NIMACC https://www.nimacc.co.za/ Business Lounge Wed, 15 Jun 2022 12:10:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://www.nimacc.co.za/wp-content/uploads/2022/06/site-icon-NImacc.png NIMACC https://www.nimacc.co.za/ 32 32 Is Xero easy to use? https://www.nimacc.co.za/is-xero-easy-to-use/ https://www.nimacc.co.za/is-xero-easy-to-use/#respond Wed, 15 Jun 2022 11:58:13 +0000 https://www.nimacc.co.za/?p=1235 Xero is relatively easy to use, and once you get the hang of it, you’ll probably be hooked on this specific accounting software. You’ll also marvel at how effective your bookkeeping is becoming. There are, however, some misconceptions about Xero’s ease of use. Some completely underestimate the software, while others avoid any form of accounting …

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Xero is relatively easy to use, and once you get the hang of it, you’ll probably be hooked on this specific accounting software. You’ll also marvel at how effective your bookkeeping is becoming.

There are, however, some misconceptions about Xero’s ease of use.

Some completely underestimate the software, while others avoid any form of accounting software (or using computers for their business, for that matter). Using Xero might be slightly intimidating if you like to go old-school with your bookkeeping.

The truth is that just like with any other tool, it’s easier to use when you’ve had some training that shows you the fundamental skills and functionalities.

How does Xero work? 

Xero, in a nutshell, offers cloud-based accounting software for small businesses.

What does this mean? 

Xero allows small-business owners to manage their finances from anywhere globally while integrating with hundreds of apps to assist each business’s specific needs better. One of their primary functions is to help your business perform bookkeeping functions like invoicing and payroll.

Their features, along with the many possible app integrations, can help any small business take better control of its finances.

We’re a Xero partner because we know theirs is one of the best accounting software products available for small businesses. Their pricing is reasonable, and they do not charge extra for additional users, making it an affordable option for growing companies.

What support does Xero offer its users?

As part of your subscription, you receive free and unlimited support. Their online support and helpline are available Xero 24 hours a day, seven days a week.
The best place to start when trying to find support with any of Xero’s business or practice products is Xero Central. This platform contains online learning, online help, discussions, and more.

What support topics does their database cover?
Their support centre that may help answer all your business accounting related questions. They have helpful articles about all of the following topics:
  • Reconciling transactions
  • Bank accounts & feeds
  • Payroll & employees
  • Invoices & quotes
  • Bills, purchase orders & expenses
  • Reporting & tracking
  • Project management
  • Practice management
  • Inventory
  • Accounting tasks
  • Contacts, clients & communication
  • Giving people access to Xero
  • Tax & filing
  • Your Xero account
  • Importing & exporting data
  • Support, security & updates
  • Connected apps & services
  • Fixed assets
  • Manage documents with Hubdoc
  • Business continuity
As you can see, Xero Central will quickly help you find all the information you need if you get stuck.

App Integration 

As mentioned above, Xero has created and owns various add-ons and apps that seamlessly integrate into your existing subscription.

These are their most prominent apps that can help make your life easier:

Hubdoc
Hubdoc is Xero’s data capture tool. It can simplify your accounting drastically, and this tool can also assist you with unlocking practical insights about your company.

Stripe 
Stripe simplifies accepting payments from the following payment methods:
  • Apple Pay
  • Debit cards
  • Credit cards
  • Google Pay
This helps online invoices sent from Xero to get paid faster.

Xero Payroll 
This app assists you with managing your staff’s payroll and will help you stay on track with payments. The cloud platform allows you to organise all your business information in one handy place.

Xero Expenses 
This app can help you save time and admin costs by quickly capturing, tracking, and managing expense claims.

WorkflowMax 
This is agile software that allows you to stay on track with all your jobs and projects. WorkflowMax lets you maximise your business profitability, team productivity and implementation – all in one spot.

Xero Projects 
This is a job tracking tool. You can track your quotes and invoices and monitor how much money you’re making.

HubSpot CRM integration 
Xero collaborates with HubSpot, a CRM, online marketing, sales and customer service growth platform, to deliver the best customer journey possible.

Mailchimp 
Mailchimp is an email marketing automation service that helps you design email newsletters and share them on social networks. It also integrates with services you already use and tracks your results.

Microsoft Outlook 
Microsoft and Xero integrate to help you spend less time in your emails.

Google Contacts 
Google Contact and Xero integrate to help you get all aspects of your business aligned.

Planday 
Planday’s software allows you to build employee schedules faster and oversee wage costs, compliance, and vacation days. You can also sync your employee and payroll data using Payroll.

Practice Manager 
With Practice Manager, you can manage your jobs from start to finish in one system. Thousands of accountants worldwide trust them to run their practices efficiently.

Shopify integration
This integration connects your Shopify store to your account so that you can easier manage your eCommerce business’ finances.

Xero Workpapers
Workpapers is an online tool that makes processing compliance faster and more innovative.

How to integrate Xero with my business?

Nimacc Business Lounge can help you find the best solutions to seamlessly and effortlessly integrate your business’ finances with Xero. Our business is to help your business by enabling you to implement and integrate elegant software solutions for your company.

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Cloud-Based Business Software: A Guide for Small Businesses https://www.nimacc.co.za/cloud-based-business-software-a-guide-for-small-businesses/ https://www.nimacc.co.za/cloud-based-business-software-a-guide-for-small-businesses/#respond Wed, 15 Jun 2022 11:13:40 +0000 https://www.nimacc.co.za/?p=1225 The chances are that you are already making use of cloud-based software in your daily life, for personal and business, without knowing that various cloud-based tools can offer tremendous value to your business that you may not even be aware of yet. What is cloud-based software? Cloud-based software provides different users real-time access to a …

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The chances are that you are already making use of cloud-based software in your daily life, for personal and business, without knowing that various cloud-based tools can offer tremendous value to your business that you may not even be aware of yet.

What is cloud-based software?

Cloud-based software provides different users real-time access to a mobile device or laptop applications, all running on shared computing resources via the internet. In short, it allows us to remotely run the software and/or store data on other computers globally hosted by remote data centres.

We live in a society where instant gratification has become part of our daily life and for business owners being able to access your real-time business data from anywhere not only speaks to this human requirement psychologically but also to the tremendous business benefits of now being able to make informed decisions on a real-time basis. This can dramatically improve business operations, client management and overall employee and client satisfaction.

What is cloud-based business software used for?

I’m sure many of us will remember storing and processing data on local hard drives, CD’s or flash drives and then trying to manage the logistics of getting the information to the right people on time, all with a deadline looming in the background. Cloud-based software has changed this for us all, as data and information can now be stored and processed on a remote online location. If a device has access to the internet, it can gain access to the data as well as software programmes necessary to run it. This enables software to be updated live instead of uploading it from a CD or your local hard drive.

The benefits of cloud-based software:

Processes are automated, therefore, it’s faster, cost-effective and more efficient. Another benefit is that it’s environmentally beneficial, as all inventory is done on the cloud – not on paper.

In addition, cloud-based software streamlines business operations as data is centralised and all processes are monitored in real-time. ERP and other operating systems ultimately have a benefit on the company’s financial situation as it limits labour intensive tasks by automating these processes for the business on a day to day basis.

How can we ensure data stays safe in the cloud?

Servers are kept secure by restricting access to them and are usually only open to specific staff with access privileges.

Encryption is a standard method to keep files safe because it makes it difficult for cybercriminals to access information. It is important to note that consistent security updates are essential as these updates are designed to keep viruses off devices and cloud-based software. Software companies must regularly run security upgrades on their servers to ensure the information they host stays safe.

These companies also hire independent security parties to test the servers and software as well as utilise artificial intelligence to analyse the security system and look for possible vulnerable areas. A good example is a business with an AI Algorithm that sends out phishing emails to their employees asking for encryption keys while analysing the need for further training.

Companies also use firewalls to filter unwanted traffic and keep hackers and viruses out of the system and off the cloud.
How can cloud-based services improve business operations?

Cloud-based software offers small to medium-sized businesses from different sectors various benefits, including access to software and emails from all devices, either via a phone app or a browser. This significantly reduces costs and increases productivity, speed, efficiency, performance and security.

Business owners can also make use of remote (Cloud-Based) data storage services like Dropbox, Google Drive or OneDrive, allowing employees to save files on the go, with the rest of the team having immediate access.

Businesses no longer need to invest in expensive information technology but merely require a good internet connection to ensure employees have access to powerful cloud-based applications to complete their daily tasks. There are various cloud-based software applications that can help you manage and analyse the financial as well as the operational functions of your business.

Examples of effective remote software solutions:

Xero

This accounting software is a great example of a cloud-based application for not only accounting firms but also an ideal accounting software, together with its application marketplace platform of over 900 cloud-based applications for small to medium-sized businesses.

Xero also assists businesses by automating the majority of the accounting processing, leaving you only to focus on the more intuitive processing requirements, as well as the fact that you can work from anywhere, anytime. Connect Xero to your bank for automatic bank feeds and experience how easily bank and financial information can be synced.

You can also capture bills and receipts via email or scan documents from your mobile device. All your information is in one place and your documents are stored online for quick and simple access; this allows for one powerful version of the truth and streamlined tasks. Xero’s open API allows for easy integration into other software solutions or plug and play into over 900 existing business operational software solutions resulting in a scalable business solution for your business.

Business Operational software solutions would, as an example but not limited to, be your ERP, Inventory Management, Project Management and Point of Sale Solutions.

Dear Inventory

Dear Inventory is a Xero Approved cloud-based ERP (Enterprise Resource Planning) software that assists you in managing your business efficiently and effectively by allowing instant insight into sales and purchase order statuses, as well as your real-time stock levels.

Your final accounting-related data is then seamlessly synced into Xero, allowing for a realtime financial view as well for your management and accounting team. Old traditional systems cannot compete in terms of the speed and cost-effectiveness of cloud ERP software.

When it comes to streamlining your business, there are different ways that businesses can use cloud-based software services, which are not only limited to small to medium-sized entities.

Additional software to include could be Google Cloud (a suite of cloud computing services that runs on the same infrastructure that Google uses internally for its end-user products, such as Google Search, Gmail, Google Drive, GoogleMeet and YouTube). This could be used for your emailing, document storage as well as an integration into a ticketing system software such as Freshdesk or HubSpot.

Optimise your business operations

Your business is valuable, and we all know time is money; therefore, making the right decision regarding cloud-based services may seem daunting. Ensure you invest in thorough consultations and the research necessary to make sure that you make the right decision that will not only cater for your business needs now but will also, very importantly, be scalable for the future growth and dynamic of your business.

As a business owner, one cannot underestimate the value of a thorough GAP Analysis to determine what software solutions your company may benefit from, like those mentioned above.

Invest in a consultation with the experts from Nimacc Business Lounge, who are management consultants, specialising in digital strategy, ensuring smooth setup, implementation and training of these software solutions for your business.

Benefits and limits of cloud accounting software

Accounting software assists in general accounting processes, invoice and bills management, salaries, as well as profit and loss trend analysis. These software packages used to be installed on desktops where you could work on data in only one location from one computer.

Technology has thankfully evolved, and cloud-based accounting software has been the new trend for quite some time now, enabling you to work on cloud-based software in the office, close the laptop and log in to your accounting profile online on a different device and continue working on the same document. Small to medium sized businesses can usually use these cloud-based software packages without customisations and high setup costs.

However, as a company grows and the accounting needs become more complex, especially where stock and inventory management is involved, they may need more integrated operational systems. This could include, but is not limited to, an Enterprise Resource Planning (ERP) system in order to integrate and automate core business processes in relation to inventory records and relevant financial data. These ERP systems improve and support the efficiency of business operations by allowing for improved resource and stock planning.

How to select the right software to ensure your business grows

When choosing the correct software, a couple of factors should be considered. Firstly avoid shiny objects syndrome and keep it as simple as possible. Additional factors to consider would be the number of users, the industry, access to a good internet connection, the current challenges experienced as well as the future plans for the company in terms of scalability.

Our technical world is changing every day and our lives are managed by cloud-based solutions allowing us to be more efficient and productive in a shorter space of time. Cloudbased solutions have given us more efficient, effective and real-time business solutions, where teamwork is not only possible from different locations but also instant and efficient.

Businesses can now track accounts and analyse their accounts on a real-time basis. That being said, they are more in control of their inventory, customer service, management, and profitability.

The world of Cloud-based software is the foundation of tech innovation and offers various value-added benefits to our everyday lives when used to its full benefit. Cloud-based services offer small to medium-sized businesses the opportunity to become more competitive in today’s market at an affordable price with minimum effort.

Get help integrating your cloud-based business software today and start reaping the benefits.

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9 Helpful Business Growth Tips for New Businesses https://www.nimacc.co.za/9-helpful-business-growth-tips-for-new-businesses/ https://www.nimacc.co.za/9-helpful-business-growth-tips-for-new-businesses/#respond Wed, 15 Jun 2022 10:33:31 +0000 https://www.nimacc.co.za/?p=1208 There are many pitfalls on your way to success, and achieving business growth, even with all the helpful tips in the world, is not that easy. To succeed in business today, you need to be flexible and have good planning and organisational skills. Many people start a business thinking that they’ll turn on their computers …

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There are many pitfalls on your way to success, and achieving business growth, even with all the helpful tips in the world, is not that easy.

To succeed in business today, you need to be flexible and have good planning and organisational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is a little more tricky than they thought. Take time out to get the cogs in place for success.

Our 9 Best Business Growth Tips

1. Get Organized

A good way to do this is to create a to-do list for each day and allocate realistic time slots for the different tasks. As you complete each item, tick it off, ensuring that you’re not forgetting anything and meeting all the essential functions for a successful day and ultimately a successful business.

2. Stay on top of your finances

There are enough cloud-based, easy to use and real-time applications available (our favourite: Xero Accounting) to know where your business stands financially and what potential challenges you could be facing. This information is key when creating your business strategies and setting your goals.

3. Know Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you aren’t. Keep learning and keep growing.

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to achieve your set goals and take your business to the next level. A good question to ask is, “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards. Be prepared to put yourself out there.

5. Be Creative

Always be looking for ways to improve your business and to make it stand out from your competition. Recognise that you don’t know everything and be open to new ideas and new approaches in the way you do business. We live in a constantly changing environment, and we need to be able to adapt and be open to change, even though we might “feel” like our method is working.

6. Stay Focused

As the old saying goes, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals and keep your eyes on the prize.

7. Prepare to Make Sacrifices

The build-up to starting a business is hard work, but after you open your doors, your work has just begun. In most cases, you have to put in more time than you would if you were working for someone else and quite frankly more work than you ever imagined, which may mean spending less time with family and friends than what you would like to, however, if you have a good support network in place, this should be manageable.

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is essential. When starting a business, or at most stages of scaling, it becomes challenging to keep up service delivery; however, do what you can to get it right – it is about building and maintaining these relationships through great service delivery.

9. Be Consistent

Consistency is a critical component of running any successful business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that you will undoubtedly reap the benefits from in the long term.

What advice would you have for someone who is starting a business now? If you need experts and friends to help your business grow, join Nimacc Business Lounge today.

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DID YOU KNOW, you can purchase a barbie entrepreneur doll? https://www.nimacc.co.za/did-you-know-you-can-purchase-a-barbie-entrepreneur-doll/ https://www.nimacc.co.za/did-you-know-you-can-purchase-a-barbie-entrepreneur-doll/#respond Wed, 15 Jun 2022 09:55:58 +0000 https://www.nimacc.co.za/?p=1201 I’m tickled. Are young girls (or boys) being led to think this is what being an entrepreneur looks like? I click on the link and get the marketing bio: “Barbie doll is ready to make a bold business move and strike out on her own to achieve her career dreams! Entering the entrepreneurial world, this …

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I’m tickled. Are young girls (or boys) being led to think this is what being an entrepreneur looks like? I click on the link and get the marketing bio: “Barbie doll is ready to make a bold business move and strike out on her own to achieve her career dreams! Entering the entrepreneurial world, this independent professional is ready for the next big pitch.”


I sit giggling… as I read it. Ok, ok, for a minute, I catch myself almost snorting with laughter. The dress is cute, and the fact that she is attached to a smartphone is embarrassingly familiar.


The whole thing takes me back to a coffee date I recently had with a friend, fellow entrepreneurs, kick-ass go-getters. You know, those coffee dates where you get frank about what we are actually feeling and experiencing in our entrepreneurial journeys. Not the bull of how fantastic everything is. We get chatting about dating.


Now, Michelle is a catch- intelligent, ambitious brunette, and she trains for and completes the ironman in her spare time (I’m still trying to figure out where she gets the “spare” time). She can fit into the sleek, hot pink dress. She says something that rang so incredibly true.

What is being an entrepreneur really like?

“From the outside looking in, the life of an entrepreneur looks amazing, sexy, appealing. But once they catch you, they realise: there is nothing sexy about whipping out a laptop at 4 am to meet a deadline for a client. Or missing date night because you are preparing for a pitch that may make or break you.”

And that’s just it. In reality, it’s not always all that hot and sexy. There are days when we take multitasking to the moon and back. Where we burn the midnight oil and are back at it when the sun rises (or not yet). There are days when we are last in line to get paid, despite it being our business. Days when you physically work your fingers to the bone. Days when, regardless of your effort and time, employees stab you in the back and chase their own agendas or they award the pitch to someone else.

Would we do anything else? Hell no. Don’t get me wrong; I love what I do. Beauty, entrepreneurship- all of it. We are passionate, driven, sometimes crazy individuals who all want to take over our little piece of the world. What I’m saying is SEE PAST THE GLITTER (Michelle’s famous words).

The conversation boils down to this: Are we romanticising entrepreneurship?

Statistics show that the unemployment rate in South Africa rose to 27.1 % in the first quarter of 2019. With our country’s current status, research shows that corporate companies are minimising employment to keep afloat, and government positions are crowded as it is. This leaves a big problem. Where will the jobs come from for the emerging school graduates? The private sector will provide a few. So society took lemons and made lemonade hero-ing entrepreneurship as the solution to our problem.

 

It worked, and as a result, entrepreneurship in South Africa is the highest it has been since 2013. More than 50% of our entrepreneurs are made up of youth, and the gap between male and female entrepreneurs is closing in with females at 47%. Fantastic, right? No wonder we got the doll!

On a serious note, though, I leave you with this: the next time you chat to or inspire mentor entrepreneurs, paint the full picture. Blow off the glitter and enlighten them to the full truth of it. We need young blood, starry-eyed and innovation. What we don’t need is naive youth with shattered dreams because the reality of entrepreneurship turned out to not glitter as much after all.

 

Join in on the conversation. I’d love to hear what you have to say.

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Personal Growth in Entrepreneurship and in Life https://www.nimacc.co.za/personal-growth-in-entrepreneurship-and-in-life/ https://www.nimacc.co.za/personal-growth-in-entrepreneurship-and-in-life/#respond Wed, 15 Jun 2022 07:42:40 +0000 https://www.nimacc.co.za/?p=1151 Personal Growth and taking a breath. Am I doing this right? As entrepreneurs building businesses while leveraging the very basis of technology, we are constantly forced to change our mindset. We also need to change our thinking processes, not to get stuck in legacy, to adapt to change quicker than what that shot of tequila …

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Personal Growth and taking a breath.

Am I doing this right?

As entrepreneurs building businesses while leveraging the very basis of technology, we are constantly forced to change our mindset. We also need to change our thinking processes, not to get stuck in legacy, to adapt to change quicker than what that shot of tequila goes down, and we are all well aware that this list goes on.

However, the one thing we can control is equipping ourselves for the disruption by focusing on personal growth.

How often do you catch up with an old friend or business network you haven’t seen in a long time and realise there’s nothing left on the table to chat about. Sometimes this can be that we have grown to have different interests, but more often, it is because we have outgrown each other. One person has invested more time in their personal growth than the other, which is fair, each to his own. However, as entrepreneurs are driven to disrupt, driven to find a niche, and passionate about upliftment in an ever-changing world, we’re going to have to do more than that to get this right – we constantly need to be challenging ourselves. Reading, audiobooks, observing, webinars – all of this is fantastic and creates insightful conversation around the braai (Here we go SA, here we go!) or the dinner table. However, unless we are completely open to change, open to being wrong, open to constructive criticism, we can read as many books as we like, but we will never really grow unless we implement.

How do I achieve personal growth?

Out of personal experience, constantly challenging myself to bring my A-game (small side note, some ADHD in there as well), I am also well aware that it can often be overwhelming. There is so much to learn, absorb, and gain that we also repeatedly need to take a breath and realise that the equation is actually quite simple and that Micro Equals Macro. If you do what you can every day and constantly challenge yourself, the result is inevitable.

I recently met up with an old friend whom I hadn’t seen for a good solid catch up in almost a year. It was reviving to have seen that despite having had a completely different journey the past year with completely different circumstances, how we had both grown and how we could share stories, bounce ideas, and talk collaborations into odd hours of the morning. We had both invested in our personal growth. We had both been completely open to change and exploring different views on diverse topics. However, despite the stimulating conversation and the great food, there was one thing that hit me hard, “My friend, I am so completely proud of you.”

This immediately caused me to tear up (and to those who know me, will know how rare this is) – there I sat on the kitchen counter, utterly speechless and at that point, I took a breath. In this constant, incredible journey of striving towards personal growth, we forget that Micro Equals Macro, we forget that by following this basic equation, the result is inevitable. Sometimes we need to remind ourselves (or have a friend, in my case) that we are doing perfectly fine, and as long as we keep pushing, keep striving, keep challenging ourselves, we are, in fact doing it right.

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