Ascend Solutions remote workplace solutions

Managing Projects in a remote team

Managing projects in a remote team We’re living in a world where remote and hybrid working are now the norm. Driven by lockdowns and the pandemic, businesses have been forced to adopt a ‘working from home’ approach. And this ability … Read More

Are you considering a COVID-19 vaccination policy for your workplace? Here’s what you need to consider and some tips on creating a supportive environment for your team.

Can you require your employees to be vaccinated in Australia?

Can you require employees to be vaccinated in Australia? Vaccination is an effective way to help protect against COVID-19. But as an employer, can you require your team to be vaccinated? While in some situations, you may be able to … Read More

Creating wellbeing in the workplace doesn’t have to take time and resources. There are simple things you can do to promote a healthy workplace, including some great apps to support wellbeing

Wellbeing in the workplace

Wellbeing in the Workplace Supporting and promoting health and wellbeing in the workplace is important for staff and business owners alike. Providing a physically and mentally healthy workplace is beneficial for all who work there, as it reduces staff absenteeism, … Read More

We thrive on helping Australian Businesses declutter, streamline and simplify their operations. If there’s a manual task in your business that’s taking up time, automate it. Automation removes the manual workload and streamlines your processes. Get in touch to learn more.

What Value can automation bring to your business?

What value can automation bring to your business? Automation has the capacity to revolutionise your efficiency and productivity. But how many of the automation features that are available to you are actually being used? And could you be getting more … Read More

Is your cost of goods sold (COGS) impacting your gross profit? We’ll help you understand your goods-related expenses and drive a better profit margin on your products.

Is your cost of sales affecting gross profit?

Is your cost of sales affecting your gross profit? Do you know how much it costs you to produce each product or service in your range? The better you can understand this cost of sales – or cost of goods … Read More

Cash is King. To work out how fast you can grow your business, you need to look at your projected cashflow. Talk to us. We are here to help.

Cash is not profit, and vice versa

Cash is not profit and vice versa The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow. Net profit is what you have left after you deduct all … Read More

Should you buy or lease your business assets?

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer you use to run your print business.

But when a critical business asset is required, should you buy this item outright, or should you lease the item and pay for it in handy monthly instalments?

To buy or to lease? That is the question

Buying new pieces of business equipment, plant, machinery or vehicles can be an expensive investment. So, depending on your financial situation, it’s important to weigh up the pros and cons of buying, or opting for a leasing option.

First of all, let’s look at why you might decide to buy the item…

Buying: the pros and cons:

  • Pro: It’s a tangible asset – when you buy an item, you own the item outright and it will appear on your balance sheet as one your business assets. As such, by owning these assets outright you increase the perceived capital and value of your business. You can also claim the cost of the asset against your capital allowance for tax purposes.
  • Pro: It’s yours for the life of the asset – once you own the item, you have full use of the equipment for the duration of the life of the asset. Your use of the asset isn’t reliant on you being able to keep up regular lease payments, and if your financial circumstances change then you can sell the asset to free up the capital.
  • Con: It’s an expensive outlay – paying for the item up-front is a large outlay for the business and will require you having the cash to cover this cost. Spending a large lump sum in this way may take cash away from other areas of the business, so you need to be 100% sure that this purchase is the right decision and a sound investment.
  • Con: You may require extra funding – if you don’t have the liquid cash available to buy the item outright, you may need to take out a loan. Asset finance is available from funding providers, but does tie you into a loan agreement that will add to your liabilities as a business – reducing your worth on the balance sheet.

Leasing: the pros and cons:

  • Pro: Leasing has a cheaper entry point – if the item you need to purchase has a large price tag, leasing allows you to make use of the asset without the cost of buying it in full. For startups and smaller businesses with minimal capital behind them, this can make leasing a very attractive option. You may not own the asset, but you can make use of it – and this may be the difference between the success or failure of your business.
  • Pro: You can spread the cost – there is still an associated cost of leasing, but you can spread the cost over a longer period, making it easier to find the necessary liquid cash to meet your lease payments. With this money saved, you can then invest in other areas of the business, helping you to expand, grow and bring in more customers and revenue.
  • Con: You don’t own the asset – there are different types of leasing agreement. Under a capital lease, you do own the asset (once you’ve paid if off). But if you opt for an operating lease, this is a more short-term lease and you won’t own the asset at the end of the contract. Ownership does have its advantages (including being able to sell off the asset if required) so it’s important to consider what kind of leasing agreement you’re entering into and what the advantages/disadvantages may be.
  • Con: You may pay more in the long run – most leasing agreements will attract additional costs and interest on your agreement, so you may well end up paying more than the market price for your asset in the long term. If you can cope with the higher cost, this is fine, but bear in mind that buying outright may have offered greater value.
  • Con: You may lose the use of the asset – if you can’t keep up your lease payments (due to poor cashflow for example) then the owner of the lease agreement may recall the asset. If this item is crucial to your business model, losing this key asset can have a profound impact on your ability to operate. In this respect, leasing is a more risky prospect, but also an easier option for businesses with less cash to splash.

Talk to us about whether buying or leasing is the best way forward

Whether you opt to buy or lease your equipment isn’t always a straightforward decision to make – so it’s a good idea to consult with your accountant early on in the decision-making process.

We’ll help you review your current financial position, assess your available cashflow and look at your regular cost base to decide whether buying or leasing is the right thing for the business.

 


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Choosing the right apps for your business

 

Software technology has evolved massively in the past decade, with cloud-based apps now fundamental to many of the internal and external processes in your business. To ensure you’re getting the best from the available tech, it’s important to choose the right apps and to create the ideal ‘app stack’ for a business in your specific sector

But how do you know if the latest ‘must-have app’ is really going to be an asset or just an additional software cost? The Xero app store is a good place to start so that your apps integrate with your accounting system.

Ascend Solutions connected workflows

Building the perfect app stack

Before you dive headfirst into the Xero app store, it’s important to do your homework and give yourself some firm foundations on which to base your app purchase decisions.

For example:

  • Decide on the main aims of your software systems – Look at the specific aims of the business and tie each app into the various operations within your business model. A construction company, for example, will need a site management tool, staffing solutions, health & safety tools and an inventory app, to mention just a few.
  • Make sure your apps integrate with Xero – Xero’s open API (application programming interface) allows all the apps in the app store to connect directly with Xero. This means that data and financial information can flow seamlessly between your apps and Xero, helping you keep all your management information up to date.
  • Look for opportunities to automate manual processes – if there’s a low-level manual process in your business, try to find a way for your apps to automate this. For example, a credit control app, like Chaser, will send out automatic payment reminders to your customers if their invoice becomes overdue. And a bookkeeping app, like Receipt Bank, will snap photos of your receipts and automatically digitise and code the contents.
  • Research the app market in depth – Look at online reviews, talk to your industry network and find out which apps your peers trust and would recommend. Where possible, try out free trials and demos, so you have had some hands-on experience of the apps in your shortlist. The more user time you have, the easier your purchasing decisions will be.
  • Look for an excellent user interface (UI) – if you and your team are going to be using an app every day, it needs to be easy to use, with a small learning curve. Choose apps that have a great UI and offer a quality user experience. The sooner you can get up and running with your solution, the more value this app will add for the business.
  • Partner with apps who offer excellent customer support – the functionality and ease-of-use of your app are obviously important considerations when you’re looking to buy. But don’t underestimate the importance of solid, helpful and personalised customer support. Look for apps with phone support, good customer service ratings and a happy and satisfied user base – check app forums to get the lowdown on this.

Talk to us about your app requirements

Our job as your accountant isn’t just to deal with your numbers. We can also help you review your operations, formulate the most efficient systems and choose the apps that can deliver the most effective and productive business performance.

If you’re looking to create your perfect app stack, We’ll help you navigate the Xero app store and create a perfectly connected and integrated Xero system.

 


What’s the ideal software for your business?

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Is your business ready for hybrid working?

The Covid pandemic has changed the way we work and ushered in a new era of hybrid working – but is your business ready and able to offer this mix of on-site, off-site and remote working?

When businesses were forced to close down their physical offices and workspaces, this brought technology to the fore. We’ve seen an increased use of remote working, video technologies and cloud-based business solutions – and people have got used to this ‘working from home’ ethic.

Hybrid working aims to take the best elements of remote working, and to mix these up with the undeniable advantages of working together as an in-person team. If your business is going to embrace this approach then it’s likely that employees will be spending some time in the office, some time at home and some time out and about, or at client’s worksite – but to do this, your company is going to need to provide the right environment for a hybrid approach.

The key question, then, is whether your business is ready to embrace hybrid working…

remote working workflows
Ascend Solutions is a specialist in workflow mapping solutions

Setting the foundations for hybrid working

Any change in work patterns requires a certain amount of innovation from your business, plus the basic requirements of being able to deliver both remote and in-person working.

To get your business ready for hybrid working, it’s crucial to set the right foundations, and this means planning ahead, and keeping an open mind to the benefits of this new approach.

To prepare for a hybrid approach, your business must:

  • Have the necessary cloud infrastructure – if your employees are going to work from home, or while out on the road, you need your key systems to be in the cloud. Old-school applications on an office-based server are just not going to cut it for hybrid working. Cloud-based accounting, project management, CRM and workflow tools give you the flexibility to work from any location, with one ‘point of truth’ in the cloud for all your customer information and business data.
  • Have clear systems and processes – when people are working in different locations, at different times, it’s important to have some consistency around how the work is done. To achieve this you need well-defined operational systems, where each task has a pre-agreed process – so the whole team knows when, how and where to carry out their day-to-day work, record notes or raise expenses and bills etc.
  • Trust your employees to self-manage – when employees are no longer based in the office five days per week, it becomes more difficult to have management oversight. With some people home-working and some out at other locations, you need to place more trust in their ability to self-manage and work to a high standard. Increasing trust and reducing micro-management is key to making a hybrid approach work for the team.
  • Have performance reporting in place – trusting people to work hard is a given, but you do also need to know if the business is remaining productive. Having some form of performance reporting in place is a good idea, so you can review areas like productivity, staff attendance, sales targets and revenues generated etc.
  • Empower people to get their jobs done – when you can’t all be in the office for the traditional ‘stand up team meeting’ it can be hard to build team spirit and keep your employees motivated. Try having regular Zoom/Microsoft Teams huddles, where teams come together to talk through the work for the week, and can raise any issues. And also think about distance or in-person social events too, so people can let their hair down and enjoy being part of your business family.

Preparing for hybrid working

The companies that fully grasp the hybrid working opportunity will be more flexible, more scalable and ready to react to new challenges and changing environments. So, there’s real value in forging ahead with this new approach.

 

 

 

 


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