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XERO: CLOUD ACCOUNTING Made Easy

3/12/2021

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Xero is truly beautiful accounting made easy and no, I am not an accountant. But what I am is an entrepreneur for well over 30 years. Times have changed and we have to change with the times. I made the switch to Xero in 2014 and I have no regrets.

Back in the day, my accounting program of choice was QuickBooks. I am not knocking QuickBooks but my life has changed so much since then. Xero offers me a robust platform that can be used on the go by multiple members of my team. And guess what? I don't have to pay per team member.  Here are some of the benefits I have experienced using Xero:
  1. It's super easy to learn and very user friendly,
  2. Multiple team members can use simultaneously and I don't have to worry about multi-user licenses,
  3. Payment apps such as Paypal, Stripe, etc can be added quite easily allowing you to accept payments on the go,
  4. It was built for online use so the online version is robust,
  5. The support staff responds in a timely fashion,
  6. Easily track inventory,
  7. I can also easily run the payroll on the same platform (make sure your jurisdiction has been added)
  8. I can sell internationally because the system allows for multiple currency
  9. Major bank transactions are downloaded into the database automatically once your bank is connected
  10. Works in concert with apps such as Google to make locating and calling customers a cinch, 
  11. Makes working with your accountant or bookkeeper seamless as they have live access to your files,
  12. It has a 30 day free trial, no credit cards required.
Of course Xero is no the only cloud accounting platform available. It just happens to be what I am currently using. Here are some others.

  • Wave Accounting
  • Sage
  • Quickbooks Online



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5 Reasons to become an Entrepreneur

2/17/2021

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Entrepreneurship isn't for everyone. But if you are a risk taker and are willing to persevere through the hard times, then you might just be an entrepreneur. More importantly, you have to be willing to invest the time, effort, and money necessary to bring your idea to fruition. Here are 5 areas that may allow one to feel more in control as an entrepreneur.
  1. Time - As an entrepreneur one is largely in control of his or her time. Yes, at times the demands of business dictate that one responds immediately. However, for the most part an entrepreneur sets his or her own schedule. This allows him or her to prioritize commitments as, which proves a tad bit more difficult when working for others.
  2. Financial Freedom - Being financially free, even for an entrepreneur, takes time. The difference here is that as an entrepreneur, one is in more control because the profits of the company belongs to the entrepreneur and he or she pays taxes on those profits only after all expenses are paid. On the other hand, if one is  a w-2 employee, taxes are deducted even before the paycheck is received. 
  3. Creative Control - When you own your business you have creative control of the outcome. I tell my employees all the time, if you have a better way of doing things, please let me know. Yet, they don't. Either they feel intimidated or they just are so accustomed to doing things how they were taught and they don't feel empowered enough to change the procedures. As an entrepreneur, one doesn't have to ask permission because he or she is in charge of the creative process.
  4. Fun - Yes, fun! One can have tremendous fun as an entrepreneur. It's not all fun every day but when it's no longer any fun at all, then its time to sell the business and invest in something else. 
  5. Family Time - Being an entrepreneur also means that one can have more flexibility as to how the day is structured. Given this, quality family time can be worked into the day without having to ask permission of a boss. 
Ultimately, being an entrepreneur, is about control of ones life. It gives one freedom and flexibility. Yes, you may in fact work longer and harder than you ever did but it is simply your choice. It is a choice that you made and not one that was dictated to you. If you want to start your own business you can consider purchasing ACTON Course 101: Essentials.
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