Fixed assets come up regularly as an area of uncertainty when we’re talking to businesses. So we’ve put together a brand new webinar for UK accountants and bookkeepers that want to get their clients up to speed. It explains all the ins and outs of fixed assets and guides you through how to deal with them in Xero.
I caught up with our resident education and training expert, Ashley Driver, to get the lowdown on what fixed assets are, in accounting terms, and the benefits of a better understanding of how to account for them.
So over to Ashley to explain what fixed assets are…
How would you describe fixed assets to a client?
“Fixed assets in a business are essentially anything that’s owned by that entity that’s of worth and is retained over a period of time. So that could mean motor vehicles, land, buildings or machinery etc. – basically, anything that isn’t likely to be sold or converted to cash quickly.”
In September 2013 we commissioned market research organisation, OnePoll, to survey 250 UK accounting firms about cloud adoption and found that 28% were already using cloud based software and a further 27% hadn’t yet made the move but intended to so. We also got a bunch of other data about what was driving adoption, attitudes to security, client demand, etc.
Six months later, to coincide with our presence at the Accountex exhibition in London earlier this month, we re-ran the same survey (same questions, same research company, same poll size) to get an up-to-date sample.
This time around we found that the ‘already using cloud’ measure had grown from 28% to 34%, and the ‘almost there’ constituency had lifted from 27% to 31% – an overall swing in positivity from 55% to 65% in favour of the cloud in a little over six months.
In the lead up to the first release of Xero Practice Manager in mid-June, we’ve been previewing a number of the new features. To date, we’ve looked at:
Today, we’ll preview the new Quick Time Entry capability.
Quick Time Entry allows you to quickly and easily capture billable time without interrupting your workflow, ensuring all your time is captured and visible within WIP. By making time easier to record, you can increase the recovery of time for your billing staff as well as make it easier to manage how time is being used.
As you can see, the new Quick Time Entry makes it easy to capture time for all those small interruptions throughout your day.
Since launching online activity statements and tax file declarations in Practice Manager, we’ve seen over 100,000 lodgements on our Australian Tax Service platform. The team is now about to launch into a series of releases to deliver the next components of our solution.
As the new Product Manager for Australia, I’ve picked an amazing time to join Xero.
So, what does this mean for you?
It means that we’re one step closer to the tax solution you’ve been asking for. A big step.
What will you get with the first installment of Company Tax Return?
You’ll be able to create and lodge Company Tax returns for 2013 and 2014 tax years through the new Practice manager.
Today we’ll preview Global Search.
Finding information quickly can often be difficult and disruptive to your workflow. The new Global Search allows you to quickly find key information for a client, supplier, contact, job, quote, invoice or lead without having to leave the page you’re on or interrupt the task at hand. If you need further information, you can simply drill down into the search results to view more detail.
As you can see, the new Global Search allows you to quickly and efficiently locate the information you need when you need it.
Today marks the first in a series of updates we have planned to introduce a brand new way of running reports in Xero. We’ve designed these new reports from the ground up, taking into account the feedback we’ve received from you and they’re looking great.
To get the ball rolling we’ve launched a new set of Aged Reports and are currently working on a Depreciation Schedule, Disposals Schedule, Account Transactions, and Profit and Loss reports.
“It’s Day 2 and everyone’s getting ready for another big day at Accountex…” (you can imagine that in a Big Brother voice, if you want).
If you’ve read our blog from Day 1 then you’ll know we had an incredibly busy time at the Xero Village yesterday. We were pretty overwhelmed with the response and it was great to meet so many people over the course of the day. There’s a real, and very genuine, interest in cloud accounting around the show this year. And that’s born out by the stats from our attendee survey that we ran yesterday. Of the people we spoke to, 73% said ‘we want cloud accounting’ – that’s nearly three quarters of all delegates at Accountex!
Come and hear our keynote speech at 2pm today
Gary Turner delivered his keynote speech yesterday to a great response. He’ll be running through the presentation again today on the Xero Village stand at A330 at 2pm today. Come and find out why ‘Everything you know about technology is wrong’.
More ice creams!
Our accountancy themed ice creams went like…well, not hot cakes, but more like very tasty cold ices. So we’ll be handing out more VAT Vanilla and Coffee Bean Counting cones today between 1pm and 5pm.
It’s took an entire articulated lorry to get us to ExCeL London, but we’re finally here at Accountex. It’s bigger, it’s busier and it’s bustling with accountants, tax experts, pensions specialists and finance professionals – even a few solicitors from the Legalex conference which is taking place next door. And if they’ve got any sense, they’ll be heading for stand A330 where our Xero Village takes pride of place in the hall.
Meet our add-ons family at Accountex and win a MacBook Air
You won’t just find the Xero team on our stand this year. We’ve also got 14 of our add-on partners here giving demos from their purpose built pods. They’ve certainly been busy so far – it’s great to see so many people wanting to find out about the flexibility of the Xero platform. Pick up one of our Partner Passports from stand A330, get a stamp from each of our add-ons and Xero and you’ll be entered into a draw to win a sleek, new MacBook Air.
Get tweeting and bag yourself some Xero swag
We’ve got bundles of Xero goodies to give away at the Xero Village. Tweet us your pics, videos and comments with the #xerovillage hashtag. Then just show your tweet to one of the Xero team and we’ll share some swag with you. We’ve got our awesome new Oystercard holders, waterbottles and some cool magnetic noughts and crosses games. And if you fancy reliving your childhood, we’ve got Xero yo-yos to hand out, with demos from two professional yo-yo champs on the stand showing you how it’s done. No strings attached *boom tish*.
Last week we previewed the new Filters function in the upcoming first release of Xero Practice Manager.
Today we’ll preview the new WIP Manager.
Following the introduction of a full WIP Ledger for Practice Manager late last year, the release of Practice Manager will provide a new management screen allowing you to better manage and view your WIP. Combined with Filters, you can now view your WIP for the entire practice, by partner, by manager, by job category, or by any combination of the available filters. You can then quickly and easily turn the WIP into draft invoices with the simple click of a button.
As you can see, the new WIP Manager, when combined with Filters, provides a whole new way to view and manage your WIP.
Today we released an update to Xero Workpapers that’s all about helping you manage your firm’s workflow during compilation season.
Your practice can now opt to automatically send email notifications to staff whenever action is required on a workpaper pack. And it’s all driven by a new button in each pack:
(The export button that used to sit in that spot has a new home on the Workpapers tab)
Because each firm has its own way of working, we’ve made it so most of these workpaper pack statuses can be specified manually by you and your staff.
For more information about status notifications, check out the help.
Status on the dashboard
Tracking this status information makes the Home page more powerful too: you can now see (and sort by) the status of all your workpaper packs, while also seeing at a glance a summary of what’s going on within each pack.
There are more details about the changes to the home page in the Xero help section.