The latest update means the cloud accounting system now handles tax depreciation and pooling of assets.
Xero has added new capabilities which, according to the company, makes it is the only small business accounting software in Australia with full fixed assets functionality built in.
This is mostly to the benefit of accountants and bookkeepers, who no longer need additional software – which can cost thousands of dollars, according to Xero – to handle tax depreciation and pool assets. Hopefully the cost and time savings will flow through to their small businesses clients in the form of lower fees, or at least delay any pending rises.
It will also benefit small businesses that look after their own financial affairs using Xero.
“In Australia, we have some of the most complex fixed assets rules and requirements in the world,” said Xero Australia managing director Trent Innes. “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.”
Support for tax deprecation and pooling has been one of the most popular requests within the Xero community.
“When we come up to year-end, one of our greatest fears is accounting for our clients’ fixed assets,” said Mazars Sydney business advisory and outsourcing partner Matthew Ashley.
“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.”