Capabilities of Xero Bookkeeping Software

Xero performs work in several accounting/bookkeeping areas:

• Xero Bank feeds make bank account reconciliation easy.
• Customer quotes and accounts receivable invoicing.
• Inventory management is basic, but more advanced with addon software.
• Purchase orders.
• Hubdoc used to capture receipts and bills. Processes accounts payable either as a draft, awaiting approval or approved for payment.
• Timely reports to manage cash flow, and all other compliance requirements.

Xero manages financial reports such as:

• Balance Sheet (Statement of Financial Position).
• Profit and Loss.
• Account Transactions.
• Business Activity Statement (BAS – GST).
• GST Reconciliation.
• Payroll Reports Activity and Summary, plus countless other reports, which may be modified for individual business.

Compliance allows easy to use:

• STP Single Touch Payroll filing for end of year payment summaries.
• TPAR’s lodgement.
• Business Activity Statement (BAS).  Reporting taxation liabilities to Australian Taxation Office (ATO). Such as; GST Collected, GST Paid, PAYG Wages Tax, Fuel Tax Credits, FBT.
• Employee Tax Declaration forms filed to ATO with a simple tick & authority approval click.
• Superannuation Monthly/Quarterly/Weekly setup to direct debt within a few ticks and approval its filed.

Xero allows unlimited users for the scalability ‘when the company grows and makes its prominent position in the existing market’.

Why use Xero?

Xero is made for SMEs ‘small to medium size enterprises, regardless of whether you are a start-up or growing business. Xero provides business owners, and users with a solid accounting platform that is:

1. Simple to Use easy to Learn

The Xero platform is user friendly.  This allows users to work effectively on the business financials in easy-to-use and learn accounting software. Xero’s simple to use, easy to learn approach improves accuracy and compliance.

2. Secure

Xero runs daily online backups of your business information.  Xero is encrypted and stored in several locations online so it is safe, secure and available when you need it. Xero secures accounts with multi-factor authentication to help prevent your logins being compromised. For more on Xero’s Security Click Here

3. Cloud-Based in Real-Time

Businesses can have real-time control with Xero as a finance system. Xero handles:

• Automating administrative tasks
• Live bank feeds
• Efficient online invoicing

With Xero you can work remotely anywhere there is an internet connection, anytime, and use any type of smart device, or computer.

4. Provides Sustainability Practices for SMEs.

Go paperless!  As Xero provides digital data, there is no need for printing and storing hard copies. Everything can be saved digitally and stored digitally. Xero helps save our environment from;

• printing paper,
• staples,
• folders,
• hole punchers,
• fire safes,
• extra chairs,
• office cupboards/space,
• driving to the Business’s office,
• driving to the post office and posting your invoices and statements.

How Much Does Xero Cost?

The pricing plans cover all the accounting essentials, with room to grow. That is they are: Safe and secure, you can cancel with one month’s notice.  24/7 online support from Xero. Ready for Single Touch Payroll.

For the Xero pricing plans Click Here.

For half price discount code, please contact us, as a client of ours and a Xero Partner we can obtain a 6 months half price subscription with Xero on your behalf.

Need a Xero Bookkeeping Advisor?

My Great Bookkeeper Pty Ltd, trading as My BAS Agent and Bookkeeping Services, is a certified xero advisor who provides Australian SMEs with:

• Full range of Bookkeeping Services
• Xero Developer
• Xero Tax – BAS Preparation and Lodgement
• Business Advisory Services
• Xero Bookkeeping Training one on one for your business needs.

We can provide up to one hour free phone consultation. We will listen to you and analyse your business needs. Upon engagement we will provide our engagement letter outlining and pricing  and services.

It is our goal to work with you to help your business strive financially by:

• Automating Xero to reduce the time taken to do bookkeeping and BAS.
• Provide you training in Xero software and accounting knowledge so you are confident.
• Work on a business budget to drive a cash flow forecast; avoid insolvent trading and help your business to prosper.
• Help with your key performance indicators (KPIs), and ensure you have the money to pay your bills on time, every time. For more on Xero’s KPIs Click Here.

Every business needs a team with good tools and knowledge to have a successful business.

Xero Trainer 1 on 1 Customised for Business Needs

Our certified Xero advisors are online bookkeepers and Bas Agents who use Xero Tax.  We provide Xero training sessions remote, or a Xero Trainer can come to you.  We will help you and/or your accounts staff understand the Xero software. Teaches users to set up the business accounting file specific to your own business model and how to:

• arrange and customise the Xero business-related Chart of Accounts,
• set up xero bank feeds,
• integrate add-on software with xero,
• enter the xero timesheets,
• process leave entitlements in xero; carers leave / sick leave, annual leave, public holidays, leave loading 
• manage and generate the payable bills in xero,
• produce financial statements, and
• track the costs of the specific business operations,
• setup projects in Xero.

Our Xero support services are customised to suit your business needs.

If you need assistance managing your Xero business accounts, contact us today 🙂