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.
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!
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
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.
We believe business owners should have time to do what they love, build their business – not do bookkeeping.
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.”
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.
Is getting people to pay their invoice balance a challenging part of running your own business? You are not alone. According to a report in Entrepreneur, on average, small businesses had $84,000 in unpaid invoices. Waiting weeks and sometimes months for the checks to arrive and managing cash flow in the meantime can be daunting, to say the least. Since invoicing isn’t the most exciting aspect of your business, we want to share these tips for small business invoicing to help you get paid faster, increase client relations, and save time and money.
An invoice is a bill generated by a vendor that lists details and costs for goods and services provided. You’re likely already invoicing your clients, but don’t forget it is a legally binding contract. Making sure your small business invoicing system is up to snuff can save you headaches down the road.
Review your contract template and make sure you set expectations for invoicing. Likewise, make sure your invoice aligns with what is in the contract. Include payment schedule, estimated totals, and project milestones for payment.
As you strategize for creating, sending, and organizing your invoices, we recommend automating as much as possible. Your accounting software likely offers a way to do this. At Xendoo, we use QuickBooks Online and Xero, which both have invoicing solutions and are known for being the best accounting software options.
If you’re considering an invoicing program separate from your accounting, ensure the two integrate and consider online payment processing. Clients love having the option to quickly pay online, so make sure your software can integrate with payments. The easiest method is the simplest—at Xendoo we offer solutions with online bookkeeping services, accounting, invoicing, and integrated payment processing all in one.
Make your summary description brief while ensuring the client will understand how you arrived at the total. Do everything you can to make it easy for your client to pay you. Keep your invoice to one page.
An invoice should be sent promptly when the project has been completed. Your client will use the invoice as the first step in processing your payment and likely has internal steps to take before paying you. Therefore, the quicker you send the invoice, the quicker you get paid.
Consider including a “Pay Now!” button on digital invoices. Clients love the convenience of online payment and often take immediate action. And these online payments can sync with your accounting software and help you avoid the “checks in the mail” scenario. If you are issuing an international invoice, indicate which currency you accept.
Frustrations aside, you must send professional follow-ups when you haven’t received payment. Consider making a schedule for follow-up emails in advance and writing templates, customizing them for each client. This might make the process quicker and less frustrating.
Also, consider using read receipts. They are a great way to track when your communication was received and when to follow up.
When a few emails aren’t enough, call your client. A brief, friendly call gives you another opportunity to connect with your client. They are likely receiving invoices from multiple vendors. Stand out by offering a friendly, professional demeanor.
Once you’ve received payment(s), send a thank you note. It’s an opportunity to remind your client what a positive experience it was to work together.
Consider your invoice a branding opportunity! Xero and QuickBooks offer customizable options to add to your logo, colors, and fonts. If you’re planning to mail a thank you note, keep it on-brand, too.
Streamlining your small business invoicing process can help you retain customers, increase cash flow, and increase stability. In addition, your customers will remember your professionalism and gratitude. Sign up for Xendoo today, and let us help with bookkeeping and accounting for your small business.
Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Xendoo can get your small business accounting running like a well-oiled machine so you can focus on what’s important – growing your business. To be competitive in the new economy, cloud-based accounting is no longer a luxury; it’s a necessity. Here are some of the best accounting systems for Shopify that can help get your business on track.
QuickBooks Online is the cloud-based version of the popular and versatile QuickBooks business accounting software. Quickbooks Online accounting system for Shopify allows you to access your account information from any web browser, and the API creates a seamless interface that links directly to Xendoo’s platform. That means you can easily organize and sync all of your critical financial data with no tedious manual data entry. Additionally, Quickbooks Online for Shopify allows you to easily create and send invoices, receive payments, pay bills, and manage payroll.
QuickBooks is a popular accounting system for Shopify, but it may not be the best choice for everyone. Xero is another cloud-based accounting solution that will appeal to a lot of Shopify store owners. Xero is fast, simple, and powerful. It can sync with hundreds of third-party applications for point-of-sale, inventory, and much more. It also offers a mobile app for convenience and allows customers to create an unlimited number of users. From within the Xero accounting software for Shopify, you can manage your accounts payable, accounts receivable, budget, and category or division tracking.
A popular middleware, or “connector,” application that links your Shopify store with your cloud-based accounting system is A2X for Shopify. It automatically posts your Shopify sales and fees directly into QuickBooks or Xero, saving you hours of tedious work each week. That also means no more stressing over why transactions don’t match your bank deposits because A2X eliminates data entry mistakes.
A major time vampire for business owners who sell on Shopify is state sales tax compliance in the wake of Wayfair, Inc. v. South Dakota (2018), which requires online sellers to comply with sales tax requirements in each state where they do business. TaxJar accounting system for Shopify will streamline your sales tax compliance process by showing you where you should be collecting sales tax according to economic nexus laws and generating return-ready reports. It can even auto-file your returns for you if you want.
In addition to your accounting software, Shopify offers over 1,000 plug-in applications from their app store to help you with managing inventory, shipping, reporting, and much more. However, we suggest that you fully explore the capabilities of QuickBooks, Xero, A2X, and TaxJar before making any decisions about additional applications. A lot of functionality might be duplicated, and you certainly don’t want to pay for the same thing twice.
In addition to tons of helpful plug-ins, Shopify also features a profit margin calculator. Just plug in your cost of the item and a markup percentage, and Shopify will calculate the sale price, your gross profit in dollars, and your gross margin.
Even though these accounting systems for Shopify can make life much simpler for sellers than even just a few years ago, it can still sometimes feel overwhelming. If you begin to feel like you might be in over your head, you should consider outsourcing your accounting and bookkeeping to a small business accounting firm like Xendoo.
There are a lot of good reasons to outsource your accounting for your Shopify eCommerce business, and it’s more affordable than you might think. Xendoo’s accounting team works with small business owners just like you to provide expertise and insight into the accounting needs of e-commerce businesses. Xendoo can take care of everything from weekly bookkeeping to filing business taxes for you, and our flat monthly fee is less than half of what you’d probably pay an accountant. Xendoo’s mission is to give you the peace of mind of knowing it’s being done right, and free your time to focus on what’s important – growing your business. Sign up for a free trial today.
Your business is growing (congrats!), but entering invoices, expenses, and paying bills take up far too much valuable headspace—it’s headspace that you need to focus on your offerings and your clients. It’s time to go beyond merely tracking the ins and outs of your books and to start focusing on accounting and the financial health of your growing business. Choosing an online accounting service for your small business is the best way to keep your books updated, in compliance, and thriving. An online accounting services team can quickly become an integral resource for your small business — providing so much more than just your monthly reports — you’ll receive a trusted partner that helps you focus on your goals.
Every small business needs a solid business plan — something to help you navigate the short term and work towards success in the long run. An accountant can help you devise a solid business plan as you get started writing one or updating your existing plan. An online accounting services team can determine areas for growth within your small business by providing insight on cash flow patterns, inventory management, pricing, and business financing, as well as providing advice on property and equipment leasing and purchasing. They can help you prevent getting audited by the IRS by setting up your bookkeeping system right the first time and preparing and guiding you through an audit, if necessary.
Online accounting services ultimately create financial forecasts to make better decisions in your business while working alongside you to create a business budget that will support your business goals. Xendoo’s online accounting service provides you with Quickbooks and Xero, plus end-to-end service with a U.S.-based financial team—bookkeeping, tax consulting, and tax filing all under one roof, available 24/7. Xendoo also helps small business owners with their personal filings, so you don’t have to worry about a thing.
One of the first steps when starting a small business is determining the best legal structure for the business. But it is no small task! There are a handful of options to choose from, and they can be incredibly confusing to sort through. An accountant can help you analyze each option and look into the things you must investigate before deciding.
Together you can determine the impact it will have on your taxes, your personal liability, the cost, and problems that could arise if you need to dissolve the registered entity, among many other things. There are benefits and disadvantages to registering your business that you have to consider. Whether you register as an LLC, Corporation, Partnership, or as a Sole Proprietorship, an accountant can help you determine what’s best based on your current status, your financials, and your goals.
Small business owners are notoriously time-starved—struggling with marketing and sales with employee management, bookkeeping, and so much more. Not to mention providing the goods and services they set out to deliver in the first place. Choosing to work with an online accountant like the team at Xendoo will instantly take some of the heaviest, most important work off your plate. Online accounting software keeps your books up to date and tax-ready, giving you the ability to forecast and make strategic decisions as needed.
Need to finalize your marketing budget? Need to quickly determine whether or not you can hire a new employee? In the past, you likely had to sit down with your books for hours to attempt to find an answer. With an online accounting team on your side, you can quickly access your up-to-date financials and have a sounding board to help you make big decisions.
This year has been so hard on small businesses. As the government continues to implement and propose new measures to help companies manage the economic consequences of the COVID-19 pandemic, you need to know how to account for the assistance. The accounting and financial reporting implications can vary depending on whether the assistance is considered a loan, a grant, or an income tax benefit, among others.
With approvals and funding of Payroll Protection Program (PPP) loans ongoing, there will be key accounting considerations that a CPA or accountant can make sure you’re aware of, so you can continue to navigate the changes and make smart decisions for your business.
Many businesses are required to have a financial statement audit or a review with the IRS at some point. An audit sounds daunting because it truly is! Managing an audit can unexpectedly pull you from your regularly scheduled business – sucking up time, energy, and money. When you’re audited, you need a CPA to perform the audit services and issue the IRS’s required reports. Your CPA will help you ensure everything is in order and save you time and expenses.
CPAs are considered fiduciaries with a legal duty and power to act on behalf of and in their clients’ best interest. It’s important to note that non-CPA accountants are not considered fiduciaries to their clients, meaning they cannot represent their clients before the IRS during an audit.
If you’re considering selling your business, an accountant acts as a financial advisor – helping to ascertain your material assets and liabilities: what you own, what you owe, and what will be included in the sale. Thanks to Xendoos online accounting support, you’ll have all your up-to-date records ready when you are.
More importantly, an accountant can generate a picture of your income over time and assign concrete value to the more fluid and variable aspects of your business: past earnings, cash flow, balance sheets, equity statements, and the company’s performance related to economic and market conditions at large, as well as any liabilities that may be lurking under the surface. That CPA tax expertise is also important. An accountant will utilize your online accounting software to organize, document, and verify your small business’s tax filings, as well as give you a sense of the other party’s tax status.
Xendoo can help you with online accounting services, taxation solutions, and so much more – and will become a trusted resource for your small business. With accurate, up-to-date records at your fingertips, Xendoo’s online accounting software for small businesses plus their dedicated team of financial advisors will allow you to grow your business, meet your goals, and spend more time focused on the reasons you started your small business in the first place.
