How Cloud Accounting Can Save You Time and Money 

When our clients join us here at NM Group, they become part of our growing family – and we make it a point to take care of our people. We’re always on the lookout for ways to stay at the forefront of developments in accounting, and love to save our awesome clients time and money.

Cloud accounting software is just one of the tools that helps us to do that; we’ve talked about cloud accounting more generally in one of our earlier blog posts, but today we’re going to zero in on the software we use to get the job done – Xero. Right off the bat, we can tell you that Xero is simple to use and very visual – but here’s a closer look at why we think this one’s a real winner for us and for our clients.

1. Your finances on the go

You can use Xero on any device, whether you stick to your desktop or download the app to your phone.

That means that you can be productive on the go and stay on top of the financial side of your business wherever you are in the world (as long as you’ve got access to the internet, of course). Xero allows you to get an accurate, real-time view of your company’s cashflow, so you’ll always know exactly what’s going on and be fully informed when it comes to making  your next business decision.

2. Save time and get paid faster

Thanks to Xero’s mobile invoicing, online payment facilities and automated reminders, you can take the hassle out of creating and sending invoices to your clients, and cut down on costs by doing it yourself instead of passing it on to your trusted accountant.

Get paid faster, save time, use your accountant’s time more efficiently, and cut down on paperwork with automated bank transaction imports, reconciliation, payments and more. With Xero on your side, chasing after pending invoices is a thing of the past. Oh, and when it comes to payroll, you’ll save even more time (and money) by minimising the need for manual data entry with maximum compliance through Xero’s combined payroll and accounting facilities. Simple!

3. Collaboration central

Working as a team is a big part of day-to-day life here at NM Group, whether that means collaborating with our colleagues or working hand in hand with our clients to help them thrive.

Xero allows you to collaborate with your accountant, bookkeeper and fellow team members with ease; all you have to do is invite the right users to work with you on your business. Each profile gets access specifically to those areas of your business that they need to do their job, and it’s all up to you. Plus, our staff is fully Xero-certified, which means we’re not only pros at using it, but we can help you become a pro too!

4. Serious data security

You have absolute control over who sees what. Xero allows you to decide who has access to your company’s data, and what kind of permissions each user profile enjoys.

Other users can only get access through an invite that you send, and the software employs high-level, third-party services in the US to host all its online and mobile services. That means that any personal info is safely transferred to servers in the States, with all the necessary legal agreements in place to ensure everything is in line with EU regulations.

5. Keep hackers at bay

One of our favourite things about this software is that all your business data is backed up and protected with layer upon layer of top-tier, industry-standard security and data encryption.

As an added security measure, Xero gives you the ability to use two-step authentication as an added barrier to your sensitive information. This method is trusted by many prominent internet banking/online services, and makes it a lot harder for hackers to do their dirty work. If anything suspicious is detected in your account activity, Xero takes action and raises the alarm right away.

With five benefits like these, you’re probably kicking yourself for not discovering cloud accounting sooner, right?

Do you want to know more about how NM Group can help you take things to the next level? Get in touch with us today and let’s have a chat about it!

How To Recover VAT on Foreign Expenses In 3 Steps

How often have you let VAT go unclaimed when making purchases through foreign vendors? It’s no secret that collecting foreign VAT can become a real chore that isn’t entirely worth your time.

That said, why should you lose out on precious money that you have a right to claim back just because the system is flawed?

This is where we come in. We’ve implemented an online system which automates this process of claiming money which was previously lost.

Using the most advanced technology to maximise your VAT recovery while operating internationally, this helps to collect VAT incurred most often for Travel Expenses and Supplier Invoices.

So in case of travel expenses, if you visited a conference or had meetings abroad in 2019, you’re entitled to claim back VAT on expenses related to accommodation, conference tickets, transportation and entertainment.

All you have to do to benefit from this service is

  1. Register your interest with us
  2. Gather and submit all your receipts to us
  3. Let us know where you’d like to receive your refund.

And then we’ll do all the rest! The best part is that there’s no fixed fee for this – we simply charge a small commission on the amount recovered.

Contact us today to register for an information session with us

Setting up as a freelancer in Malta

Setting up as a freelancer in Malta

The life of a freelancer seems to be synonymous with freedom, flexibility and the empowerment that comes with being your own boss. That is of course all true, but as we already know (thanks to the Spiderman franchise), ‘with great power comes great responsibility’. Being your own boss is fantastic, but only if all your paperwork is in order before you start bringing in those euros. The last thing you want to deal with when you are getting your operation off the ground is some sort of hefty fine or awkward conversation with the Tax Man. Not to worry – today, we’ll take a look at some key points to keep in mind when you’re setting up as a freelancer in Malta.

First things first

Before you do anything, you need to register with Jobs Plus (formerly ETC) as self-employed – full or part time depending on the intensity of the work you plan to take on. Registering is straightforward – just head over to their forms page and print the one entitled ‘Self-employment engagement form’ according to your preferred language. When you’re done with that, send it to the address included in the form.

Pay your dues

When you’re employed by a company, your National Insurance (NI) and tax is sorted out for you. If you’re registered as full-time self-employed, you’ll need to take care of your own NI and tax. Tax is due each year, and you’ll need to fill out a tax return form with information including your profits or losses, along with any income you may have earned.

Did you know? If you work as part-time self-employed, you can benefit from a preferential tax rate of 15% on the first €12,000 of profit earned.

Don’t forget about VAT

VAT stands for Value Added Tax and applies to specific products and services, so when you’re setting up your business make sure you check whether or not you’re exempt from that. If you are selling something within the scope of VAT, then make sure you’re charging for VAT. Getting a VAT book is a must if you’re offering good and/or services to non-VAT registered individuals – whereas you only need to issue an invoice if your clients are registered individuals.

Top Tip: If you make less than €30,000 a year in sales through your freelance work, you qualify as VAT exempt and are registered as such.

Keep those receipts/invoices

That’s right, ladies and gentlemen – remember to keep all of your receipts and invoices. Why? Well, the money you spend on business lunches, driving around from client to client, and buying the equipment you need to work can all be expensed. If you’re eligible, you might be able to claim a tax credit through Malta’s Micro Invest scheme. Want to know more about that? Just get in touch with one of our advisors!

Good to know: Gozitans and businesses with female majority ownership benefit from higher thresholds in the Micro Invest scheme!

Be prepared

Just because you’re your own boss now doesn’t mean you should work without a business plan or check your progress as you go along. Create a plan complete with goals and targets for yourself – always, of course, making sure they’re realistic to help you stay motivated.

Signed, sealed, delivered

This bit might sound tedious, but it’s probably one of the most crucial parts of setting up a business. If you want to make sure you’ll get paid, it’s important to draft a little something called a ‘work contract’. For smaller jobs, it might feel a little superfluous, but when you’re working on a €500 contract and you’re still waiting to be paid three months after completion, you’ll be glad you protected yourself in writing.

Follow your finances

This one applies to your day-to-day life, but you should be even more organised when it comes to your freelance work. Keep track of your invoices and stay on top of how much money is coming in and going out, and you’ll be fine. A proper invoicing system like Xero will make this super straightforward, so set that up ASAP.

If you’re looking for guidance regarding all things freelance, just give us a call! Our team of experts have all the information you need to help you get your business off the ground. Get in touch today!

How Cloud Accounting Saves our Clients Time and Money 

Save Time and Money with Cloud Accounting

When our clients join us here at NM Group, they become part of our growing family – and we make it a point to take care of our people. We’re always on the lookout for ways to stay at the forefront of developments in accounting, and love to save our awesome clients time and money. Cloud accounting software is just one of the tools that helps us to do that; we’ve talked about cloud accounting more generally in one of our earlier blog posts, but today we’re going to zero in on the software we use to get the job done – Xero. Right off the bat, we can tell you that Xero is simple to use and very visual – but here’s a closer look at why we think this one’s a real winner for us and for our clients.

  1. Your finances on the go

You can use Xero on any device, whether you stick to your desktop or download the app to your phone. That means that you can be productive on the go and stay on top of the financial side of your business wherever you are in the world (as long as you’ve got access to the internet, of course). Xero allows you to get an accurate, real-time view of your company’s cashflow, so you’ll always know exactly what’s going on and be fully informed when it comes to making  your next business decision.

  1. Save time and get paid faster

Thanks to Xero’s mobile invoicing, online payment facilities and automated reminders, you can take the hassle out of creating and sending invoices to your clients, and cut down on costs by doing it yourself instead of passing it on to your trusted accountant. Get paid faster, save time, use your accountant’s time more efficiently, and cut down on paperwork with automated bank transaction imports, reconciliation, payments and more. With Xero on your side, chasing after pending invoices is a thing of the past. Oh, and when it comes to payroll, you’ll save even more time (and money) by minimising the need for manual data entry with maximum compliance through Xero’s combined payroll and accounting facilities. Simple!

  1. Collaboration central

Working as a team is a big part of day-to-day life here at NM Group, whether that means collaborating with our colleagues or working hand in hand with our clients to help them thrive. Xero allows you to collaborate with your accountant, bookkeeper and fellow team members with ease; all you have to do is invite the right users to work with you on your business. Each profile gets access specifically to those areas of your business that they need to do their job, and it’s all up to you. Plus, our staff is fully Xero-certified, which means we’re not only pros at using it, but we can help you become a pro too!

  1. Serious data security

You have absolute control over who sees what. Xero allows you to decide who has access to your company’s data, and what kind of permissions each user profile enjoys. Other users can only get access through an invite that you send, and the software employs high-level, third-party services in the US to host all its online and mobile services. That means that any personal info is safely transferred to servers in the States, with all the necessary legal agreements in place to ensure everything is in line with EU regulations.

  1. Keep hackers at bay

One of our favourite things about this software is that all your business data is backed up and protected with layer upon layer of top-tier, industry-standard security and data encryption. As an added security measure, Xero gives you the ability to use two-step authentication as an added barrier to your sensitive information. This method is trusted by many prominent internet banking/online services, and makes it a lot harder for hackers to do their dirty work. If anything suspicious is detected in your account activity, Xero takes action and raises the alarm right away.

With five benefits like these, you’re probably kicking yourself for not discovering cloud accounting sooner, right?

Do you want to know more about how NM Group can help you take things to the next level? Get in touch with us today and let’s have a chat about it!

While we really love Xero, we love our partners Sixteen Consulting even more for introducing us to this incredible software.

Cloud Accounting: The Basics

What is Cloud Accounting?

These days it seems like you just can’t scroll through Facebook or read an article in The Economist without coming across references to something called ‘the cloud’. To those of us in the financial sector, ‘cloud accounting’ seems to be one of the hottest buzzwords around – so what is it exactly and how can it help you keep your money matters in order?

 

The Basics: What Cloud? Where is it?

The ‘cloud’ is basically a broad term used to describe services and software stored online, hosted on servers located elsewhere in the world as opposed to locally on your computer, where ‘traditional’ software usually lives. You probably already use the cloud in your day to day life – Google Drive, iCloud, Netflix, OneDrive, and DropBox are all cloud services! One of the best things about the cloud is that it allows users to access files or services anytime, anywhere, from any kind of device – as long as you’ve got a good WiFi connection to back you up. These days, you can forget about USBs (how many of those have we misplaced?) because access to cloud services means you can store your precious information safely online.

 

A Closer Look at the Perks

Cloud accounting has the same functional capabilities as your traditional on-site accounting software, but with far more flexibility, the ability to update and back up financial information easily, and the facility to create accurate financial reports in real-time. This means that your account balances are always spot-on, and you’ll experience far fewer errors overall; cloud accounting software also allows for better handling of multi-currency and multi-company transactions across the board.

Now we’ve already mentioned a fair few perks of cloud accounting, but here are a few more benefits that we just can’t help but get excited about:

  • Time-saving automation: generate invoices and reminders to save time and stay on top of it all
  • Scalable: that means that the software grows or adapts to the size of your company or intensity of your requirements
  • Increased security: having everything backed up on a remote server means you’ll never be caught off guard, even if your device is compromised or crashes
  • Collaboration: it’s easier to work with colleagues across multiple user profiles; you can even tailor permissions according to each user’s job role
  • Improved clarity: get a clearer overview of your finances
  • Flexibility: work from anywhere in the world without worrying about updating spreadsheets or installing the latest programmes on one machine
  • Reduced upfront business costs: upgrades, maintenance, system administration, troubleshooting, and beyond are all managed by the cloud provider; monthly payment plans instead of paying a considerable one-off fee

 

At NM Group, we use Xero, a cloud accounting software that enables us to securely manage invoicing, bank reconciliation, bookkeeping and more for our clients. Not only is our team fully Xero certified, but we are always thinking of new ways to help our clients achieve better results faster with the help of cloud accounting.

Want to know more about the wonderful world of cloud accounting and how it could make your financial life easier?
Get in touch with us today!