Categories
Software

Link4 & MYOB Integration

Automate your Invoicing with Link4. The only add on you will need to deliver your invoices instantly. Without PDFs, Without Emails and Without Data Entry

Link4 improves the workflow of dealing with all your sales invoices or purchase bills by integrating with MYOB – beautiful accounting software. Connect Link4 today to see a noticeable difference in time spent on your accounts.When an invoice is created in MYOB, Link4 will deliver your invoice to your customer’s cloud accounting software.The same happens when one of your suppliers sends an invoice to you, Link4 will deliver it to you as a purchase bill.

  • Link4 delivers your invoices to your customers instantly
  • Bills received in Link4 are automatically imported into MYOB
  • Your Customers & Suppliers are instantly matched to your customers and suppliers records in MYOB
  • Confirm the invoice line items and accounts before approving the purchase bills in MYOB

How to connect Link4 & MYOB

Link4 is a secure Link for cloud systems to be interconnected. No matter which clouds software you are using, Link4 enables users to send invoices directly to another cloud accounting system, instantly.

Get Started with Link4 Now

Categories
Software

How to connect your Xero with Link4

Link4 and Xero integration:

Automate your Invoicing with Link4. The only add on you will need to deliver your invoices instantly.Without PDFs, Without Emails and Without Data Entry

Link4 improves the workflow of dealing with all your sales invoices or purchase bills by integrating with Xero – beautiful accounting software. Connect Link4 today to see a noticeable difference in time spent on your accounts.

When an invoice is created in Xero, Link4 will deliver your invoice to your customer’s cloud accounting software.

The same happens when one of your suppliers sends an invoice to you, Link4 will deliver it to you as a purchase bill

  • Link4 delivers your invoices to your customers instantly
  • Bills received in Link4 are automatically imported into Xero
  • Your Customers & Suppliers are instantly matched to your customers and suppliers records in Xero
  • Confirm the invoice line items and accounts before approving the purchase bills in Xero

Link4 is a secure Link for cloud systems to be interconnected. No matter which cloud software you are using, Link4 enables users to send invoices directly to another cloud accounting system, instantly

Categories
Tips

6 Tips for Business Improvement During COVID-19

During these tough times, many businesses are being forced to either close temporarily, or slow down. This provides a terrific, unexpected opportunity for business owners to help refine current operations, allowing for improvement both now and in the future. Here are our top 6 tips to best utilise the extra time you now have and work on your business:

1. Improve Processes

Take a step back and look at your business from the outside. How do others see it? How do customers interact with you? What can be improved on? For a café this could be the menu design or contents, the ordering process, how the kitchen receives food orders or how they are delivered. A tradie may consider the way their clients contact them, the effectiveness of their invoice process or the maintenance schedule for their tools.

2. Update Technology

Have you moved everything possible to the cloud yet? A large number of back office business operations are able to function smoothly through a crisis when they have been well-connected with cloud systems. Is your business using a cloud accounting system? Now is a good time to review what is in the market that could work best for you. Xero has been the recent favourite choice for cloud accounting systems, but MYOB’s New Essentials is impressive and certainly worth considering.  

3. Implement Efficiency Tools

Many specialised tools have been created to make life easier for small businesses. Do some research during this time and see what might apply to you. Do you receive invoices? Make the switch to e-Invoicing to improve accuracy and reduce the time spent on tedious processing. Select a simple free option such as Link4 to try out with your current accounting system. Also, make sure you use an e-Invoicing service that supports sending invoices too, that way you can get paid much faster and increase your cash flow.

4. Sustain Communications

Use this time to maintain strong relationships with your trading partners – suppliers and customers. Get in touch with them; see how they are coping through the crisis. Offer genuine assistance where possible. Strengthen these connections now and the rewards will come as everything frees up again.

5. Build Marketing Plans

Work on a marketing plan, while you have time. How will you get back to full speed after the crisis? How does your website look? Now is a great time to refresh it so it reflects where your current business is at. What special offers can you provide? Brainstorm future online campaigns: Instagram promotions, live videos, new platforms to get involved in. Use online resources to create content, create schedules, and centralise your messaging. There are so many free or cost effective marketing options out there. Discover, and begin to implement, what is right for your business.

6. Rewards Programs

Australian’s are great at supporting businesses when they need help. It is an important part of our culture. We will be there for each other as we come out of this. But all of us will be coming out of it at the same time, so how does your business capture the generosity and support of Australians? Return the favour! Be generous to them. Does your business have a rewards program for customers? Now might be the time to review it or put one in place so you can thank your loyal group of supporters when times improve.

We do live in unusual times, but it’s a chance to take a breath and use the slower period to our advantage. Apply these business improvements today, and your business can be ready for a much stronger future. 

Categories
Automation Software

10 Reasons Why SMEs Switch to Cloud Accounting Solutions

The bookkeeping process is necessary for any business. As a small business, it is one of those tasks that takes time and energy away from the revenue-earning aspects of your business. You may take this task on yourself, or you may outsource it. Either way, what can help simplify the process and add more value to the business?

Cloud solutions are making bookkeeping much easier. Adoption of these solutions is increasing rapidly. So here are 10 reasons why businesses choose to use cloud accounting solutions versus traditional desktop versions.

1. Ease of Use
Many vendors focus only on cloud accounting and they are constantly working to make the process simple and easy for the end user. With research and client feedback, the software can be updated and tweaked giving you the simplest way of doing your accounting.

2. Security
Cloud accounting software negates the need for regular backups which are required with traditional desktop systems. Service providers can guarantee that your information is kept safe and secure at all times. Even if your computer is stolen or there is a fire, your data is safe and backed up because it is stored elsewhere. Today’s reality is that your information is more secure on the cloud than at your own premises.

3. Storage Costs
Cloud solutions give you an allocation of storage where you can keep a copy of your documents electronically. No need for physical storage locations, or keeping backups of previous years from PC based accounting systems.

4. Accuracy
Some tasks like manual data entry of invoices, are prone to errors. No matter how many times you have done it, or how good you are, errors do creep in. Cloud solutions allow invoice data to come straight into your accounting system without the need for manual data entry. This makes the Accounts Payable (AP) process a lot more accurate.

5. Flexibility
You can work from anywhere you have internet access with cloud accounting software. You are not restricted to just one computer either. The software is accessible to you in the office, at home, on the go, even while you are on an around the world holiday (not that we recommend bookkeeping while you are relaxing on a foreign beach, but it is possible.)

6. Lower Pricing
There are a great many providers of cloud accounting software, most easily found through a quick Google search. Due to the large number of competitors, you are able to benefit from competitive pricing. And it is a monthly fee rather than a big lump sum upfront.

7. Collaboration
Your Accountant has real-time access to the information. They can quickly answer questions and provide guidance that will help your business.

8. You Have the Latest
Everything is done online, which means you don’t need to install anything. You will always have the latest as updates are done regularly and automatically.

9. Economies of Scale
Due to cloud accounting software being a resource shared by many, there are further benefits to be had, such as automatic updates and the availability of a large server for storage.

10. Integration
Most cloud accounting software can integrate with other cloud-based software solutions, which makes for greater control and flexibility in the Accounts Receivable (AR) process. For example, invoices can be sent directly from your cloud software to your customers cloud software using a solution like Link4, which is a faster and more accurate way to deliver invoices.

There are more benefits which are not listed here, but these are real reasons we have heard as to why business owners have made the switch to cloud accounting. You may discover your benefits too.

Categories
Tips

Top 5 Benefits of e-Invoicing

Whether you’ve tried e-Invoicing before or you’re completely new to the concept, there are many benefits to e-Invoicing that are important to know about.

Here are our Top Five e-Invoicing Benefits:

1. Save Time

When you receive a traditional invoice, the first thing you usually do is enter the information from the invoice into your accounting system. This is often time consuming and can lead to errors, as the data is extracted electronically or manually entered. While third party applications can make data extraction easier, there is still the added time involved while documents are processed. Similarly, if you enter the data manually, it is a very time consuming process and errors can occur here as well.

e-Invoicing eliminates the need for these processes – saving you time and also reducing errors which can be costly further down the line. By utilising cloud accounting systems and taking away the need for data extraction and manual entry, the time it takes for an invoice to be processed is cut down significantly.

2. Reduce Costs

Do you know how much it currently costs to send or receive a traditional invoice?

It costs an average of $40 to send an invoice and anywhere between $20-35 to receive one. These estimates include everything that is involved in the process of sending or receiving an invoice. However, a hidden catch is that if an invoice needs to be rectified, it can cost an additional $50!

e-Invoicing can reduce the cost of receiving an invoice by up to 90 per cent. Furthermore, the cost of sending an invoice can be reduced by 44 per cent. In fact, e-Invoicing could save Australia’s economy approximately $10 billion a year with government agencies said to be able to save up to $3 million alone.

3. Help the Environment

It’s estimated that the paper consumption for one office worker can range between 10,000 and 20,000 sheets per year. This number is likely to be even higher for those working in the accounting and finance sector given the extra paper they use for invoicing and the paperwork that supplements it. For the environmentally conscience, this is a lot of paper that could be easily saved.

e-Invoicing cuts down, and in some cases can eliminate, paper from the invoicing process because it’s transferred electronically. The Australian Tax Office requires copies of invoices to be kept for at least five years, but there is no need to have boxes of physical papers stored. The ATO accepts electronic copies of invoices! This means e-Invoicing reduces the amount of paper consumed considerably. Not only this, it can save business 1-2 per cent of their turnover as they’re saving money on paper, printers and ink.

4. Get Paid Faster

For suppliers in particular, e-Invoicing helps to ensure they are receiving payments from their customers as quickly as possible. Australians are notoriously know for making late payments. Invoices are paid an average of 26.5 days late to be exact. The Australian Government is aiming to get this number down to 14 days – from the time the invoice is created, to when the payments is made – which can only be achieved through e-Invoicing. With money coming in faster and businesses being paid on time more often, this then causes an increased cash flow for business.

5. Maintain Positive Business Relationships

Chasing people to get an invoice paid on time can be stressful on business relationships. The longer this process goes on for, the less patience people may have when it comes to asking again.

With e-Invoices transferred seamlessly by Link4, the communication is done for you. You’ll simply receive an email notification when your invoices are sent and then your buyer will receive a notification when they receive the invoice in their system. As this initial communication is all done for you and it’s available in your cloud accounting system 24/7, it allows your business relationships to stay as positive as possible. Especially when it comes to making sure your business is paid on time.

This wraps up our top five benefits. Let us know what you thought or if you’ve experienced any of these for yourself while using Link4.

Don’t forget you can trial e-Invoicing with Link4 for free! Find out more about how it all works here.

Information has been sourced from:

‘Australia now has a national standard for e-invoicing‘ and ‘The state of E-Invoicing in Australia’.