This month I want to talk a little about Xero. While most of our business clients use Xero (or MYOB), not everyone that could be taking advantage of Xero currently is. Many smaller sole traders, rental property owners, Family Trusts and self-employed contractors can also benefit from being on Xero.
The most basic Xero subscription is Xero Cashbook, which we can access on behalf of clients for nominal monthly rates. The main benefit of this for you is it provides us with direct feeds of bank and credit card transactions.
Benefit number 1 - you no longer need to gather and send us printed or PDF bank statements. With Xero we already have access to these transactions ready to code and prepare your GST, annual accounts and tax returns as applicable. Benefit number 2 - direct feeds mean greater accuracy as possible numerical manual data entry errors are taken out of the equation.
There are many benefits beyond these and higher level subscriptions on offer which include modules for invoicing, debtors and creditors, simple profit and loss and more. Further, efficiency gains mean Xero charges can sometimes be absorbed in your current accountancy fees*.
If you are a business owner, sole trader, rental property owner, Family Trust or self-employed contractor and aren't set up on Xero, please contact us and we can discuss the transition process with you.
* Each client is assessed on a case by case basis and fees advised. Some set up fees may apply.