You’ve probably already seen some of the new functionality that we announced in our 23rd June update to Xero. There were a lot of great new features in this release, and one we really want to highlight is the way you can now enter EC Acquisitions and Reverse Charges from inside Xero. When you’re purchasing goods and/or services from EU Member States, the UK’s HM Revenue & Customs (HMRC) requires you to declare this information in certain boxes on the VAT return. Which box this information goes into depends on the type of transaction. In terms of Reverse Charges, there are occasions when purchasing items from the EU where the VAT has to be declared (paid), but then ‘reversed out’ (refunded) directly at the same time.
Now, providing you use one of the three new tax rates that we’ve set up, Xero takes care of all of this for you. Xero automatically reverses the purchased items out – and that’s quite a time-saver if you’ve been doing this manually up to now. The three tax rates that have been set up are:
- EC Acquisitions (20%)
- EC Acquisitions (Zero Rated)
- Reverse Charges (20%)
Watch our how-to video
We’ve put together a short how-to video that runs you through the process and shows you where the items will appear in your VAT report. Take a look and see how easy it is to deal with Reverse Charges in Xero.
Photo Credit: @TurnbullMalcolm. From left to right: Yoon Jong-Lok, Vice-Minister of Science, ICT and Future Planning, Korea; Amy Adams, Minister for Communications and Information Technology, New Zealand; Malcolm Turnbull, Minister for Communications, Australia, at KANZ.
Earlier this month I was fortunate to be invited by NZ Trade & Enterprise to the Korea, Australia, New Zealand (KANZ) Technology Summit in Auckland. The conference brought together members of the technology communities of all three countries to forge links and share ideas about how to grow and support the ICT sector and strengthen the high-tech economy.
For me, the highlight of the event was Dave Birch’s stream on digital identity and money. Dave is the Global Ambassador for Consult Hyperion, a UK based consultancy focused on security around electronic transactions. Dave is something of a payments raconteur, whose wisecracks about ATMs needing thatched roofs and assuming anyone using cash is a drug dealer were funny and insightful – but they were all inching toward the point that despite all the innovation in financial services, all that we’ve really done is move physical payment paradigms into the digital world, and it’s not all that great an experience. Proving and managing identity for online financial transactions is still a big barrier to efficiency, and establishing identity, even in the physical world, often gives the illusion of security without any true validation. It’s “two people acting in a play about security” rather than an exchange that is truly secure.
Also, all the innovation in payments is happening on networks that were Continue reading ›
This week saw the IMF upgrade the UK’s economic growth forecast to 3.2%, placing the UK at the top of the class for growth among the world’s developed nations. In general terms, the health of the British economy has now recovered to a position equal to or better than the state it was in 2007 at the onset of the Global Financial Crisis.
While the UK has been clear of the technical definition of an economic recession for a few quarters now, these latest reports hopefully signal a period of coming prosperity, not just economic convalescence.
At long last.
However, what piques my interest is that while the curtain of economic frost shrouded the UK, a wave of broad technological innovation endured and even accelerated, meaning that as the UK’s population of five million businesses steps back into the global economic limelight, it does so with a clutch of quite different technological enablers that weren’t around back in 2007.
I’ve actually seen this movie before. Continue reading ›
Read more about Technology
The event we look forward to most at Xero is our Annual Meeting. It’s when we get a chance to meet our shareholders face-to-face and show them what we’ve been doing, how the business is going, and what our plans are for the next year.
We had a great turnout this year– with a huge number of shareholders present and some big news to share.
The video below shows some excerpts from Chairman’s and CEO’s presentations.
PDFs of the presentations can also be downloaded on our website:
Thanks to all who attended the Annual Meeting
To our valued shareholders – thank you so much for your ongoing support. We’re all very excited about where we’ll be in the next 12 months.
Read more about Company News
I’m excited to share that we have a new partnership with Warehouse Stationery. This is part of our vision to connect small business with big business.
Warehouse Stationery and Xero
The integration will let Xero customers receive invoices from Warehouse Stationery directly into the Xero platform. It will go live in mid-August this year.
Small businesses will also be able to easily pay their Warehouse Stationery bills direct to their bank through our Xero Banking 2.0 initiative. This has already gone live with ASB, KiwiBank and TSB.
We know that cashflow is paramount for small businesses and this latest innovation reduces time consuming manual entry. It will enable small businesses to get a complete view of their cashflow position more quickly.
Warehouse Stationery is becoming a leader in digital business and we’re extremely excited to have this major New Zealand brand on board.
There is so much potential for big businesses to work with small businesses to deliver dual benefits. This is another example of homegrown Kiwi innovation that, once proven locally, will be taken up globally.
Today we’ve released the latest changes to payroll and we also wanted to take this opportunity to share with you whats coming soon as we continue to see increased usage of payroll in Xero.
You’ll notice an updated Payroll Overview design that shows what needs your attention – time off requests or timesheets that need approval or pay runs that need paying. We’re also showing Taxes & Filing obligations to ensure you file and pay your payroll taxes on time. Overdue obligations are always shown as well as upcoming filings or payments. The overview header bar provides you with quick links to common tasks like adding a new employee and other useful information around your payroll.
We’ve also updated the Employees list, New Employee and Employee Details screens to improve the flow and make them easier to navigate. The employee header now provides Continue reading ›
People are moving from desktop to smartphones and tablets, and they expect the businesses they use to be moving right along with them.
This means it’s a requirement for small business, and not just the large corporations, to invest in mobile optimization for their websites.
A click is not the same as a tap, and a mobile screen is a much smaller canvas to operate on than a monitor. Mobile users are even more demanding of a simple, beautiful experience, so it’s not as simple as shrinking your site down to fit on a phone.
While price, convenience and choice are all motivational factors for consumers buying online, you can be sure if you’re not capturing mobile traffic, you’re missing out on sales. In fact, having a mobile ready site could give you the edge over competitors who haven’t yet embraced he trend. Continue reading ›
Around here, we want to make it super easy for you to move your existing clients to Xero. Why? Because we want you to leverage a beautiful accounting platform built for the cloud. Practitioners who are tired of forced migrations, sloppy upgrades and a confusing interface are now only a few clicks away from leaving it all behind for Xero.
“The conversion tool is awesome. We can convert a client’s existing file and bring over the year-to-date work and keep them operational with minimal time delay and no duplicate data entry.” – Mariah C. Venus, Director of Operations, BookKeeping Express.
With the release yesterday, Xero US Partners can submit a QuickBooks Pro, Premier, Mac or Online data file for automatic conversion.
Anytime, anywhere: It’s that easy
Feel free to convert a file anytime, anywhere. Simply follow these steps:
From within My Xero:
- Select “Add organization.” You will be given the option to upload a file. When you select QuickBooks from where you are converting from, you will be able to choose your file for conversion.
- Upload the file. We will email you an invite to view your newly, fully-populated Xero organization.
Hey, I’m Matt. Following on from Penny’s recent post about a release, I’m the other Product Owner in our ever-growing Sniper team at Xero. Some of you may know me from my previous roles at Xero with implementation and sales. Naturally, it’s a great move for me to change things up after six years and get one step closer to our product’s engine room. It’s also great to be directly contributing to product decisions after having spent so much time at the coalface working with Xero inside small businesses and accounting firms.
As many of you know, the Sniper team are tasked with the development of a range of smaller (and increasingly larger!) features to make life a little easier for all our customers.
I wanted to give you a bit of background on some of the highlights from today’s release.
- Edit standard layout for remittance advice – when sending remittance advices to suppliers, you now have the option of including branding, such as a logo, and displaying an alternate address.
- Bank reconciliation improvements – Xero has always helped you reconcile transactions by automatically suggesting coding options – this is great when you code similar transactions the same way every time. However, in some cases, this isn’t necessarily what you want, so you can now control this behaviour by turning off (or on) the ‘Suggest previous entries’ option for your organisation by bank account.
In June 2014, we reached the huge milestone of processing over one billion Australian dollars per month of Australian payroll with employers paying over 200,000 employees. This was the first time we’ve gone over that amount in one month and it continues to grow!
Over 350,000 employees, approximately 3% of the working population of Australia, were managed by Australian Payroll in Xero in the last financial year. We’ve seen amazing growth in both the number of businesses and amount of Australian payroll processed using Xero.
End of Financial Year Payroll
Your feedback from the EOFY release has been mainly positive and thank you to everyone who has taken the time to share your thoughts, it helps us help you better in the future. If you still need to submit your report to the ATO we have a recorded version of our EOFY Payroll training available here. The PAYG Payment Summary Annual report must be lodged with the ATO by the 14th August. Continue reading ›