accounting

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

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!

How Can Accountants Use Blockchain To Step Up Their Game?

August 1, 2018 By raadmin

The buzz is continuing to grow across the business world for Blockchain, and we have written about it in the past, but how can accountants use Blockchain to streamline their work?

Wait, how does Blockchain work again?

Put simply, Blockchain removes the need for storing your own transaction records through creating an audit trail on “blocks”. These blocks are public and can be accessed/maintained by all parties involved in a transaction. The audit trail of a transaction builds as more information is added, blocks are encrypted to ensure privacy breaches don’t occur. Once a block is verified and added to the Blockchain. These can’t be manipulated by others but can be corrected by those involved.

Isn’t Blockchain only useful for cryptocurrency?

Cryptocurrency brought this technology into the zeitgeist, but these applications are just breadcrumbs of what Blockchain is capable of. The motivation for the use of this technology is secure and easy exchange of information between parties. These are very important capabilities when exchanging Cryptocurrency, but also useful for accounting and bookkeeping.

Why should I care about Blockchain?

Reports from the World Economic Forum suggest 10% of global GDP will be stored on this technology by 2025. Universities are offering courses in Blockchain, the next generation of accountants will be masters before they even enter the workforce. To put it simply, Blockchain is here to stay and is growing in importance.

How is this going to change accounting?

Because transaction information is entered into “blocks” and securely stored, there is no need for parties to keep their own records of transactions. However, there may become a triple-entry system, where transactions would be entered into both the Blockchain and each party’s ledgers.

Blockchain eliminates the need for auditors to verify transactions, this means accountants will no longer have to reconcile and process transactions as parties can record and share information independently. Standardisation also allows auditors to verify large portions of data automatically, saving time and costs for audits. This marks a shift in the workflow of accountants, through shortening the process of verifying information, this opens up other opportunities.

This technology can be used to improve the integrity of electronic files easily through generating a hash string of a file. Hash strings are electronic fingerprints of files which can be compared once timestamped into a file.

What changes are we seeing right now?

Robert Massey discussed the boom of Cryptocurrency business for accountants at the Accounting and Finance Show. As governments around the world develop better tax guidelines and recognition for Cryptocurrency, tax professionals will see more business.

Massey also discussed the idea of ‘smart contracts’ using Blockchain to embed contract details into third-party sources. For example, a contract where an invoice will pay for itself after checking delivered goods are received based on specifications and presence of funds in a company’s account. At the moment, ‘smart contract’ technology is being used in the legal industry, but the applications are wide spreading.