“I don’t have a list of my Fixed Assets. Ask my Tax Accountant.”

Hello from Accolade Accounting, the small business accounting experts  in Perth who love working with Xero.

Let’s continue to look at another fantastic feature of Xero that provides additional efficiency to the accounting world and small business.

In the times of BC X (Before Cloud Xero), it was very difficult for the business owner to obtain a schedule of business assets. The only person who had this information was the tax accountant and it represented the situation at 30 June the prior year. The tax accountant would compile a list of assets  in order to calculate the write down value for the income tax return for the year.  If the business owner needed to know information about the business assets during the year , they would refer to this tax accountant prepared schedule which would be out dated. This situation was ridiculous. A business owner having to estimate the value of his/her assets which could comprise a major portion of the value of the business. This is unacceptable!

Now AC X( After Cloud Xero) this has all changed.  Xero maintains a fixed assets register as the purchase invoice is processed into Xero. So this schedule will never be out of date and inaccurate and best of all it is available 24/7 and from any device.

No more excuses for not having an accurate fixed asset register every single day and it automatically calculates the write down that the tax accountant can use when preparing the tax return.

Now Xero has given the power back to the business owner by making information available very simply,  like never before.

Until next time… Keep Xeroing.