Exciting updates from XeroCon 2018

In early September 2018 two of us went to XeroCon in Brisbane to learn about the new tips and tricks of using Xero to make it a better experience to our Xero clients. During the 3 intensive but fun days, we learned new ways to do things to improve business in general, such as ways to reduce the number of days for an invoice to be paid, new ways of using the Xero mobile app and more…

A summary of a handful of the new features that will be implemented are:

Complete revamp of Xero mobile app

– you will soon be able to view reports such as Profit & Loss account on your mobile app. Currently  you need to log on to the desktop version of Xero to run the reports and see how the business goes. With the improved Xero mobile app business owners can see how well their businesses perform on the go.

– revamp of the invoicing module – Xero is moving towards a “code free accounting” meaning that Xero will take care of where the transaction be coded to so you don’t have to worry about it, making it easier and faster for you to prepare and email invoices out to customers – and get paid faster too with their new payment services (see below)!

(iOS app users) ability to attach files directly from cloud storage and ability to use AirPrint – huge improvement for those who would like to attach photos to invoices and print out invoices to non-Xero clients.

Updates to Xero Business

Email to bills – for those who keep track of bills on Xero, you have the option to email the PDF bills to Xero where it will create a draft bill to be approved. Xero is improving on this by using machine learning to extract information out of the bills and pre-fill them onto the bills – so you don’t have to!

new API to allow all banks to integrate with Xero – we expect this will mean a simpler process in setting up bank feeds on Xero with any bank account.

automatic bank rules reconciliation – a great time saver for those who set bank rules to help reconcile their transactions – instead of clicking OK on each transaction, soon you will be able to reconcile it all in just one single click!

– ability to preview invoice on both desktop and mobile version prior to sending them out

– Xero has partnered with Go Cardless to provide payment services through their invoices – this is similar to current payment services like Stripe and Paypal.

How to make your end-of-year financial statements preparation a breeze

Now that we are in August (time flies!) and well into the 2019 financial year, many of you are probably busy preparing your file to send to us for review. Year-end reviews can sometimes be a daunting experience as you never know what the result will be, or what more documents you need to bring in to us… So is there anything you can do to make both of our lives easier? Definitely!

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Top 10 things to consider when employing new staff

Every now and then we get asked the question – “I want to hire someone to help with our business so I can have more time growing my business.” But before you put an ad up, or spread the word around, have you considered the following 10 things about finding the right staff, your business financial situation and understand the extra compliance work required?

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Xero subscription changes

Most of you may have received this news earlier last week: Xero has recently announced adjustments to their Subscription plans for Standard and Premium plan users, effective 28 September 2018.

Premium plan users

As Xero rolls out more features on reporting, payroll and mobile apps, the prices of the Premium plans will increase starting from 28 September 2018.

This means that in your September and October invoices you will see an adjustment made to your monthly subscription fee.

Standard plan users

Starting from 28 September 2018, Xero Standard subscription users will notice that they will be able to have up to two active payroll employees on the Standard $50 plan, as compared to one active payroll employee currently.

It is therefore a good opportunity to review your subscription plans to see if you can update your subscription plans depending on your business needs. If you need assistance in choosing the correct subscription plan, or to update your subscription plans, please contact us.

More information can be found on this blog post.

Maximize your tax deduction – Businesses

In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc

This article will apply to businesses running as sole traders, companies, trusts and partnerships.

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