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How cloud accounting made me enjoy the finance industry again
This is a topic that is very close to my heart and I am sharing this everywhere I go. A couple of years into my career as a chartered accountant I started to wonder if I was still enjoying working in the finance industry. I was busy with so many routine, tedious tasks that it felt like I was not growing and it did not feel like I was making a difference in other people’s...
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Financial Systems Case Study – Musgrave Spirits
ESTABLISHING STRUCTURE AND GAINING CONTROL THROUGH TWO LEADING CLOUD-BASED SYSTEMS: DEAR INVENTORY AND XERO ACCOUNTING Business type: Manufacturing Industry: Spirits Size: 10+ employees, 3 locations Distribution: South Africa - 90 + Outlets Region: South Africa Integrations: Dear, Xero Customers since: June 2017 Website: www.musgravegin.co.za Musgrave is an artisanal gin and spirits brand founded by Simon Musgrave. In 2017 this rapidly growing spirits business approached the systems experts at Creative CFO to help them implement and integrate cloud-based inventory management and accounting systems. “We contacted Creative CFO because we reached...
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Financial Systems Case Study: The Tile House
Gaining operational independence and control through two leading cloud-based systems: Dear Inventory and Xero Accounting Business Type: Manufacturing Industry: Building Materials Size: 40+ employees, 2 locations Region: South Africa Integrations: Dear, Xero Customers Since: June 2018 Website: www.thetilehouse.co.za John Almon established The Tile House in 1988 - a hands-on family run business that sources and supplies high-quality tile products to the South African market. In 2018 they decided to break away from a larger retail group and needed to become fully independent. This was their...
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Manufacturing in Xero Part 3
Method 3 - Manual Manufacture at the time of Assembly (finished goods represented in inventory) The idea behind this approach is to buy in raw materials, track the quantity and value of those raw materials and then convert raw materials into tracked finished goods when you do an assembly in your workshop. Xero transfers the value of the raw materials to the finished goods item so that when you sell a finished good Xero will automatically bring...
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Manufacturing in Xero Part 2
Method 2 - The monthly manufacturing process (no finished goods are represented in inventory) The basic idea behind this approach is to buy in raw materials, and track the quantity and value of those raw materials. Then when you sell a finished good perform an extra step to reduce the raw materials used in that sale to create the correct cost of sale. You set this up by: Creating tracked inventory items in Xero for all your raw...
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Manufacturing in Xero Part 1
Xero Inventory Xero’s inventory module allows you to purchase in and sell inventory items using the average cost method. This means if you purchase inventory, Xero will store the quantity on hand and the average cost of that inventory, and represent the sum of those amounts on your balance sheet under inventory. This is preferable over immediately recognising any stock purchases as an expense, as when the item is sold the average cost of that inventory item will...
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Systems Newsletter – Fixed Assets In Xero, DEAR Features And New Systems
This has been a month of new learnings and research for the Creative CFO systems team as we continue to explore various pieces of software to meet the needs of clients as well as our own. Follow us as we take you on a fixed asset walkthrough, harnessing all that DEAR has to offer and some scheduling software used by the likes of Amazon and MacDonald's - home to the famous Big Mac. 1....
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Systems Newsletter – Systems VAT Update
April has been a busy month so far, with the new South African VAT rate now in full swing. Here is a summary of what we expected, what actually happened and any systems changes that may still be required. 1. XERO what we expected New 15% rate added Old rate renamed Default inventory and contact rates changed to 15% what actually happened The new rate appeared in Xero The 14% rate was only renamed if you...
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Systems Newsletter – VEND/YOCO Integration
December was an exciting month in the space of integrations, and the new VEND-YOCO integration is making waves. There is now a high-level integration between VEND POS and the YOCO payment service. Previously, when checking out on VEND, one had to tap the "Credit Card" payment type on iPad and manually enter the payment amount into the merchant payment device (card machine). This process used to take a fair amount of time and allowed room for error as...
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