Lately we’ve seen a new channel start to rise in our ecosystem: cloud integrators. Cloud integrators are specialists who support small business owners as they implement Xero with some of our many Add-on Partners. The result is a perfect cloud solution to run their businesses.
One of the benefits of the cloud is you can piece together the perfect solution for your business using best-in-class or best of breed apps, instead of using one vendor offering a compromised solution trying to be everything to everyone. This means it’s important to get it right up front and if you’re not an expert on what’s available, that’s where a cloud integrator can help.
Using their Alice Springs-based nonprofit client BushMob as a case study, Matrix on Board told the story of how they’ve used Xero to offer a solution that was easy for anyone to use, creates beautiful financial reporting and gives the ability to access support from afar.
BushMob helps disadvantaged and disaffected Australian youth by taking them to the bush for adventure-based activities, helping them to heal and encouraging them to reconnect with society.
Matrix’s financial management support has helped BushMob enhance its ability to bring positive change to the lives of young people, many of whom struggle with drugs and alcohol.
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By Ryan N. Lazanis, CPA, CA, Xen Accounting, Montreal
This is part two of Ryan N. Lazanis blog on Canadian sales tax. View part one here.
As you record your sales and expenses into Xero throughout the year, you should also be recording the appropriate amount of taxes on each transaction by selecting the correct sales tax rates for each individual transaction.
When it is time to remit your taxes to the government, you will be able to retrieve the figures to report through Xero’s sales tax report. You will need to select the appropriate reporting period. If you have sales in various provinces, and if you have followed my steps above to segregate tax rates by province, then this should be rather simple to do. All the sales taxes collected and paid will be separated by province and you can fill in the reports you need to with the information available in Xero’s sales tax report. Easy peasy!
Guest blog by Ryan N. Lazanis, CPA, CA of Xen Accounting, Montreal
Whether you like it or not, reporting your sales taxes accurately is critical. Make a mistake and your precious business could pay dearly in interest and penalties. So it’s super important to make sure you’re setting up your sales taxes correctly in Xero and recording and reporting the correct figures.
Sales tax accounting is enough to give most people a headache. It’s one of the most complicated areas of accounting and it’s easy for things to get messy quickly.
However, if you follow the steps outlined below and create some systems to make sure you’re entering your data correctly into Xero, there’s no reason why you can’t have things run smoothly.
If you are a US based or tax registered business, you must send out a Form 1099-MISC to each non-employee person to whom you’ve paid more than $600 for work during the year. These are usually referred to as contractors. Form 1099-MISC must be delivered to the contractor by January 31, 2014 for tax year 2013 and also sent to the IRS by the end February, if you’re sending paper, or by April 1, 2014, if you opt to e-file. Complete instructions from the IRS for 1099s are found here and here.
Here are our top tips for making 1099’s as easy as possible:
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We’ve got some great news to round out the year here in Australia – leading firm Crowe Horwath has reached Platinum status by getting their 1,000th client on Xero. Photo from the day (from left to right): Gavin Fernandes – Key Accounts Manager, Xero, Greg Emsley – Cloud Sponsor & Group Chief Information Officer, Crowe Horwath and me, Chris Ridd – Managing Director, Xero AU.
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There’s been a lot of activity in New Zealand and Australia lately around feeds support, and we’re pleased to report a couple of new changes to New Zealand feeds prior to Christmas.
BNZ introduces support for foreign currency accounts
Today the BNZ has introduced support for foreign currency accounts in Xero, and is now the second bank in New Zealand to offer this service. If you are using our multi-currency feature on our premium plan, support for foreign currency accounts from BNZ will allow you to manage export income or payments to overseas suppliers alongside your existing bank accounts.
At Xero we’re always challenging the status quo and thinking about the best way of doing small business accounting from a design perspective. This can occasionally leave those of us who have used other accounting software packages trying to do things “the way we’ve always done it”. Case in point – sub-accounts.
If you’re used to carefully setting up your accounts in a way which clusters similar activities together by account code, or are used to relying on sub-accounts to sort your data for reporting, the simplicity of Xero’s chart of accounts may appear daunting
Xero’s philosophy of being “beautiful” really shines here. Instead of having a bloated and clunky chart full of sub-accounts, Xero has two functions available to all users – report grouping, and tracking.
The video we’ve created takes you through just how simple it really is to get comprehensive reports without sub-accounts.
As of today, we’re also announcing feeds for two additional Australian banking partners: Greater Building Society and Investec. More details are in our Help Centre. These feeds are available from today for all Greater Building Society and Investec customers, for Australian bank accounts.
A busy year with banking partners
We’ve had a busy year with direct banking integration. In the past 12 months we’ve added:
Automatic setup of feeds via internet banking for ASB Fastnet Business and TSB customers.
Bank accounts and credit cards for Bankwest
Bank accounts and credit cards for St George Group, including Bank of Melbourne, BankSA, and St George.
Bank accounts for City National Bank, our first direct US banking partner.
Today we’ve released a WIP ledger in Practice Manager. This will make it much easier for accounting firms that prepare timesheets to keep track of their jobs and billable hours.
The challenge with releasing a WIP ledger was to do it without reducing the invoicing flexibility that Practice Manager users currently enjoy. So you’ll be delighted to know you can keep track of the exact amount of unbilled time and costs on each job no matter what types or combinations of invoices you use – even quote-based invoices and invoices prepared in Xero.
The introduction of the WIP ledger makes it much easier for all practices to calculate the true profitability of these services, even those that send regular fixed-fee invoices. You can also see the exact amount written on or off as each invoice is approved.