Thursday, 16 February 2017 01:31

Xero enhances Fixed Assets software to help SMBs ‘work smarter’

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Xero enhances Fixed Assets software to help SMBs ‘work smarter’ Image courtesy of surasaki, stock images

Accounting software provider Xero has made a major improvement to its Fixed Assets solution with the inclusion of tax depreciation and pooling which it says will help accountants and bookkeepers work smarter.

According to Xero, the launch provides the only small business accounting software in the country with all the required Fixed Assets functionality built into one integrated solution.

Fixed assets management solutions help Xero partners track their clients’ fixed assets like company cars, computers and office equipment, for the purposes of financial accounting, value depreciation for book value and tax purposes.

Prior to the enhancements to its software, tax depreciation and pool assets had to be calculated by using additional software, meaning extra cost and time in data transfers.

Xero Australia managing director Trent Innes says the enhancement to Xero Fixed Assets will give advisers one place to store the information and the tools required, so they no longer need to switch between multiple pieces of software.

He says Xero is providing the time-saving and easy-to-use enhancements for free in its small business software, “eradicating the often thousands of dollars accountants pay for additional Fixed Asset software”.

”In Australia, we have some of the most complex Fixed Assets rules and requirements in the world,” Innes says.

“We know that these cause a headache for our partners, so we’ve come up with this simple yet powerful solution.

“Xero Fixed Assets is a sign of our commitment to helping accountants and bookkeepers work smarter. By freeing this time in their schedule, we’re ensuring they can focus on what really matters: providing quality advice to small businesses to help them grow.”
 
According to Innes, tax deprecation and pooling has been a much-desired feature for Xero partners and is one of the most popular requests from within the Xero community.

“When we come up to year-end, one of our greatest fears is accounting for our clients’ Fixed Assets,” said Matthew Ashley, Business Advisory & Outsourcing partner at Mazars, Sydney.

“It’s a complex process and over the years we’ve spent a lot more time than needed ensuring we’ve got everything in order. We can now streamline our own processes in this area, and focus on helping our clients build and scale their businesses.”


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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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