I use a beader blade now, but before I had one, I used a compass to lightly scratch my outside line. Then I cut it with my swivel knife.
Then set my compass again for the width of the bead I wanted and lightly scratched again using the cut line as a guide. Swivel knife cut again, and then bevel all 4 sides for a round bead. Outside bevel if you want a square bead.
A modeling spoon works well for beveling these too, or the little plastic beveling blade that Springfield Leather sells. It fits right in the swivel knife and works good for quick bevels on a border like this.
DM