Benefits of Xero

Benefits of using Xero for Sole Traders

Making sure you have the right tools for managing your income is incredibly important for growing your business.

It might be tempting to use a spreadsheet for your accounting data. But this isn’t always the best practice. Accounting software like Xero helps you see your cash flow in real-time. Reports and graphs give you clear information and a sense of the big picture.

You will need software that grows with you. Helping with tasks like payroll and direct payments. And you will be able to share data with your accountant remotely.

As a Xero Gold Partner, we truly believe Xero is the best for businesses of any size. Xero has a wide range of benefits and as a sole trader, you don’t need bloated software with unnecessary features – you need a package that does what it supposed to do quickly.

At Premier Tax, we can help get your set up and ready for managing your account seamlessly. For advice and help, why not drop us a call on 01782 479699.

Xero Accountant in Stoke

What is cloud accounting?

Using the internet instead of installed software brings many benefits – as we are always on the go, you can access your accounts from any device and be able to see real-time finances, wherever you are in the world.

Take advantage of all the services available such as; raising invoices, track expenses and manage your cash flow.

Utilise all the below services:

Bank statements feed directly into the software meaning that at the click of a button you can see how much money you have, what’s going out and what’s coming in.

It’s all backed up onto the cloud and takes up no server space, with no installation required, so no danger of losing your data.

Access anywhere at any time by as many people as you want, from anywhere in the world or just on your computer.

Invoices and statements can all be customised and sent at the click of a button so no need for expensive stationery or postage.

Awesome online support at no extra cost plus training videos are all available online

The smart phone app, Xero touch, allows you to photograph expense receipts and scan them directly into your accounts. You can also check who owes you money and call them up at the touch of a button.

New features are added all the time so if you want something, just ask and it may be in the next update!

Software is always up to date, no problems in using different versions.

User friendly, the software is aimed at the business user so it is easy to use. There are free training videos in case you get stuck!

Xero is designed to grow with your business and copes with everything from a one man band company through to a multi-site, multi-currency business.

Your accountant can see what is happening in real time so we have a better understanding of how your business is performing.

Fixed monthly fee means no upfront investment and you can have unlimited user and unlimited access.

Large range of add-ons which can enhance the software.

Spend less time with your head in the clouds and more time on Cloud 9. Xero is our Accounting Hero!

The benefits of cloud accounting

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud can give you a better overview of your finances and improve collaboration with your team.

With Xero, you can access the cloud anywhere. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective and easy to use.

Thinking of making the switch? Let us help you get set up.

Did you know that we’re Gold Partners of Xero?

The Sky is your limit……with our Cloud nine accounting partner Xero.We are now Gold Partners of Xero, please follow the link to find out more, and to get special package pricing & services: Xero Online Accounting Software

Getting ready for Making Tax Digital with Xero

Making Tax Digital is now here, but there’s no need to panic.

We know that there are still business owners who carry around a bag full of receipts but switching to online accounting with Premier Tax Solutions is simple and is guaranteed to make your business easy to manage.

All of our VAT registered clients use Xero online software. This means they have nothing to worry about now Making Tax Digital has come into force on 1st April – everything is done for you.

Xero takes care of the new quarterly tax reporting rules. Your VAT figures are relayed automatically to HMRC, you don’t have to lift a finger.

Premier Tax Solutions are Xero Gold partners and we are ready to support any businesses who have still not made the move to Cloud accounting.

We can even offer support to businesses looking to go digital, working alongside the company’s traditional account, if this suits your business needs.

Making Tax Digital means VAT-registered businesses with taxable turnover above the VAT threshold of £85,000 must use the service to keep records digitally and have compatible software to submit VAT returns.

But this could be good for your business as analysis from Xero suggests not using software means many small businesses lose out on growth in their early years as owners grapple to understand regulation and struggle to keep adequate financial records.

Xero say that nearly 90 per cent – or 4.9million – of small business owners admit feeling ‘overwhelmed’ by regulation when starting up. They also found two thirds of small firms admitted to having less than one day’s corporate financial experience or business education prior to the launch of their business.

Gary Turner, co-founder of Xero, said: “Small business owners feel overwhelmed by paperwork and rules they don’t have time to get to grips with. Many may see Make Tax Digital as another thorn in their side, but our research also shows that once business owners get on top of their finances, these businesses often prosper more quickly.”

Research from Xero shows that more than three quarters of small business owners had never submitted a tax return before starting up. Furthermore, two thirds admit they’ve been hit with tax return fines – with the most common fine being between £300 and £400.

Around 50,000 SMEs fail each year due to cash flow issues.

According to more than a quarter of SMEs, using digital accounting has saved them time.

Meanwhile, 22 per cent say it has saved them money and has encouraged entrepreneurism, helping trigger future start-ups.

To find out more about how we can help, call us on 01782 479699 or email hello@premiertaxsolutions.co.uk

Don’t panic – we can ensure companies make a smooth transition to new Making Tax Digital rules

Many companies have come back to work after the Christmas break facing a race against time to get ready for new Making Tax Digital rules.

Around 400,000 companies are still not aware that they will have to file their VAT returns online from April 2019, according to a recent report from a Parliamentarycommittee.

But there’s no need to press the panic button if you use a Xero Cloud accountancy partner such as Premier Tax Solutions.

All of our current VAT registered clients are ready for Making Tax Digital and we are geared up to help many more take action before April 2019. The best way to become Making Tax Digital compliant is to convert to online Xero accountancy software as this means that a company will get automatic filing to HMRC four times a year, as required under the new rules.

Some pressure groups have called for the changes to be delayed. Suren Thiru, Head of Economics and Business Finance at the British Chambers of Commerce, says at a time when companies are also facing Brexit uncertainties, a 12- month pause may help ease the move to digital tax returns.

But, here at Premier Tax Solutions, we believe a delay can be avoided by using accountancy software. We are a Xero Gold partner and are ready to support any businesses who have still not made the move to Cloud accounting.

We can even offer support to businesses looking to go digital, working alongside the company’s traditional account.

Our message to companies who feel left behind is that there’s still time. It takes just a few hours to get you set up on Xero and you will automatically be ready for Making Tax Digital. Using the internet instead of installed software means you can access your accounts from any device and be able to see real-time finances, wherever you are in the world. New add on services are being released regularly and we can guide you through each one as they come onto the market.

What is Making Tax Digital?

Making Tax Digital is a Government initiative that sets out a vision for the ‘end of the tax return’.

Under MTD, taxpayers will send HMRC summaries of their income and expenditure at least four times a year. HMRC says this will enable a more ongoing and accurate projection of tax due, as opposed to the current system of one tax bill at the end of the year. To do this, taxpayers will need to integrate their accounts with software in some way, meaning many companies will move away from the use of spreadsheets for the first time.

If you would like advice or help on MTD and how it will affect your business please call us on 01782 479699

How can I get paid quicker?

Healthy cash flow helps your business survive and Xero can help make it happen.

Getting paid on time and maintaining a healthy cash flow is how a business survives. After all, it takes money to keep the doors open, employees paid and the lights on. So the faster you can get your customers to pay you, the better it is for your business.

One simple way to make that happen is adding payment services directly to your Xero online invoices. Xero data shows that invoices with a “pay now” button to take credit card payment with Stripe or via Paypal can get paid up to twice as fast as invoices without a payment option and they are cost effective too as they have little fees. Most people will click and pay as they have their card in their purse or wallet rather than having to go online with a card reader to transfer money. Your customers like things to be made as easy as possible for them.

See how easy it is to set up Xero’s payment services and get your cash flow flowing.

If you would like any help with this call us on 01782 479699.

Work Smarter Not Harder With Cloud Accounting – Seminar April 2017

On Tuesday 11th April we delivered a seminar on how to work smarter not harder with cloud accounting in conjunction with the Staffordshire Chamber of Commerce. We had a great turnout of businesses looking to find out more.

With making tax digital coming along there has never been a more important time to consider moving onto cloud accounting. Although the government announced in the Spring Budget 2017 a one-year deferral for unincorporated businesses and landlords with turnovers below the VAT threshold, making tax digital is scheduled to apply from April 2018 for businesses, self-employed people and landlords with turnovers in excess of the VAT threshold with profits chargeable to Income Tax and that pay Class 4 National Insurance contributions. So unfortunately a carrier bag of receipts once a year isn’t going to be enough going forward.

Traditionally in a local business it was run on Sage that was installed on one computer and the book keeper would come in perhaps one day a week to input all of the data and manually reconcile the books. The business owner would perhaps want certain reports meaning the transactions had to be exported into Excel and then the figures manipulated to produce the exact report wanted. This process would be very time consuming and ultimately cost the business a fair amount of money due to the number of hours spent doing this. Sound familiar?

What if we told you that cloud accounting software such as Xero connects directly to your business bank account meaning you do not have to manually have to input the transactions? And that you can raise all of your sales invoices on the software so there is no duplication of work there? And that you can send PDF invoices or scan paper invoices to software such as Receipt Bank which will automatically pick out the invoice date, supplier, amount & VAT and post the data into the cloud accounting software? Hopefully you can see that by embracing cloud accounting you can learn to work smarter not harder and save money too.

If you are thinking about cloud accounting for your business or you want to save time on the admin and book keeping get in touch for a free no obligation discovery call to see how we can help to save you time & money on 01782 479699.

 

 

What is Xero?

15Xero is beautiful accounting software that millions of people love using to run their small business and because it is cloud based you can access it from wherever you are in the world provided you have an internet connection. There’s nothing to install, unlimited users at no extra cost, upgrades are free, and everything’s backed up automatically. And as a Xero Certified Partner Firm we can access your Xero account whenever we need to or if you need our help.

There’s a mobile app too – it’s called Xero Touch and you can use it to run your business on the go. You can send invoices to your clients and they can pay online, so you get the money right away. So if you are a plumber on an emergency call out you can invoice whilst you are out meaning no paperwork to come back to & no waiting to get paid.

Xero connects with your bank account so each transaction comes up quickly and matches up – like it’s magic. It receives your bank statements automatically via a secure connection, making it a breeze to reconcile and gain a complete and up-to-date snapshot of your business. No more waiting until after year end to find out how your business is performing as you can see things in real time!

It also connects to all sorts of popular business apps. There’s tools for point of sale, inventory, job tracking, CRM and hundreds more.So if you are a small business like us & want to use a direct debit system for example, there is a Xero add on call Go Cardless for that which links in with Xero, taking payment for invoices & the charges are only 1% of the money taken up to a maximum of £2. So it saves time, stress & money!

If you would like more information or to see how Xero can benefit you & your business contact us on 01782 479699.

Double Trouble; We’re 100% Xero Certified

Until recently it was Vanessa who was the resident Xero Guru as she was the only Xero Certified Adviser. Now, you can pick the brains of either of us as Emily is now also a Xero Certified Adviser.

Xero is cloud accounting software for the small business. We use it ourselves and so do most of our clients! It’s simple, smart and occasionally magical!

With Xero you can: invoice via an app on your phone or tablet, send out quotes to your prospective clients – track and chase their acceptance – and convert them into invoices when the order has been fulfilled, add links to your social media accounts on your electronic invoices – so your customers can like and follow you, access real time information with the automatic bank feeds, upload photographs of your receipts and attach them to the corresponding transaction within Xero and create ‘rules’ so that Xero knows where to post repeating items.

There are also over 400 add-ons, which integrate seamlessly into Xero to make your life even easier! They range from EPOS integration to time management software. From stock control to payroll. And from CRM systems (customer relationship management) to integration with Ebay and Amazon.

To find out how Xero may be able to help you become more time efficient and how we can help you become more tax efficient; call us on 01782 479 699 or leave your details on the Contact Us page.

Already using Sage or Quickbooks? Fear not, Xero are currently offering a free conversion!