accuracy and comprehensiveness. 

As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited to do great work for your clients, whether buying or selling pieces of property. 

But here’s the thing—running a real estate business is about more than making great deals. Accounting plays a major role in staying organized, managing taxes, and making smart decisions in any business. 

Why accounting is important for real estate businesses

Setting up your real estate accounting system the right way will enable you to minimize the labor and stress involved in large-value transactions, extreme income fluctuations, employee pay formulas, and government regulations.

These tips are for you if your business is:

  • Real estate broker or agent
  • Property management
  • Building construction
  • Residential sales
  • Real estate investment management

Another reason to keep accurate financial records is that you will probably have to show them to interested parties at some point. These entities include:

  • Lenders
  • Shareholders
  • Creditors
  • Government bodies (e.g., the IRS)

There are many motivations to keep accurate books. And, contrary to popular belief, doing so does not have to be a major headache or hassle. With a service like Xendoo, you can outsource your bookkeeping and tax work to focus on what you do best. For more information, check out this post on how to choose the right software to simplify your real estate accounting. 

Two men go over real esate regulations at their desk.

Learn the Regulations

Did you know that it is not just real estate transactions that local and state commissions oversee? These bodies also oversee the financial management of a real estate business, so playing by the rules is essential. Therefore, it’s a good idea to familiarize yourself with their requirements before making any decisions about your bookkeeping system. If the language is unclear, consult a professional accountant who specializes in real estate. It’s far better to spend extra time setting up your accounting procedures properly at the start than trying to untangle a mess when you run into trouble later on.

Choose Who or What Will Do Your Real Estate Accounting

For real estate professionals, the most viable options are:

  • Hire an accountant as a full-time employee
  • Outsource accounting services
  • Accounting software used by management or other designated employees

Hiring an accountant to work in-house is undoubtedly a powerful approach, but it will be costly and likely beyond the scope of many real estate businesses. On the other end of the spectrum, acquiring accounting software to manage the books yourself or amongst your team might be difficult if no one has proper accounting training or the time to dedicate to ensure your books are up to date. Even minor accounting mistakes can add up to bigger ones down the road.

It’s the middle ground – outsourcing accounting tasks to a third party like Xendoo – that will make the most sense for many real estate agents and brokers. This option keeps the costs down while still freeing up your time and utilizing experts to make sure the work is done properly. 

Select Your Accounting Method

You have two choices: cash basis or accrual. Once you make a choice, you must stick with it, unless you submit a change request to the IRS. (Your first tax return shows the IRS which one you chose in the beginning — you don’t have to submit any forms for that.)

Cash basis accounting is often preferred by small businesses because it’s easier to maintain, and it tells you how much money you actually have in the bank on any given day. Accrual accounting is usually the choice of larger companies because it portrays a more accurate portrait of your real estate business’s financial performance. Accrual accounting also allows you to better your long-term plan, which is helpful if you are thinking about expanding your business.

A real estate agent looks over his accounting charts on a tablet.

Create a Chart of Accounts

This complete index of your company’s transactions is essential for knowing how you stand. It will save you many hours of work when you need to measure performance, generate a report, locate past transactions, or prepare tax returns.

The chart of accounts is organized into categories for easy sorting and retrieval. These categories can be anything you need. Under Assets, they might include Cash, Accounts Receivable, and Vehicles. Under Liabilities, you might have sub-accounts such as Accounts Payable, Loans, and Payroll.

Keep Business and Personal Transactions Separate

Don’t fall into the bad habit of pulling out your business credit card or checkbook to pay personal expenses — or vice versa. Without fail, it will cause more problems than it solves, including inaccurate books, tax mistakes, and cash flow issues. 

Real estate accounting shouldn’t be complicated, and this is one of the golden rules that can keep things simple—don’t make personal purchases with business accounts. Opening a separate bank account and a credit card strictly for your business will also make you look more professional to your customers, creditors, and investors.

Fool-Proof Accounts Receivable

Collecting payments that are owed is one of the biggest headaches for small businesses. Prevent delayed and missed payments with an automated invoicing system that:

  • Sends invoices promptly
  • Includes all the necessary information
  • Offers several convenient ways to pay
  • Tracks and contacts delinquent payers

With an automated system in place, you’ll save time and avoid missing out on revenue that slipped through the cracks when you were too busy to track it down. 

Reconcile Your Bank Account Every Month

Reconciling your bank account means checking that the transactions listed on the bank statement match what you have in your books. This process will identify any discrepancies so you can figure out why they happened and make a plan for avoiding those issues in the future.

Usually, it’s something simple like a financial transaction that’s recorded in your books, but the bank hasn’t processed it yet. However, it could be a more severe problem such as data entry error, misunderstandings of using the bookkeeping system, or even theft.

A broker goes over his taxes for his real estate business.

Figure Out Worker Pay and Taxes

Your business may pay one or more of these types of compensation:

  • Salary employee
  • Commission employee
  • Salary plus commission employee
  • Independent sub-contractor

Ideally, you’ll have payroll software that can calculate them all, as well as track them for income tax withholding. Fees to independent contractors may be handled separately by accounts payable since these workers are not, by definition, your employees.

It’s not only the fees that you have to be aware of but also the proper paperwork for each type of employee. You’ll need to learn which tax forms to collect from employees (W-2) and contractors (1099) and how to report their income to the IRS.

At Xendoo, we can also help with payroll processing as an add-on service to our real estate accounting. You won’t have to worry about issuing and filing your W-2s or1099s, which means one less thing keeping you from focusing on your business. 

Make Professional Life a Little Easier

If all this seems overwhelming, consider outsourcing to financial professionals. Xendoo specializes in small business accounting. We’ll relieve you of all that work and worry with services that range from real-time bookkeeping to timely financial reports to preparing your tax return. 

 

See for yourself with a one-month free trial.

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

 

Recipe for Success: 5 Must-Have Ingredients of Restaurant Bookkeeping

Editor’s Note: This post was originally published in September 2019 and has been revamped and updated for accuracy and comprehensiveness. 

As a busy restaurateur, it’s easy to push restaurant bookkeeping tasks to the bottom of your priority list. After all, you have better things to do – right?

Not so fast. Restaurant bookkeeping is an essential function for businesses large and small, as accurate, reliable numbers are essential for sound decision making. Also, there is the whole matter of taxes to consider. Safe to say, it’s better to get things right the first time with bookkeeping, instead of paying for your mistakes later on. 

To help get your restaurant accounting processes on the right track, we have assembled the following five tips.

1. Record Sales Daily

It’s dangerously easy to fall behind on recording your sales. In fact, one of the reasons that bookkeeping for restaurants is often a mess is simply because owners and managers fall behind on basic tasks. 

To stay up to date, make a habit of copying or importing the sales from your POS system into your accounting software each day. What you’re aiming for are books that correlate with your bank statements. If you save up all those credit card charges for a weekly or monthly deposit, you’ll have a hard time doing analysis later.

Ideally, your accounting software and POS system are integrated so that this is done automatically. At Xendoo, we integrate your bank transactions with your books, so data entry is always up to the minute. Automating this process not only saves you the time of doing the work manually but also greatly improves accuracy. 

Several people are gathered at a table enjoying a meal.

2. Reconcile Bank Statements Every Month

Yes, your bank statements should be reconciled every month. No, it’s not a good idea to let them sit around for 3, 4, 5, or more months. If you’ve forgotten to enter a payment or a sale in your books, but that payment or sale has been processed by your bank, it will be easier to correct the error if you catch it quickly. In an extreme case, not knowing how much you really have in the bank could lead to bounced checks.

For every account that you receive a monthly statement — bank, credit cards, lines of credit, and loans — compare what their statement says with what your books say. If there are discrepancies, track down what happened and fix it. Of course, if you outsource bookkeeping to a service like Xendoo, you can keep up with this task while keeping your personal schedule open for other responsibilities. 

3. Pay Your Bills Promptly

Vendors love customers who pay on time – or even early. Doing so will get you better deals and early payment discounts. On the flip side, being late will rack up interest charges. Staying on top of your bills, along with managing labor costs properly, are keys to keeping your financial house in order.

To make sure this happens, you should have a reliable Accounts Payable process in place. Your A/P system will record invoices, pay bills online with a credit card or digitally generated checks, and automatically enter the expenses in your books. Record new invoices once or twice a week and make payments once per week to stay current.

A restaurateur takes a close look at his financial statements.

4. Take a Close Look at Your Financial Reports

Anyone can quickly glance at the bottom line of a financial report—but those numbers only tell a portion of the story. It’s the details that you need to understand, and those can be gathered if you take the time to read through your restaurant bookkeeping reports carefully.

Your profit & loss statements and balance sheets can reveal crucial statistics for a restaurant business such as:

  • Profit margin: gross profit ÷ total revenue
  • Sales vs. cost of goods sold ratio
  • Prime cost: ideally food + beverage + labor = 60% – 65% of total sales
  • Compare current profit & loss to previous months and years

Profit margins are notoriously tight in the restaurant industry. Having current information about your financial health is just as important as creating tasty food or offering great service. That’s why Xendoo guarantees delivery of your P&L statement by the 5th business day of every month.

5. Nail Your Taxes.

It’s worthwhile to track down as many tax tips for restaurants as you can find since taxes make up such a notable expense every month. One of the best ways to stay on top of taxes and avoid paying more than is necessary is to keep detailed, accurate records of everything that takes place in your business. 

Extra Ingredient: Outsource Your Payroll

Payroll processing can be quite time-consuming, especially given the complex shift scheduling of most restaurants. It also comes with high penalties if you make mistakes in calculating payroll taxes, or don’t file the taxes on time.

Payroll services are generally affordable, and can often be bundled with other accounting services. Xendoo offers packages that include payroll processing for a budget-friendly flat monthly fee.

Documentation is the name of the game in accounting, yet many restaurants – and businesses in other industries – fall short when doing their own bookkeeping. Working with Xendoo is a big step in the right direction when it comes to documentation and record keeping. And, of course, Xendoo can manage your tax filing as well, so there is nothing lost in translation when going from one service to the next. As an all-in-one bookkeeping and tax filing solution for your restaurant, tax season will no longer feel like the nightmare it once was

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.