There will be significant system and accounting issues facing every business with the GST changes taking effect on 1 October. Maybe it’s time to shift to an online system like Xero?
Xero is an online accounting system that gives you – and us – easy access to your transactions and reports from your PC, Mac, i-phone or Blackberry from anywhere in the world with an internet connection.
Some other advantages of an on-line system are these:
Entering journals to reconcile your system with our end of year financial statements will be a thing of the past as we can work directly on your ledger directly through our browser. Even while you or your staff are logged in and working on your data file.
An on-line accounting system also eliminates the need for you to back up your accounting data as everything is securely stored in a data centre rather than on your server.
Using an online accounting system means you will be well prepared for the GST change on 1 October as the upgrades will occur automatically without the need for you to purchase and install an upgrade to your existing software. In fact updates will be a thing of the past entirely as all enhancements and upgrades are taken care of. This is increasingly an advantage with upcoming changes to business tax as announced by the IRD in May.
“Making Tax Easier” is the IRD’s new initiative to transform a predominately paper based process to one which is entirely electronic. The IRD’s goal is that all businesses and individuals will be required to submit their tax information electronically, either by themselves, or through an agent.
For most businesses, the cost of Xero is around $40 per month on a subscription basis. There is no need to purchase additional software to install onto your server. We have the opportunity to become a Xero Certified Partner, which we will do if we have enough support from our clients. Let us know if you’re interested in exploring this further.
On-line products such as Xero seem to us to be the way of the future. If you’d like to explore Xero, we can introduce you and have you up and running in no time – and ensure you are ready to go to file your 30 September returns and be prepared for 1 October.
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