Payroll is a hard thing to love! The greatest compliment that we ever receive is the joy our customers feel for something that is now simple, that was once so complex. Our goal here at Xero is to bring you the most beautiful US domestic payroll product that we possibly can. Over the next few blog posts, we’ll share with you our plans for seamless accounting and Payroll, provide some snippets of the product and invite you on our roadshow to see it all in action – live and up close.
Since the idea was first born to bring payroll to the Xero product here in the US, we’ve focussed on making the experience seamless and simple. No longer is it acceptable to separate payroll and the general ledger. This potentially introduces costly mistakes through export and import, or synchronization.
Transactions from Payroll in Xero will seamlessly flow through to, and impact the general ledger immediately – the way life was meant to be. Invoices for the taxing authority are created automatically, facilitating the visibility of what is often the highest payable a business has at any one time. In addition, wages expenses and associated deductions and reimbursements are represented as a journal. This impacts the Income Statement and Balance Sheet, reflecting the impact of the approved payroll immediately.
Finally, we can’t wait to show off our tax liabilities and PTO journals in the balance sheet! By taking in to account all employee’s total accrual and their current salary, the real liability is reflected in the small business accounts for the very first time. This subtle yet substantial feature ensures that payroll never again becomes disconnected from your accounting – ultimately reducing hours of administration, reports and manual journals.
Reserve a US Xero Roadshow seat
We can’t wait to share this with you in October and November when Xero hits the road for our 20 city partner roadshow. This special event is free to attend, qualifies for 5 CPE, and even includes lunch and drinks – making this a real opportunity to nourish the mind as well as the body!