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Xero – Cloud Accounting

From April 2019 tax will be digital for VAT reporting and for all companies that turnover £85,000 per annum – also the current threshold for mandatory VAT payments.

From 2020 this will also apply to income tax for businesses. This government vision is known as Making Tax Digital (MTD).

Whilst companies with a lower turnover are not required to submit online tax returns it remains highly recommended for business efficiency.

What is Xero Accounting?

Xero is an intuitive cloud based accountancy application designed to make your business life easier and your accounts accessible – online from anywhere in the world and at any time.

The secure online system has a cloud version and a mobile phone or tablet app, which sync seamlessly so you can issue an invoice on-site or pay a bill from the comfort of your own home.

Prices start from only £5 per month with no setup fees or lengthy contracts. You can grant access to multiple users, at various levels, to manage bookkeeping and expenses and setup branded purchase order, invoice and credit templates.

It’s also easy to give an accountant access to your Xero account to run monthly profit and loss reports, management accounts and administer annual submissions all with a system audit trail.

Why do you need Xero?

If you run an established business and are looking to improve efficiencies or if you turnover more than £85,000 per annum then you need to submit your financial reports online from April 2019.

The best way to do this is to implement a digital application that will calculate your financial affairs and integrate with your bank account.

There are various online accountancy packages available and at Key Accountancy Services we have experience of many. We choose to recommend Xero because of its affordability and simplicity.

What are the benefits of Xero accounting?

There are a huge number of ‘add-on’ applications available that integrate with the Xero software to make it relevant to just about any industry or business structure.

Features are designed to reduce time and save money by streamlining business functions:

  • Fast bank reconciliation
  • Inventory
  • Payroll
  • Invoicing
  • Payments
  • Purchase orders
  • Expenses
  • Mobile app and access

Accurate data and financial reporting required for HMRC compliance and business decision-making is easy to report with Xero accounting.

Xero Training

Xero is easy to follow but the extra add-ons and financial reports available can be comprehensive.

We recommend a starter training session on how to use the system to bring you up to speed with the features that would most benefit your business operation and goals.

Once you have a basic understanding further training is available should you wish to manage your accounts on a more granular level – alternatively you can leave everything to us.

“Karen was extremely knowledgeable in using the Xero system and was even able to train us.”

[FAQ] How can I set up Xero Accounting?

It’s easy to set up a Xero account – you can subscribe yourself or we can create an individual account for you and share access.

If you don’t have an accountant at present or are thinking of switching to one that has already embraced Making Tax Digital, the first step would be to arrange a face-to-face meeting to discuss your individual and business needs.

For no-nonsense accountancy support and advice, contact the Key Accountancy Services team today on 01782 405442 or send a message.

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