In 2019 with a new business starting every minute, it is a competitive world. Furthermore, the volatile state of the ever-changing tax laws and political uncertainty don’t make it any easier to run a business.
Being a business owner demands your acknowledgement towards the numbers of your company. A proper analytical understanding would in turn help to come up with better informed decisions. However, it is easier said than done. Some essential facets of business that one needs to be aware of are-
Know your numbers
Being a retail business is no easy task. You may face various challenges in different business areas. Let us have a look at those challenges and how Xero can help you in combating those and improve your businesses cash flow.
Razor tight profit margins
One of the most troublesome terms hurled at business owners. The retail sector is known for tight profit margins. A company is usually propelled into this scenario due to various reasons. It could be the gross underperformance of the employees or something uncontrollable like refreshed reforms. The company’s purchasing tendency is the primary victim in this scenario. Therefore, using a software life Xero can really benefit you. You can easily monitor profit margins using custom reports.
Most businesses with turnover in excess of £85,000 are obliged to submit VAT returns to HMRC. With the wrong systems and software this can be hard to keep track of and time consuming. The whole process also includes the task of choosing the most beneficial VAT scheme. In turn, one needs to keep an accurate record of all VAT transactions. With the help of Xero and Receipt Bank, you can easily enter your invoices into the software, and it will correctly calculate the VAT for you. This can really help you have stress-free VAT management.
Cash flow m
Coming to the primary aspect of the company- money. Where is it coming from? Where is it going? Who is getting paid? What is the debt? A proper intricate recording and maintaining of the cash in a company. Without keeping intricate and detailed track of finance, the company will fail. Xero and its connected apps lets you have a real-time view of your cash flow from anywhere in the world on any device. Along with apps such as
The materials and goods being used in the production of a commodity are what falls under ‘stock.’ Successful businesses micromanage stocks of raw materials and finished goods. Xero with apps such as iZettle or Vend lets you do exactly that. With
Staff is an inherent part of a company. The manual work is the driving force of any business. Management of the staff thus holds equal importance. Ensuring a healthy surrounding while also keeping the group and individual performance reports can help point out drawbacks. Doing this will maximise manual performance to gain higher numbers. With proper time tracking and scheduling, Xero makes employee management a whole lot easier. Along with Epos Now, Xero helps in making smarter decisions and save time as well.
With the retail sector now expanding digitally, it’s best to turn to more modernised options. With Xero and its connected apps