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 So this schedule will never be out of date and inaccurate and best of all it is available 24/7 and from any device.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.

Hello again from the small business accounting experts in Perth. Today we will look at how the world of accounting has changed with the extinction of the cash book.

Thanks to Xero, we no longer need to enter transactions into a cash book and then reconcile to a bank statement.

Now , the bank transactions are automatically imported into the software and we match each entry to either an invoice or a general ledger account and that’s it, real time reconciling with every transaction. The information is imported under the same strict security controls that apply to all electronic bank transactions.

So when you log into Xero for the first time in the day, the bank statement transactions are waiting to be processed.  Not only has the file updated over night, but the system will also match the transactions to appropriate invoices or general ledger accounts.

Even more than this, it is possible to set up bank rules and leave questions against the transactions to speed up processing even further.

All these advancements will reduce the time and cost it takes to process bank transactions.

You can also experience the benefits of this improvement for your small business.
So come on what are you waiting for…..?

Become part of the Xero generation by calling Neil on 0421 824 137 for a free discussion on how you can join.

Until next time … Keep Xeroing

Hello again from Accolade Accounting your experts with helping small business improve their cash flow and profit.

We will continue to look at the changes brought about by the cloud based Xero accounting package.

Before cloud Xero  (BC X) all businesses used to store supplier and customer invoices in files. This is because the ATO requires most documentation to be kept for at least 5 years.

The most recent years of invoices would be kept close by and older years stored in a storeroom.

Now after cloud Xero (AC X) NO files are needed. All supplier invoices are stored electronically in the Xero accounting package, but more than this, they are attached to the relevant transactions.

Should you need to find a specific invoice, you simply go into the Xero file and search electronically and you will find the transaction as well as the attached source document.

Even better, there is place within Xero to store all non transactional documentation, as well such as business set up documentation and agreements.

So all documentation can now be found in the cloud all in one file. What a time saver and no more excuses” I can’t find it”

Until next time….

Keep Xeroing.

Hello again from Accolade Accounting. Let’s continue looking at the benefits of the Xero generation.

Do you remember when you had to print out the payment summaries and post them to employees and post the payment summary statement to the ATO ? Never mind the EMPDUPE file that had to be put onto a storage device and sent to the ATO.

Well now you can email all payment summaries from within Xero directly to employees as well as lodge the payment summary statement directly to the ATO. As simple as that!

What a time saver!! And we don’t rely on the postal system any more.

Until next time keep Xeroing.

The most amazing change in the accounting environment for small business has erupted since the invention of the abacus, the cloud based accounting package Xero. Just like the abacus was a pivotal change back in those days, small business now will experience a pivotal change in the way that they view and process financial information for their business. Zero is nothing but Xero is everything.
Xero provides business owners with everything they need to improve cash flow and increase profits.

Let’s compare the accounting systems before Xero to what incredible improvements are now possible for business owners.
How things worked BC X ( Before Cloud Xero)

• Accounting data was only accessable via a local desktop or server in the office.
• Once these were damaged or stolen, the data was lost.
• In order to get around this problem, the business needed to make both on-site and offsite backups.
• One had to be or employ an IT expert in order to make sure that these backups worked when needed.
• In order to upgrade a new feature of the software, CD disks were received via the mail or downloaded from the supplier website and had to be installed on all the computers or server, again requiring an IT expert.
• In order to upload new PAYG tables, new CD disks received in the mail had to be uploaded every year.
• In order for the external accountant to see what was going on with the business, he had to be sent a copy of the file on a USB or emailed the file.
• During this time the business owner could not process or have access to the file information until he received an updated file back from the external accountant.
• The external accountant needed to deal with different versions of files belonging to different clients and had to therefore make sure he returned the correct version to the business owner.
• The programme needed to be purchased for up to a couple thousand dollars and additional licenses needed to be bought as well.

How things work AC X ( After Cloud Xero)

• No data is stored on any local computers or servers so no data can be lost should computers malfunction or be stolen.
• All that is needed is a computer to access the internet.
• There is no longer a need for manual backups as all data is stored in the cloud and backed up automatically.
• There is no need to update PAYG tax tables or upgrades to software as this is done automatically in the cloud. So a business owner no longer needs to be an IT expert or employ an IT expert.
• The accounting file can be viewed from a desktop computer, mobile phone , tablet or laptop from anywhere in the world, not just from an office.
• The live business file can be accessed by the external accountant simply by logging into the file, without disrupting the processing of information.
• The file can be accessed by many authorised persons simultaneously
• A monthly license fee is paid to use the system with no lock in contracts.
• An unlimited number of users can access the file with no additional cost.
• The cost of processing will be reduced by at least 30 %.
• Processing can be streamlined by automation compared to manual processing which is very labour intensive.

These are some of the major improvements for small business that can be realised by becoming part of the new Xero generation.
So come on what are you waiting for…..?
Accolade Accounting are experts in Xero, so join the Xero generation today by calling Neil on 0421 824 137 for a free discussion on how you can join.

Until next time … Keep Xeroing