Shoreline Accountants are now a certified user of Xero, running a business should be rewarding, not stressful. We can make things a little easier for you. Let’s start by saving you time and money: meet Xero.
Xero is the world’s easiest online accounting system – designed specifically for small to medium sized businesses. It’s all online, so you can work when and where you want to, just login with your PC, Mac or mobile device.
Cloud computing is the use of computing resources (hardware and software) that are delivered as a service over a network (typically the Internet). Cloud computing entrusts remote services with a user’s data, software and computation. In other words, the software and hardware that houses it is somewhere else, not in your premises, and others are responsible for the backup security and maintenance of software as well as the hardware that houses it. All you need to do is to make sure the data going into the system is correct.
Information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Real-time data is often used for navigation or tracking. That means if there’s been an automated bank feed, your accountants at Shoreline have done some work, or you have written out some invoices, we all can see exactly where the business is up to as the financial transactions through the accounting system are processed.
Automated Bank Feeds:
Xero accounting software will draw down the transactions from a bank in the prescribed time, based on when the automatic bank feeds were planned to be completed. In a large company, this may be twice a day, for a small business, it may be twice a week. If payments and receipts through the bank are coded, then the transactions are placed automatically in the accounts where they belong. Transactions that have no code are placed in the suspension account. One of the beauties of automatic bank feeds means the bank is always reconciled, even if only some of the transactions have been allocated to the correct accounts, so that through your accounts you can see your exact current position. Due to modern banking and online transactions, we no longer have to suffer the lag time that we used to, that came from waiting for a bank statement to arrive in order to complete a reconciliation of cheques that had been written and posted previously.
Because the accounting system is cloud based, several people can have the file open at once and be discussing what they see and deciding on a tactic that may relate to the financial position of the company, the timing of an invoice to be written, or what needs to be collected, etc. For example, an office administrator may have the file open, and be in discussion with the business owner, if there is an accounting query, the Shoreline accountant is able to look at the accounts and answer the query on the spot, by looking at the same file where the query is coming from.
Shoreline offers not only an introduction to Xero, but full training in a one-on-one environment for all clients. This training offer is open ended, so that you as the client are able to come back with any queries, or get additional, repeat or advanced training where required. It’s quite common for a client to request two introduction sessions, and we find that once people start to understand the full value of Xero, they want advanced training, which we are happy to provide.
This is a piece of software which enhances another software application, and usually cannot be run independently. Xero has lots of alliances with companies that have built software that adds on to the accounting program. One can measure the progress of projects, staff efficiencies, manage the client base and identify sales opportunities – the options are endless. With the big jump in cloud technology, there are lots of opportunities to find the right additional piece of software to drive your business forward.
With the accounting package and the client’s data “in the cloud”, Shoreline accountant or consultant can immediately give objective feedback to a business stakeholder about what is happening in the business, or discuss a particular transaction or overall performance. Another way to describe this is that a stakeholder and the consultants who have access to the cloud based accounting software and data can “chew the fat” over a number of issues. This helps to create closer relationships and gives greater understanding as both parties are looking at real “evidence” of any situation.
Constant Tax Planning:
While Shoreline accountants and tax experts have always preferred clients to discuss tax planning no later than April, with cloud computing, the balance sheet is updated in real time, and this means that there can be an ongoing conversation about tax planning with the client. It might be as simple as reminding the client and business stakeholders there are surplus funds that might – for example – be placed into a superannuation fund, or it may be that our accountants identify a potential problem with transactional tax.
Not that long ago, getting an application together for finance meant waiting for the accountant to complete a series of midyear or period accounts to support the application. Because Fresh Shoreline accountants and clients are working together, the accounts are pretty well always finance ready. A simple check by an accountant will mean that the accounts can be printed out and presented to the financier, demonstrating the control the stakeholder has over their business and their financial affairs within the company, as well as having a report on hand. This can save a lot of time and grief in the future for clients who need to increase their borrowings or change lenders for a better rate.
If you would like to find out more about how we can help you and your business, please contact Shoreline Accountants and speak to one of the team.