If you’re not a UK user, don’t leave! I’ve listed a couple of other updates at the bottom of the post that may be of interest to you.
For the rest of you, below is a quick overview of what we’ve done (and what’s still to come).
There are three primary features of the EC Sales List:
EC Sales List – the main report itself, including custom validation to ensure the necessary information is present and in the correct format to be submitted to HMRC Online Services.
Audit report – an accompanying report that lists all the transactions that make up the main report.
HMRC export – as well as standard export formats for PDF, Excel and Google Sheets, there is a custom HMRC format that can be easily submitted via the HMRC portal.
At Xerocon, Auckland we were excited to unveil Farming in the Cloud, which will be ready later this year in New Zealand. This connection with our farming partners will deliver real-time, single ledger reporting to farms for the first time – and it’ll be great for our accounting partners with farming clients.
The solution allows farmers and their accountants, banks and rural service companies to work together from the same set of online, real-time data, and will provide one centralised home for accounting and farm management tools.
The launch of US Payroll in December was a huge milestone for Xero, but the launch was just the first of many steps to deliver the ultimate payroll feature – it’s a marathon, not a sprint. There are always bumps in the road, but our team is focused on developing the most important features and delivering the best possible customer experience.
The end of the 2013/14 UK tax year is just around the corner. And that means it’s time to start focusing on completing those year-ends – as well as planning ahead for the new tax year.
We’ve put together a five-point checklist for getting your house in order before the end of March. This ‘best practice’ approach will help you tie up those year-ends and really get the most of out Xero in the coming tax year.
1. Speed up sign-off with your Xero client
If you’re already using Xero, you’ll know all about the advantages of our single ledger. Having instant, mobile access to your client’s financial position really helps when you’re collaborating to sign off their accounts. Take them out for a coffee – after all, with Xero Touch you don’t need to be at the office. Maybe even treat them to a ‘duffin’ (no, we had no idea these existed either!). And if the client can’t meet in person you can always invite them to a Google Hangout or Skype call, making the most of the cloud-based sharing options Xero offers.
What’s important is that you have that an in-depth, open conversation about their current financial position. You can review their transactions, pick up any queries they’ve not resolved and run comparative reports to spot any obvious anomalies.
Tarryn Brent and I were thrilled to share tips for marketing your practice with bookkeepers and accountants at Xerocon New Zealand 2014. We talked about what businesses can do to retain clients, win new clients and convert existing clients to Xero. You don’t have to do everything we recommend, but a little goes a long way to ensure your practice is moving and changing with the times.
Read on, for a summary of what we discussed.
Annual reporting in New Zealand will be simpler and less time consuming for small to medium size enterprises (SMEs) when new reporting legislation takes effect on 1 April 2014.
Under the new legislation, SME’s will no longer need to produce statutory accounts in accordance with External Reporting Board (XRB) standards. Although they will have to produce general purpose accounts for management, the IRD and the bank. Since most SMEs really only prepare end of year financial reports for the tax man, the new legislation will allow them to use tax requirements as their minimum reporting threshold.
You can now easily create invoices in Xero based off billable time tracked against Chrometa. Chrometa is a tool that allows you to capture hours by automatically tracking the time you spend on your computer and smartphone.
Chrometa passively captures time spent performing computer-based and mobile work. Using keyword-based rules, it automatically assigns time to the appropriate project and rounds up to six or 15 minute increment. The end result is more accurate and complete timesheets with the minimum amount of effort on your part.
Who is it for?
Chrometa is for professionals who need a way to capture time spent on multiple projects and accurately invoice their customers.
Do you know a U.S. small business in need of a financial makeover? We’re teaming up with our add-on partner BodeTree to give a business the opportunity to get advice from a team of experts and be featured in an episode of MSNBC’s “Your Business” later this year.
The makeover will consist of financial experts analyzing the operations of the winning business and providing feedback they can use to become more successful. Here’s how Bodetree helped an auto shop capitalize on hidden opportunities:
Our panel will then review each applicant and reach out to the compelling entrants for more information. To be eligible for this contest, the business must be located in the continental U.S., use Xero as their primary accounting platform and connect a free BodeTree profile to their Xero account.
Last November we profiled our Partner Enablement team in the UK – we work with our partners to help make the transition to Xero as seamless as possible. And then support them along the way as Xero becomes an integral part of their practice.
This time around, we go into a little more detail around the ongoing support we give to our practice partners. We’re very proud to work for a company that offers this highly technical, bespoke service to Xero partners completely free of charge. So, how do we do it?
Getting to know a partner’s client portfolio
To begin with, we’ll work with a new partner to find the clients who’d benefit most from using Xero. Some businesses will get more from a cloud-based accounting solution than others, so it’s important that we get this right.
After months of planning and preparation our biggest roadshow ever in Australia has come to a close in sunny Perth.
And what a way to finish with the announcement that we have reached a major milestone in Australia – 100,000 customers! We presented to over 5,500 registered attendees across 20 locations – from regional centers such as Bendigo, Wollongong and Dubbo to Launceston, all the way to the top end, then down to the final destinations of Adelaide and Perth. Sit back and watch the roadshow wrap-up video.
I was blown away by the levels of enthusiasm and energy I witnessed at each event I went to. It was great to see so many partners, bookkeepers and accountants seeing the value in the cloud, showing enthusiasm and embracing what we do – some partners even felt compelled to applaud when we announced certain Xero features such as Tax, which was awesome to see.