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.
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.”