Shulou(Shulou.com)05/31 Report--

New Zealand cloud computing expert Xero is preparing to support RC's new digital VAT payment plan for production tax. From April 1, 2019, the turnover of all UK companies is £85000 higher than the VAT registration threshold.

Xero is one of the more expensive SaaS accounting suites that provides three levels for businesses of all sizes. The standard for Xerstarter is £10 a month, but it strictly limits the number of transactions you can handle each month: you only need to send five invoices, enter five bills and coordinate 20 bank transactions. This means that it applies only to the smallest businesses.

Xerstandard lifted the restrictions at £22 a month, but only £27.50 a month. Xerostandard provides multi-currency support for small and medium-sized enterprises operating overseas. Discounts for new subscribers are usually available at all levels.

Unlike some of Cyrus's competitors, all three levels support the submission of online VAT to RC. Bolted connections can also be used at all levels, including a monthly salary of £1 per employee, a monthly project of £5 per user and a monthly fee of £2.50 per user. You can invite your accountant to visit your books and any services you want to add for free.

Xero comments: getting started.

When you register for Xero, you will be prompted to add some details about the company and take it to the motherboard, where there will be a guide setup wizard waiting for you.

You need some simple questions to configure your financial year, whether to stick to Xero's default accounting category or import your own accounting category from the previous accounting suite, and invite you to connect the bank to the direct import transaction.

The add Bank account screen (also available from the Bank account screen on the Xero accounting menu) allows you to connect to the accounts of a large number of financial institutions doing business in the UK, including PayPal and commercial and personal services banks on the high street.

However, although there are Revolut, TransferWise, HSBC mature First Direct and many other online banking representatives. There is no digital challenge bank yet. At present, ING, Monzo and Shine have all disappeared, and foreign banks have also disappeared.

If your account uses two-factor authentication, you must generate a login code each time you synchronize its transaction with Xero. Otherwise, they will automatically synchronize every day. If your bank does not appear when searching the Xero list, simply select "add static", enter your sorting code and account number, and manually upload the statement in CSV format.

If you have a foreign bank account, you must extract the account number and sorting code from its IBAN to set it, and then you can upload any other reports that are not related to the account.

After you add an account, you are prompted for balances because they are the dates on which you want Xero to work-by default, they are the start dates of the month. For foreign currency accounts, you must-slow down a bit-double-click the balance field, then add the balance and confirm the exchange rate you want to use.

Once you have imported some bank transactions, Xero's tutorial wizard will allow you to reconcile them with your fees and invoice payments. Unlike some competitors, such as QuickBooks, Xero does not try to automatically classify transactions based on the description of the deal or the company involved, which means that your first reconciliation can be time-consuming.

Xero comment: invoice.

The next step in the setup process is particularly useful: add unpaid invoices and pay bills. This is an important step when moving business to any new accounting suite, but it's good to be clear about this. To fill in the invoice, you also need to enter your organization's contact information as prompted.

You can manually enter all outstanding bills or download the CSV template to help you upload a large number of bills. To help you balance your account, you should also add any invoices paid during the previously imported bank transaction.

Note that when using the template, you must enter the company number and amount of each invoice instead of simply entering the total amount to complete the import. Although you can easily choose to save the imported customer details when importing batch invoices, if you want to create the initial invoice manually, you should set up contacts and invoice templates in your previous organizational settings.

Helpfully, Siro also offers a free portal through which customers can view invoices and even pay immediately through PayPal.

Xero comments: employees, payroll and taxes.

If you have employees, at the end of the instruction account configuration process, you will be prompted to add them and set up your payroll account-Xero Payroll costs £1 per employee, with a minimum monthly fee of £5.

Once you enter basic data for each employee-name, date of birth, address, and dual gender 3354 the system will prompt you to fill in information within the standard range, including employee number, start date, NI number, and leave group, where you can set up their tax and pension data.

Xero can help you calculate and submit PAYE taxes, national insurance contributions, and pension claims in the process of managing and paying employees. There are a variety of human resources options, including leave application system and legal support for sharing parental leave.

In terms of VAT, Siro will automatically summarize your declaration form according to your monthly transactions and click the button to submit it to RC.

Xero comments: time, inventory and cost.

After creating a payroll calendar for employees, they can submit a payroll calculation plan and integrate it into an optional project management system. Xero also supports inventory tracking; you can automatically monitor the inventory level of the items you buy and sell when you enter the purchase list.

Issue customer invoice.

Yes

A complete fee system-£2.50 per user per month for bolt fixing-makes it easy for your employees to submit claims. You can set it to use Xero's receipt analysis, where the staff takes photos of the receipts and then sends them back to Xero for automatic analysis. Or, if you don't want to finish the processing on the Xero side, you and your employees can enter the information manually.

Like most online services, there is also an application market that includes a range of free and paid tools to help you connect to third-party services, including payment providers, CRM, timesheets, and project management tools. You can also connect to other Xero services, especially Projects and WorkFlowMax, for project management.

Xero comments: interface

Although Xero's main dashboards and menus are clear, because of some of its overview pages (such as the Payroll interface), many configuration pages look a little out of date because of the small font and text input area. Using them on a standard 1080p display is not particularly comfortable, let alone a higher resolution display.

Elsewhere, we found that the original HTML code that is visible is visible in the inventory tracking table. Another problem is that the service uses Flash-which is depreciated and disabled by default in most browsers-to generate graphs and charts for its sales summary reports.

By contrast, the Xero mobile app looks great and is very easy to use. It does not give you access to all the functions of the Web application, but provides you with key tools to monitor your business finances, add contacts, record bills and receipts, and create quotes and invoices on the move.

Xero also runs free webinar tutoring courses that you can sign up for, including linking your bank account to RC's new production tax digital scheme and how it works with the software.

Xero comment: judgment

Xero is a reliable and reliable accounting tool-if not always particularly attractive, largely due to inconsistent formats and sometimes looks a little poor on modern monitors. We like to pay attention to detail in the guided setup process, as well as an integrated inventory system, although Payroll is an additional feature.

Xero is one of the more expensive accounting tools you can subscribe to: it costs more than Sage and includes a lower quality of life than its competitor Quickbooks at the same price. The Starter program is particularly constrained by the inevitable low limit of monthly invoices.

Xero is good at its capabilities and is especially suitable for sales-oriented enterprises that need built-in basic inventory management, but it is not our favorite cloud-based accounting solution.

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