Xero

Applications Open for the Xero Beautiful Business Fund

August 30, 2023 By raadmin

Introducing the Xero Beautiful Fund, an initiative providing over NZ $750,000 in funding to our valued Xero small business customers – clients of small businesses – in Australia.

The Xero Beautiful Business Fund is now accepting applications from all Xero small business customers! Submissions close on October 6, 2023, and the winners of each category will be announced in November 2023.

About the Fund

There are four categories, with no restriction on the number of entries that can be submitted. If you believe you meet the criteria, feel free to submit as many entries as you like.

Innovating for sustainability
Strengthening community connection
Trailblazing with technology
Upskilling for the future

The application process for each category is very simple. All you need to do is craft a 90 second pitch video, upload it, and complete a brief online application form.

Spread the word

We are encouraged to share information about the Xero Beautiful Business Fund to contribute to a more promising future for small businesses.

For more information about these measures please click here or reach out to the Xero team.

Switch to eInvoicing

July 19, 2022 By raadmin

What is eInvoicing?

EInvoicing is a government initiative designed to make the exchange of electronic invoices more efficient via your accounting software. Once the sender generates the invoice within their software, the information will be directly sent to the receiver, ready to be approved and paid for.

EInvoicing enables better control over your invoicing by:

Automatically appearing in your software to reduce the need to manually enter the invoices
Using the ABN (Australian Business Number) of your trading partner as well as validating key details before the eInvoices are sent. This then removes the need to follow up the invoices that were incorrectly addressed or lost.
Removing the manual entry of invoices to eliminate the time-consuming and costly errors
Delivering the invoices with real-time information that can be accessed in your accounting software
Limiting the fake or compromised invoices as well as other false billing scams
Allowing you to seamlessly trade with other eInvoicing-enabled businesses across Australia and worldwide.

This process can be implemented easy and efficiently. For more information about these measures ask your accounting software provider or click here. However, if you do not currently use an accounting software, there are several free and low-cost options available.

How does Xero incorporate eInvoicing?

EInvoicing software is similar to Xero as it allows the eInvoices to be exchanged efficiently and safely amongst the government and other businesses. Hence why we highly recommend Xero as your go to accounting software.

Get started with eInvoicing with Xero within a few steps.

Within Xero, you can register via the Peppol network by using your ABN and it’s a free service.
In Xero enter your ABN, then enter your chosen customer’s ABN to ensure they are registered within the Peppol Network.
The eInvoices will be received automatically from the supplier which reduces the risk of misdirected emails or letters. This also means there is no need to manually enter the data into the invoice. These eInvoices can be viewed as draft bills via the Xero app or on your laptop, ready to be approved and paid for.

For more details on how it works in Xero check out the following Xhelp guide: Register to receive eInvoices – Xero Central

Get ready for a minimum wage increase

July 10, 2022 By raadmin

In reference to the Annual Wage Review, the Fair Work Commission (FWC) have made the following announcements:

As of July 1, 2022, the National Minimum Wage will increase by 5.2%, which measures to an addition of $40 per week.
The minimum awards wages will increase by 4.6%, which is subject to the awards classification of $40 per week and is applied to all full-time employees with a 38-hour week schedule.

Therefore, the minimum award wages:

Above $869.60 per week will receive an increase of 4.6% and
Below $869.60 per week, will receive a $40 increase

The new National Minimum wage will be $21.38 per hour and $812.60 per week. This will take effect on the first full pay period on July 1, 2022, and onwards. For example, if your pay period repeatedly occurs every Monday, the new rates will be applied from Monday July 4, 2022, and onwards.

Depending on whether you are covered by an award, this rate increase will occur in two stages. This new rate will be applied to most awards within the first full pay period either on or after July 1, 2022. However, for some awards in tourism industries, hospitality and aviation, this increase will begin October 1, 2022.

For more information about these measures click here.

Xero Document Packs are here for easy, quick and secure e-signing

July 31, 2020 By raadmin

Xero Document Packs is an electronic signing application using Adobe Sign for all documents that need to be signed. With this great tool, you can sign documents online without the hassle of printing, signing, and sending. Our team at RA Business Advisors uses Xero Document Packs and we think that it is super easy and quick to use this tool. Read on to know more!

We combine tax returns from Xero Tax, reports from our clients’ Xero organization, and PDFs that we upload. Then we add any extra signature lines, upload the document pack to a secure online portal and invite clients to log in and sign using Xero Sign powered by Adobe Sign.

Why is it useful?

1, Improve efficiency

You can just log in and sign with Xero Sign powered by Adobe Sign. No need to print, sign, send and file documents.

2, Safe and secure

Documents that need to be signed are stored in a secure Xero portal. Adobe Sign securely stores the signed tax return and the e-sign audit trail. You can also access a copy from Xero Tax anytime. Did we mention that Adobe Sign is the best-in-class provider, with over 40 million users of e-sign services?

3, Track who’s signing

All signing events are tracked and IP addresses are recorded in a detailed audit log. Xero also verifies who’s signing with their email ID.

4, Nothing new to install

E-sign works seamlessly within Xero Tax, so there’s nothing to install and our clients can access it from anywhere.

Sounds good, so how do I sign and authorise a document?

A, To authorise an e-signature request you’ve been sent:

1, Click Review Documents from the email.

2, Log into the Xero Portal:

If you’re an existing Xero user, trialist, or have used the Xero Portal before, log in using your existing email address and password.
If you’re not a Xero user, you’ll need to enter a password and your phone number, indicate you accept the terms of use and click Activate your account.

3, Click Review to open each document you’ve been asked to sign. If you have more than one document to sign, you’ll see a list.

4, After you have confirmed all document details are correct, click Start.

5, Click in the Click here to sign field to open the declaration options. You can type or draw your signature, or use an image or your mobile to sign. Click Apply to confirm the signature. The date field will pre-populate with today’s date.

6, If your signature is required in multiple locations, click Next to jump to the next declaration.

7, When all declarations have been completed, click Click to Sign to complete the e-sign process.

Or check out this page for a step-by-step video.

B, To view the audit report of the e-signed document:

You can download your signed document at any time from the Xero Portal, using the link in the request email. This will show you the audit trail of the signed document. The report is a full audit history including the IP address of the signer, dates and times of each action.

1, Log in to the Xero Portal using the link from the request email or by logging in to https://portal.xero.com/

2, Click Download for the signed document you want to view.

3, Open the PDF and go to the declaration or to where your signature is.

4, Click on the link under your signature, to open the audit report for that return.

5, Click View Audit Report. You can also type in the transaction number for another report.

C, Decline a request to e-sign a tax return

1, Click Review Documents from the email.

2, Log into the Xero Portal:

If you’re an existing Xero user, trialist or have used the Xero Portal before, log in using your existing email address and password.
If you’re not a Xero user, you’ll need to enter a password and your phone number, indicate you accept the terms of use, and click Activate your account.

3, Click Review to open each document you’ve been asked to sign. If you have more than one document to sign, you’ll see a list.

4, From the return, click Options, then select I will not e-sign.

5, Enter the reason for declining.

6, Click Decline.

A decline notice will be sent to your advisor.

How secure is it?

Adobe Sign e-sign services comply with industry-accepted standards and certifications. Adobe Sign stores all customer data in geographically dispersed data centers with state-of-the-art environmental and data security measures. Read more about Adobe Sign security.

NEXT STEPS:

If you need help, don’t hesitate to contact us! Give us a call or book a consultation on 07 3367 0852.

You can also check out some of our latest articles:

Taxi travel exemption now includes travel in ride-sourcing vehicles

Tax myths to avoid during this current Tax Time

Withdrawing super early and recontributing your super can result in consequences

Tips to advertise your small business for free

Utilising the Xero App Marketplace to Save You Time

October 2, 2018 By raadmin

Time saving for small business has always been the focus of Xero, with over 700 apps on the marketplace to make Xero save you even more time. With so many apps it can be overwhelming, but there is no need to worry about which ones are best for your business as each app is reviewed by users – no room for bias!

Research has shown small and medium businesses who use cloud apps grow revenue 30% faster!

There are four key areas that Xero apps help businesses exceed in

Project visibility and delivery: Achieve real-time views of projects that give you meaningful insight into how work will be completed and the impact on bottom line.
Managing cash flow: Make sure your cash flow is healthy by realising revenue and settling bills efficiently

Improve customer relationships: Generate new business through acquiring new clients as well as growing existing client revenue
Managing people: Improve your processes to attract, retain and develop the right staff

What are the best apps on Xero?

Let’s take a look at a restaurant business with a single storefront for example.

All of their accounting and payroll are processed through Xero, they also use apps to streamline point-of-sale, invoicing, and rostering.

Vend provides a database of products which can be used to view profitability against wages and other expenses, opportunities to see sales, payments and posted stock orders as well as plenty of tools to analyse loyalty programs.

Receipt Bank provides a one-stop automated solution for all supplier invoices to be deposited. Using your mobile device you can easily upload invoices through simply taking a photo. Receipt Bank automatically scans for GST and all other relevant information. This is all automatically uploaded to the cloud and transferred into Xero.

Deputy provides rostering software that all employees can easily use for time-sheets as well as processing leave and issuing rosters. Employees automatically receive messages whenever there is a roster change or associated changes. This app also allows you to easily juggle rosters in the case of an absent employee or spur-of-the-moment sick leave.

You don’t need to worry about juggling between apps as all of these are integrated into Xero. Even better, these are all scalable, a store expanding to multiple stores can easily use Deputy to manage multiple stores, for example.

But what if you don’t have a physical store?

If you are thinking that maybe Xero might not be for you as you don’t have a retail business, there’s still value for you if you are operating a trade business for example.

Through apps such as Tradify, tradies can manage jobs across multiple vehicles and process each job quickly through Xero. Through Tradify, a trade business owner can link their vehicles to employees, assign jobs, process billing for each vehicle and process payments for their employees – all through one app. Business owners can view all of this information through Xero at the end of the day, automating the things you don’t want to do and providing information you want all in one place.

How do I set this up?

If you are already an avid Xero user, jump on the app marketplace and have a look at the highest rated apps. Otherwise, if you want to take the guesswork out of integrating apps – give us a call! We understand the importance of time and can set up your business with Xero and associated apps using the method that suits you best. We pride ourselves on providing you with knowledge and advice to incorporate Xero into your daily life without any hassle. Apps such as Tradify offer automation opportunities within Xero that truly change how you work, book a meeting with us now and see which apps would benefit your business!

Here’s What Went Down At Xerocon 2018 In Brisbane

September 18, 2018 By raadmin

When we first started using Xero in 2010 we attended product seminars in small rooms of less than 100 people. There was no telling that less than ten years later, the Brisbane Convention Centre would be transformed into an all-encompassing more than 3700-person celebration of the platform.

What did speakers focus on?

Across two days of “Coachella for Accountants” we heard about some of the most exciting developments in the platform, but also learned to better appreciate work-life balance (and how Xero facilitates this, of course). The focus on work-life balance was part of the #HumanAtHeart theme for this year’s event.

Who were the best speakers?

Throughout Xerocon the speakers were presented in a way we haven’t seen before, all speakers were on stage at once, speaking at once. But while this may seem comical, each speaker was in their own separate quadrant of the stage, and the audience could choose which one to listen to through their headset.

Day 1: Simon D’Odorico was a treat; talking about the Xero product roadmap and how the mobile apps Xero are rolling out are going to give more freedom to anyone on the platform. Genevieve Bell spoke about the emergence of AI tech and their impact, while everyone seems to focus on AI as the end of humans at work, Genevieve brought a fresh set of eyes. AI is moving from a command and control paradigm into more of a contextual environment.

Day 2: Mark Manson kicked off the day with a bang, talking about finding happiness through adjusting your focus. As the author of The Subtle Art of Not Giving a F*CK, Manson had a great wealth of knowledge and made us laugh out loud while shifting our perspective on work.

Why is Xerocon called the ‘Coachella for Accountants?’

Xerocon sees thousands of accountants converging from around the country to hear all about Xero, network, and generally have a good time. When you take a look at what Xerocon offers, the name makes a bit more sense as well…

Pools…Mini golf…Fancy lighting…There was even DJ sets.

It’s like a mixture of a rock concert and a playground.

What was our highlight?

Having just read The Subtle Art of Not Giving a F*CK, hearing from the author Mark Manson was phenomenal! Manson’s view of the world is like no other, while we came to Xerocon hoping to leave with a fresh set of eyes on the power of Xero, we walked away with a fresh set of eyes on life itself.

Take a look at the great wrap video for Xerocon 2018 below!

https://www.youtube.com/watch?v=NyFcG1ifIjw

Xero Up Their Game With Acquisition of Hubdoc

August 29, 2018 By raadmin

Xero’s vision for the workplace is focused on providing code-free accounting, and the platform has taken huge steps towards this with the acquisition of Hubdoc. Hubdoc is an automated data capture solution for real-time financial data that verifies and organises data from over 700 financial institutions.

With this acquisition, Xero adds streamlined data collection and classification to its arsenal, complimenting Xero’s “financial web” strategy. Integration between the two services is currently surface-level, but deeper integration is promised for the future. This acquisition follows the recent partnership between Xero and Gusto to deliver full-service payroll. Xero and Hubdoc are currently dedicated to further enhancing the AI and machine learning features of Xero.

For businesses this development is very exciting, as cloud-based accounting solutions continue to change the face of accounting, Xero has been a frontrunner. With this acquisition, the Xero platform continues to increase in ease and accessibility, enabling businesses to offload bookkeeping completely as all documents are available in one central location.

Collaboration is one of the biggest benefits of using Xero; the ecosystem of the platform allows users to pick and choose from endless tools to suit their needs. Whether you are doing your own accounting, or an accountant delivering value to your clients, the Xero marketplace has tools for everyone. At RA Business Advisors we are passionate about small businesses utilising Xero; if you would like to learn more about how Xero and Hubdoc could benefit your business, get in contact with us today!

Mid-Market to See Xero and Intuit Enter Arena

August 22, 2018 By raadmin

As the roll-out of Single-Touch Payroll sweeps across Australian businesses, MYOB Premier have decided against adding relevant services to their platform. This has given Xero and Intuit incentive to enter the mid-market, but is it worth your time?

Hang on, what is the mid-market?

The mid-market consists of the 50,000+ businesses in Australia with more than 20 but less than 200 staff. As well as more than $3 million turnover and three or more users of the core business system. This is a market currently dominated by MYOB, but soon to be contested by Xero and Intuit.

Why would I want to use Xero or Intuit anyway?

These platforms have been game changers for small businesses, offering a cloud-based platform which is constantly updating to include support for the future. Technologies such as machine learning, bank feeds, as well as well optimised user interface are huge selling points of Xero. However, to many these options are only available to small businesses with Xero or corporate level businesses with Workday. This is where the mid-market jump for Xero and Intuit comes into play.

Why isn’t the mid-market using these platforms now?

One of the main reasons cloud software hasn’t penetrated the mid-market is because of fear and cost of change. The majority of companies using MYOB do so because they doubt smaller software can perform, and fear the cost of corporate platforms. But this is not the case, as more businesses are realising Xero can match and exceed the performance of MYOB, as well as offering more features at a lower price point.

Tick Tock, Time’s Almost Up

May 31, 2018 By raadmin

EOFY is just around the corner, so business owners beware. If you haven’t gotten it done, there is still some time left! If you’re a start-up founder, then pay extra close attention as I guide you step by step into your first business EOFY.

Step 1. Get your ducks in a row

Getting your documents in order is absolutely crucial when that panic sticking EOFY rolls around. If you don’t know what your number looks like it’s hard to make a plan on what to do. As we keep telling you, we are XERO experts and we believe in most circumstances that is the best place to get your business numbers sorted. For a start-up, there may be more cost-effective options to get you going and we can guide you through that decision.

Step 2. Seek expert advice

Many problems arise when tax time comes around; the biggest one is lack of understanding. That’s why our taxperts (link) are well versed in all the laws regarding tax. We provide both taxation and business advice to arm you with all the knowledge you need. Penalties apply if your business isn’t compliant with legislation, so avoid unnecessary fees by talking to one of our advisors today!

Step 3. Claiming is the game

Small businesses that purchase new assets under $20,000 are eligible for a tax write-off to the full value of those purchases. Traditionally, you’d have to wait potentially say five years to realise this return but thankfully this upfront deduction has been extended. One catch: the assets must be purchased prior to EOFY and businesses cannot write-off expenditure that they are trying to also claim through an R&D tax incentive. Other deductions such as superannuation contributions (new rules this year) can also make a big difference to your tax bill.

Step 4. Be aware

Tax rule changes are as frequent as Christmas these days, no matter what they change every year. It’s critical that you stay up to date with these changes. Last year the tax rate for small companies dropped from 30% where it had been stuck for quite some time. This year the rate is 27.5% for businesses earning under $10 million and 30% for businesses earning more.

Step 5. Arm yourself

Before the technological age really took off, owning a small business was a living nightmare. Thankfully the ATO has kept up with the times by offering an endless supply of small business administration information. Or if you’re really a tech head, there’s an app for that. Check out the ATO website for information ranging from start-ups to large businesses. There is also a huge array of clever apps on the market that can help streamline your business and free up your time for the more important things in life.