BUSINESS TAX FACTSHEET
Whether you're a soloist or a small-to-medium business owner, having the right financial information at your fingertips means you can make the right decisions at the right time for your business.
When our clients ask about cloud accounting, we point to Xero
because it offers a streamlined and efficient accounting solution and the ability to step-up as your business grows without the significant overheads of a server-based solution.
Xero has designed a very intuitive interface that ensures it easy to learn and manage the various accounting and financial functions within your business.
You and your team can see your cash position very quickly, reduce the admin time required for transactional tasks such as invoicing and expense management, and reporting is a lot simpler thanks to Xero's inbuilt reporting capabilities.
Xero also makes compliance, reporting and tax planning a lot more efficient, because you and your accountant can be working on the same data at the same time no matter where you are.
So what are the key features within Xero that we think will help your business accounting become more efficient?
- Reduce your admin with automated bank feeds from your business accounts
- Access your financial information wherever you are via the web, your smartphone or your tablet
- Get a clear picture of your financial situation via up-to-date financial reporting, available to you, your team and your accountant at the same time
- More efficient tax, cash flow and financial reporting
- A smart dashboard for real-time visibility of bank balances, sales data and upcoming expenses
- Fast, efficient bookkeeping for invoices, expense claims and bill payments from within Xero
- Easier reconciliation with Xero's ability to remember where you have previously allocated expenses and data-match your receipts to your invoices
- Manage your financial data efficiently via Xero's payroll, recurring entries, contacts and foreign currency modules
- Automatic back up and upgrades are included as standard
- Integrate and connect other business tools within your business through the Xero API
- No need to remember to back up your data which allows you to focus on running your business
Xero has the capability to deeply integrate with other software tools used by your business to manage all the functions that often sit outside accounting but have an impact on the bottom line.
Modules such as CRM, time keeping, inventory, payment gateways such as PayPal, point of sale and many others can be set up to share cost, time and other data with Xero to create better visibility of those functions within your financial reporting.
One of the key benefits of Xero is the ability for you and your accountant to see the same data at the same time.
That visibility enables your accountant to:
- Watch your accounts and identify issues without having to wait for your data files to be available – and that ensures that time isn't lost to administrative lag
- Flag potential cash flow problems and make suggestions to ensure you're able to meet your cash needs
- Ensure your compliance reporting is up-to-date so that any transactional reporting such as BAS is correct, which mitigates any risk with the ATO
- Prepare and lodge your GST, FBT and tax returns much more efficiently
- Help you plan your tax ahead of tax time
- Help you produce the right information for financing your business by ensuring your accounts are up to date, planning budgets and providing cash flow reports for your bank or finance company.
Whether you're a startup, growing your business or need top-tier support, Bates Cosgrave can help you get set up on Xero with tailored accounting and planning support to suit your business. We will also train your staff to use Xero.
Bates Cosgrave is a certified Xero partner. If you'd like to find out more about how Xero can benefit your business, contact us on 02 9957 4033 or send us an email
Download PDF version: Xero for Business
Last updated August 2013. This factsheet is provided for information purposes only and is correct at the time of publishing. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.