Many people assume that because the bank feeds automatically come into Xero’s software, the bank is always correct after you finish reconciling the transactions. However, this isn’t always the case – and a Bank Reconciliation Report can show any issues. This report is in REPORTS, ALL REPORTS, Accounting – Bank Reconciliation Summary. You select the […]
Tips to keep your Christmas party tax free
With the festive season looming it’s important to know the Fringe Benefit Tax (FBT) rules for celebrations. Here are some tips from the MJJ team: Know your limits The key to keeping your Christmas party and gifts remaining tax free is to keep them under $300 per person. This is the FBT minor benefit threshold. […]
Don’t be surprised by your profits
It’s always a great thrill when you look at your Profit & Loss and realise you’ve made a profit. It’s hard to think of a situation where the sudden arrival of a substantial profit is not welcomed with open arms. As a small business owner profit is something that we desire and hopefully achieve. However, […]
The 10 minutes that could save you hundreds every month
We often say “what you don’t know can’t hurt you” but in fact the opposite is often all too true. For small and medium-sized businesses especially it’s the invisible expenses that can hurt the most – the amounts you religiously pay each month or quarter without questioning. They are just small expenses right – probably […]
XERO two-step authentication
Data security in today’s modern technology driven economy has never been more important. Xero now requires all its users to use a Two-Step Authentication process. Two-Step Authentication verifies the identity of a customer logging into the Xero dashboard by requiring them to use their existing password and a second, unique code randomly generated by the […]
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