The back story on Venmo... What is it? Why should I use it?
With Venmo you can:
- Pay others with your Venmo account using money you have in Venmo, or link your bank account or debit card quickly.
- Move money from Venmo to your bank account in as little as one business day.
- There's also more benefits when you use it for your business.
- No transaction fees like PayPal.
- Integrate Venmo easily with your Xero Invoicing system to get paid immediately.
To set up Venmo with Xero invoices, follow the steps below:
If you don't have a high interest savings account earning more than 1%, then you should open an account at Synchrony, Capital One 360 or another recommended by NerdWallet.
You can connect your bank and create an automatic schedule for recurring transfers. I love that the Capital One 360 has their savings goals setup: www.capitalone.com/bank/360savings-guide
They make it easy, because you get to set the amount of how much you want to save by what date for what purpose, and then it calculates how much you have to transfer to the savings account based on how often you want the transfers to occur. This makes it easy and fun to save. [read more]
Q. Do I have to offer the 2/10 Net 30 discount? Is it expected? And should I include penalties if paid after 30 days? I'd like to be paid a deposit with the balance paid within 30 days of product receipt.
A. No! You can do whatever you want! Most people do not expect a discount, while some (like Uncommon Goods) enforce it.
You probably already know that if you are self-employed, then you are to pay self employment estimated taxes to the IRS each quarter, right?
But you may think you have to mail in the remittance slip that came with your filed return for the prior year, and you can, but that's not the easiest and safest way.
You may also think you need to spend hours, which intimidates like days, to calculate what you owe. This is just not true. It's not that complicated and it's an ESTIMATE for goodness sake.
You should refer to your prior year return for the minimum estimated payment based on what was owed last year. If you owed tax last year, you will have payment remittance slips with the estimated amounts typed on there for you!
See below for the link and instructions for the easiest way to pay Self Employment Estimated Taxes online at IRS.gov
IMPORTANT UPDATE: July 2017 Shopify to Xero Integration is under New Management
Still Free! Still the same great app!
Shopify has sold the management of their Xero Integration to BOLD Apps; however, nothing has changed regarding the functionality and features.
Robin from Flourish and Thrive Academy asked us:
Q: What Reports should be running each month?
A: There are 3 main reports you should review each month. We call these your key Management Reports.
Q: I've seen a lot of people getting hacked on FB and I'm scared it's going to release my credit card info. I tried to cancel payment and I'm not sure how to disconnect my credit card from these socials? Any idea?
A: If you have a Facebook Ads account, you won't be able to remove your primary credit card.
- Use or create an email address specifically for social media, mailing lists, unimportant subscriptions, etc.
- Never use an email account for social media that also receives sensitive information.
- All someone needs is the last 4 of your social, your full name and your birthday to steal your identity. So, if you have things like this stored in your email, make sure it's not available on Facebook or other social media accounts and make sure that this email address is not associated with your social media. I've heard that if they can hack your Facebook, they can hack the associated email.
Q: I am in the process of setting up our Shopify POS. I've had two sales on it. Is there anything I need to do to document these sales or are they all going to be registered on Shopify? Can I run reports for retail/shop sales in Xero or do I need to do that in Shopify?
A: Shopify and Xero work seamlessly together! Here are the details and step by step instructions for the integration.
Shopify is my favorite e-commerce integration.
Ever filled out a tax form and wondered what the heck an NAICS (North American Industry Classification System) code was? Here are instructions on how to select the right NAICS code as a jeweler that manufactures a finished product and sells both wholesale and retail.
You can use the search feature at www.census.gov/naics. In the "2017 NAICSSearch" box on the left side of that page, enter a keyword that describes your kind of business. A list of primary business activities containing that keyword and the corresponding NAICS codes will appear.
2 Step. 2 Step. 2 Step. Now that we have you moving to a beat, go enable 2 Step Authentication in Xero.
Enable two-step authentication on your Xero account today!
Click here for instructions.
Of our 64 Xero clients, two of you have received messages from Xero that someone in a different location has logged into your account and notified us. 2 step authentication in Xero is the key to prevention. [read more]