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1099s Simplified

BY ON December 4, 2017

It’s that time of year again…

Okay, let’s break this down: If you paid an independent contractor or non-incorporated company $600 or more during the calendar year, you should issue a 1099 (When it comes to attorneys, you should issue a 1099 to them even if they are incorporated).

Your 1099 includes any payments for labor or equipment/materials if billed on the same invoice. However, if materials are billed separately, you can leave out that payment from your 1099 total.

Why file 1099s?

According to the IRS, you must file and send 1099 forms to independent contractors so they, in turn, can report income from your company. If you fail to issue and file 1099s, expect to be subjected to penalties.

What kind of deadlines are there for 1099 filing? What about the penalties?

1099s must be filed, either electronically or via paper, by January 31, ...

Improve your Odds of Getting a Loan with a Bulletproof P&L Statement

BY ON October 31, 2017

One of the most important financial statements your small business has is a profit and loss statement. As a start-up, your P&L statement is critical for analytical reasons, but it can also be used to assist you in getting the loan you need to finance your idea. It gives investors a clear overview of your company and what they can expect from you.

When applying for a small business loan, however, your P&L statement will contain important information like forwarding projections. As investors see all small businesses as a higher risk investment, it is up to you to convince them that your business has what it takes to make it. Proving your business’ viability is the only route to go.

Besides exceptional credit, your business plan, and a personal resume that speaks volumes about you, your P&L statement is one of the most important requirements for business loans. This begs the question; how can you ramp...

Watch Xero Transform the Good & Co. Workflow

BY ON October 12, 2017

“Xero for us, was the perfect tool to give us the ability to easily understand what our financials look like at the moment” says Sebastian.


Sebastian Freude, chief of staff at San Francisco-based Good & Co, has a belief that there are no bad employees or companies – just a bad fit. So it’s no surprise that he sought the right partnerships to take his company forward. That’s where Expensify came in to help capture their expenses. From there, EisnerAmper from New York took them to the next step. And at the center of it all was Xero.


“As part of EisnerAmper’s virtual business services, we help emerging companies like Good & Co and other startups prepare financials to present to VCs or possible investors – so they’ll have a nice set of present...

How Hurricane Irma Proves your Business Needs to be on the Cloud

BY ON October 10, 2017

How Hurricane Irma Proves Your Business Needs To Be on The Cloud

Last month, Hurricane Irma set new flooding records in Florida and the Florida Keys. In Jacksonville, we saw our own share of apocalyptic conditions. Hurricane downfalls left over 5 feet of water in their wake, surpassing the previous 1960s record of 49 inches. As an accounting business, we work with hundreds of small businesses in the area and are intimately familiar with how this disaster has affected them. One of the greatest challenges businesses face post-hurricane is getting back online. Many of them, however, are struggling to shift through ruined paperwork and faulty data storage that was damaged during the storm. While it may be too late for them, there is something you can do to avoid becoming the victim of the next Hurricane Irma: join the cloud.

Why Cloud-Based Accounting Software Is Best

If you’re not familiar, cloud-based accoun...

How Technology is Reshaping Banking

BY ON September 5, 2017

Over the last 10 years, technology has driven huge amounts of change in the finance sector, redefining the very foundations the industry was built on. This fintech revolution is being powered by a wave of disruptive startups. They are completely reshaping the finance sector, otherwise known as the ‘root and branch reconfiguration’ of the ageing banking and financial services industries.

A New Wave of Collaboration

Innovative platforms, apps and services are reshaping financial services through a sharing economy model. It’s the same kind of collaboration which is behind the disruption of many industries. Some of the world’s greatest modern consumer tech developments, such as Amazon’s e-commerce business model powered by voice recognition, have thrived through collaboration. This new sharing model between businesses enables data to flow between companies. This creates simple and streamlined processes for the customer. ...

How to Get Paid Faster

BY ON August 22, 2017

Research suggests more than one-fourth of start-ups fail due to a cash crisis. While profits look appealing on an income statement, cash pays the bills. If you’re struggling to convert your sales into cash fast enough, consider the following ways to get your business paid faster.

Invoice Immediately Using Email

Your clients aren’t obligated to pay you for completed services until you send a bill. To get paid faster, invoice customers immediately after finishing a sales transaction. To be even more efficient, email your invoices immediately after creating them through Xero. Posting your invoices only delays payment — firstly there’s the time they take to reach your customers, second, there’s a high chance your customers will put your invoices in a drawer and forget about them.

Use Clear and Kind Language

In your payment advice, encourage your customers to pay you using a pa...

Xero Named the Most-loved Accounting Software for the 3rd Year in a Row

BY ON August 18, 2017

Xero, the accounting software that allows GCT clients to understand and grow their business every day, exists to empower small businesses. Which is why there’s no greater reward than to receive positive praise from small businesses owners and key decision makers themselves.

5 out of 5 overall satisfaction

In an annual survey conducted by Canstar Blue – which sets an independent and indisputable benchmark of quality for the the most-loved accounting software – Xero scored top marks across six of the seven categories, including ‘overall satisfaction’, to earn 34 stars out of a possible 35. It marks the third year in a row that Xero has won the Most Satisfied Customers Award for Small Business Accounting Software. An incredible achievement when you consider that only five percent of Canstar Blue winners have ever achieved the same award for three consecutive years. “Over the last three years, a common theme has e...

4 Big Benefits of Moving Your Business Accounting to the Cloud

BY ON August 1, 2017

As a small business owner, one important way to boost your bottom line and pave the way for future growth is by embracing cloud-based applications. Not only are cloud applications for functions such as accounting scalable and affordable, they are often more reliable and more secure than if you tried to install and maintain software on your company’s own computers and servers. Here are four big benefits of moving your business accounting to the cloud:

#1: You’ll boost your bottom line

First and foremost, cloud applications are scalable, meaning that you only pay for the resources that you need. If you’re a small business with only a handful of employees, why would you pay the same amount as a large enterprise with significant resource needs?

Moreover, think about the difference in how you pay for software: there’s typically a big upfront installation cost, and then a lot of updat...

Receipt Bank raises $50 million to accelerate innovation

BY ON August 1, 2017

Article reposted with permission from Xero.

A huge congrats is in order for our app partner, Receipt Bank. In one of the biggest deals in UK fintech since Brexit, it’s just raised $US50 million in a Series B funding round, led by Insight Venture Partners.

Receipt Bank is one of the most popular integrations in our app marketplace, and for good reason.  As the first software company to automatically process information from uploaded images of receipts and invoices, it has transformed accounts payable and expenses for thousands of businesses. Launching in 2010, Receipt...