By Katie Insights • • • • • 0 Comments

Time to save you and your business money on your foreign exchange

Now is the time for you and your small business to avoid the scandalous and hefty bank fees when paying foreign currency invoices. How? By integrating XERO and TransferWise to handle your Foreign Currency (FX) invoices.

It’s now possible for any small business to save upto a whopping 89% when dealing with TransferWise (a London based foreign exchange transfer company) by integrating and paying invoices directly through XERO. Avoiding hefty 3-6% commissions from banks, businesses are offered a fair mid-market exchange rate and charged a small, transparent fee of no more than 0.5%.

How does XERO integrate and work with TransferWise?

It’s quite simple. XERO customers can now sign up and log in to TransferWise (invested in by Richard Branson) and now see their outstanding foreign currency invoices in XERO. Now it’s simply a matter of selecting the invoice, and choosing whether to pay by a bank transfer or debit card payment through the TransferWise system.

Payments have a 24 hour window, where the transfer exchange rate is locked to the agreed rate, and payments need to be made to TransferWise within that 1 day allotted time frame to secure the cost saving. Payments typically arrive to the foreign account within 1 – 2 business days, much faster than typical bank to bank payments.

Entirely on auto pilot an email is sent to the recipient to inform them that money is on it’s way to them, and again when payment has been made. Inside XERO, the system automatically reconciles the bill for you. Saving you money, time and stress.

xero transfer wise

Who is TransferWise for?

The TransferWise add-on is currently available for Xero customers in the United Kingdom and United States. Customers can pay invoices in 25 currencies to 46 countries.

Let’s Get Started

If you would like to speak to us about how we can streamline your foreign exchange payments, whilst saving you money, then simply contact us now.

If you already have a cloud accounting XERO account with us here at AccountancyAnywhere and you would like to integrate your setup with TransferWise manually, simply head on over to Transfer Wise Xero and log into your TransferWise and XERO accounts.Fees are calculated for each individual transaction and the mid-market exchange rate and transparent fees are always shown upfront.

To learn more about the fantastic and exciting benefits of TransferWise teamed up with XERO cloud accounting then feel free to give us a call on +44 (0) 333 123 3234

 

xero inventory control
By Katie Insights • • • • • • • • • • 0 Comments

XERO introduces inventory control and management for your business

We were ‘born in the Cloud’ which continues to enable an unmatched pace of innovation to the ongoing benefit of our customers. Our fast SaaS model has delivered over 150 new features and improvements so far this year,

said chief product officer Angus Norton.

Our latest innovations allow customers to manage cash flow through effective stock management, easily convert new business prospects through online quotes and manage their receipts, expenses and payments.

And CEO Rod Drury said

Today we’ve not only matched most of the features of traditional desktop software, but taken it beyond in terms of ease-of-use, mobility, value and performance. This is about ensuring more small businesses have the opportunity to succeed through a constant wave of innovations.

XERO release their brand new inventory control management upgrade available to all today, well within the 90 day timeframe that managing director Chris Ridd had informed iTWire that they would. This latest upgrade to the XERO platform may just be the final blow to the cloud accounting market place – leaving their competitors laps behind and shaking their head in amazement.

The latest addition to the power packed and intuitive user control features of XERO allows the real time tracking of the quantity and value of stock held by any small to medium sized business. The integration allows very easily items of stock to be added to quotes and sales invoices from within the XERO dashboard. For companies with multiple warehouses and more complex stock control needs there are literally hundreds of XERO approved apps to integrate alongside such as UNLEASHED and other XERO approved partner add-ons.

xero inventory managementTodays release sees XERO allow existing businesses who sell finished products to easily track, monitor, and seamlessly integrate into your accounting records your business stock.

Now, whether you are in the office, or abroad on holiday and only have access to your smart phone, you can login 24/7 and monitor your business inventory in the cloud. Each time you enter a transaction you can see instantly how much inventory you have on hand. You can also at a glance see the average sale price of any item, alongside reporting of the value of your stock holding. In an instant you can see which products are selling well, and which are not. The ramifications on purchasing and promotions are huge for the small business owner, and the power and flexibility of having this information at the touch of a button at any time, anywhere is powerful beyond words.

Flexibility with Tracked and Untracked inventory

XERO makes the distinction between tracked and untracked inventory and you can assign physical tangible stock to tracked, and things like services, drop-ship items, freight and so on can be assigned to untracked for anything you don’t need to keep count of.

With tracked items, Xero does all your inventory accounting for you. We continually update the inventory on your balance sheet so you always know the real-time value of your items. Your cost of goods sold is calculated for you, this allows you to keep an eye on your profit

Look out for even more inventory updates from XERO

XERO are not stopping there. We’ve got a lot planned for future releases, including additional reports, archive of inventory items, setting and managing minimum re-order levels and inventory count (stock take).

Xero added quoting to the system in January, and according to the company “Online Quotes complements Xero’s Online Invoicing capability, enabling small businesses to improve business efficiency and cash flow by making it easier and faster for quotes to be provided and approved on site and online, and for invoices to be sent and paid quickly.”

Xero_Side_by_Side_Files

Last October, XERO, also added the XERO Files online storage feature, that is now enhanced by Side by Side files (pictured above). This functionality allows things such as receipts to be kept alongside and linked to the relevant purchases inside the dashboard.

By Katie Insights • • • • • • • • • • • • • • • 0 Comments

Budget 2015: George Osborne says Britain ‘walking tall again’

George Osborne has unveiled his final Budget before the general election, telling MPs “Britain is walking tall again” after five years of austerity.

There were a few changes that are likely to be of  interest in today’s Budget. You can download the full official Budget 2015 document here.

A critical highlight that is important to us here at AccountancyAnywhere is Osborne’s comments that he confirmed plans to scrap annual tax returns and replace them with “digital tax accounts“, allowing people to manage their affairs using smartphones or computers, making full use of cloud accounting technology.

Mr Osborne hailed slightly better than expected growth figures, which suggest the economy will expand by 2.5% this year, rather than 2.4% and described his economic package as a “Budget for Britain – a comeback country”.

He said the government had met its 2010 target to end this Parliament with Britain’s national debt falling as a share of GDP, meaning the

the hard work and sacrifice of the British people has paid off.

We took difficult decisions in the teeth of opposition and it worked. Britain is walking tall again.

Five years ago, our economy had suffered a collapse greater than almost any country.

Today, I can confirm: in the last year we have grown faster than any other major advanced economy in the world.

Budget Highlights

The chancellor George Osborne cut 1p from beer duty, 2% from cider and scotch whisky – and froze fuel, wine and tobacco duty.

This a budget that people won’t believe from a government that is not on their side,

Ed Miliband told MPs.

Osborne said he would use a boost in the public finances caused by lower inflation and welfare payments to pay off some of the national debt and end the squeeze on public spending a year earlier than planned.

Major Key announcements in today’s Budget update were:

Personal allowance

The personal tax free allowance is to go up to £10,800 in 2016/17 and £11,000 in 2017-18.

In 2016-17 the basic rate limit will be £31,900 meaning that the higher rate threshold above which individuals pay income tax at 40% will be increased to £42,700. In 2017-18 the higher rate threshold will be £43,300.

The National Insurance upper earnings and upper profits limits will increase to stay in line with the higher rate threshold.

Abolishing Class 2 NIC

Class 2 NIC’s are paid by the self employed although only at a rate of around £2 per week. They plan to abolish these at some point in the next Parliament.

Deed of variation

They will be starting a consultation of how these are being used to avoid tax/IHT.

Personal savings allowance

The main change is the new Personal Savings Allowance. From April 2016 the first £1,000 of savings interest earned by basic rate taxpayers will be free of income tax. Higher rate taxpayers will have an allowance of £500. If you earn above £150,000 it doesn’t appear that you’ll qualify for the personal savings allowance.

The automatic deduction of 20% tax at source from bank/building society interest will also stop.

In the 2014 Budget 2014, it was announced that from April 2015 you won’t have to pay tax on your interest if your taxable income is less than £15,600.

When you add in the £1,000 new allowance you won’t have to pay tax on your interest if your taxable income is less than £16,600.

Capital Gains Tax

Not many additional changes here regarding Capital Gains Tax (CGT)  as the main change for non UK residents being within the scope of CGT has already been announced.

One change is to amend the tax legislation so that for Entrepreneur Relief purposes the definitions of a ‘trading company’ and ‘the holding company of a trading group’ do not take account of activities carried on by joint venture companies which a company is invested in, or of partnerships of which a company is a member. This will ensure that a company would need to have a significant trade of its own in order to be considered as a trading company. This is to combat the use of Joint Venture companies to increase Entrepreneurs Relief.

ISA changes

The ISA will be more flexible (allowing you to take money out and repay it before the end of the tax year) and there will also be a “help to buy” ISA for first time buyers. This suggests that 95% of savers would pay no tax on their cash savings. Osborne also announced a new help-to-buy ISA which will see the government add £50 to every £200 first-time buyers put away towards a deposit – in a move that will come into effect later this year.

Most of the big changes have been announced over the last 12 months including:

  • Non resident CGT charge
  • Increase in the RBC for non doms
  • Expansion of the ATED

Other changes
The Treasury has also reported other potential changes including a new IHT relief for a main residence left to children. This could potentially exempt properties valued at up to £1M from IHT.

Some of the plans in Mr Osborne’s statement – such as many of the ISA changes – are likely to depend on a Conservative victory on 7 May. Whoever wins the election is likely to set out another Budget later this year.

The Lib Dems will unveil their own tax and spending plans for the next five years on Thursday, which are likely to feature greater tax rises than planned by the chancellor.

xero partners with spotify
By Katie Insights • • • • • 0 Comments

XERO partners with Shopify strengthening the relationship of 150,000+ merchants

Xero (@Xero) announced today that it is partnering with Shopify (@Shopify), an industry leading commerce platform that allows anyone to easily sell online, at their retail location, and everywhere in between. The exciting new dual platform integration is expected to go live later on this year (2015).

With more and more businesses turning to Shopify as a true, powerful and robust, yet intuitive and simple e-commerce platform it’s perfect timing for XERO to announce their seamless cloud accounting integration. Here is the official statement from Xero relating to their timely and much anticipated big step that’s just been waiting to happen: Shopify partners with Xero

If you’re not familiar with Shopify (helped massively by US entrepreneur Tim Ferriss of 4 Hour Work Week fame) it is a platform that allows any one to sell online regardless of technical skill. Shopify provides everything you made need to sell online anywhere and trusted by over 150,000 business owners. Shopify offers a professional online storefront, a payment solution to accept credit cards, a point of sale system to power retail sales and a card reader to process credit card transactions through a mobile phone.

“The Start-up’s Secret Weapon: Contests” or “How to Turn $100K into $12,000,000”

– Tim Ferriss,

Read here on the 4 Hour Work Week blog the background about Shopify and it’s inception, and how it’s helped so many entrepreneurs succeed across the globe.

The partnership between the two technological giants now allows Shopify merchants to seamlessly track the impact of sales on their business financials, frees up time spent on manual data entry, and minimises the frustrations created by working with two separate systems.

Here at A&C Chartered Accountants we believe the future of accounting truly lies in cloud accounting. Not only that, we are very excited to see so many technologically advanced small to medium sized businesses starting out, making use of both our cloud accounting services, but also of so many fantastic services such as Spotify. 5 years or so ago, when such services didn’t exist, people’s life choices to go into business for themselves were restricted by cost and know how.

We’re extremely proud to be at the cutting edge of cloud apps and software integration and you can read more about our holistic integrations here: partner services and partner apps.

To learn more about our ethos and motivation to create something new and exciting with A&C Chartered Accountants, have a look at our article “Take A Walk In The Cloud“…

By Katie Insights • • • • • • • • • • 0 Comments

Migrating from Sage 50 to XERO – let us help

Making the switch from Sage to Xero – we’re here to help

xero-gold-partner-logoXERO conversion & set-up

Whether you’re starting a new business or moving from an existing system such as Sage50 we can help you business move to the cloud.

Here at A&C Chartered Accountants we’re a certified XERO Gold Partner – with literally decades of experience in accounting, taxation, banking and consulting. Our dedicated team will work with you to ensure your XERO cloud accounting system is set up properly and your existing processes and data migrated accordingly. On time, and online.

You will LOVE working in the cloud … A&C Chartered Accountants – Anytime.

Sage 50 to XERO

xero vs sage ukOur XERO Gold Partner accredited  team are able to migrate your current business from using offline accountancy packages such as Sage 50, to the cloud using XERO. XERO is feature rich cloud based accounting platform that is comparable in functionality to Sage 50, making it the ideal choice for businesses of all sizes, and simply far superior to the over simplified Sage One cloud package.

Our team will migrate the Sage database and ensure all records are correct in the conversion and migration process. We’re here every step of the way to integrate XERO into your business processes, which also means, full support and training following the migration, as well as taking a holistic view into any other integrated systems you may have in place.

Take a look at our cloud accounting apps and partners whom we are accustomed to integrating as full bespoke solution. We also have web development and IT partners on stand by who can assist with any customised solution you have in place already with Sage.

Foreign Currency Transactions? – No Problem

We even migrate your business foreign currency conversion, which is a particular difficult task for any business during migration. The massive benefit to foreign currency transaction using XERO in the cloud, is real time, live XE.com currency conversion, so your business is always presenting accurate data at the time of transaction.

Read more about our Sage to Xero migration service.

Using something else?

Not using Sage 50 or Sage One? No problem. Our team of technical gurus can review your current system, and develop a migration plan that’s efficient, accurate, and affordable.

New Business Start Up

Team-3Are you a new business and investigating the benefits of XERO over Sage? If you’re looking for an accounting system that can keep up with you offering affordability, flexibility, efficiency and that will save you both time and money, then XERO is for you. Why XERO? XERO will give you true power over your business.

Xero launched in the UK in 2008 after seeing huge success in its native New Zealand. Its usage has grown exponentially and is now the go-to choice for cloud accounting. At its core Xero is about freedom, it offers an unmatched level of accounting flexibility, powerful automation and collaboration whilst placing you firmly in control of your financial data.

However in addition to its feature-rich functionality, Xero really comes into its own through integrations with third party apps. Whether you run a plumbing firm, hairdressers or e-commerce business the chances are you’ll be able to directly integrate with Xero to streamline your workflow. Or leverage a specific app that’s been designed to do exactly what you need and make your life that little bit easier.

Our dedicated XERO team can recommend how best to set Xero up for your specific business needs. We can also make recommendations for any Xero Add-on’s, as well as other cloud apps, that could help you get even more out of your investment.  If you want to stretch the limits of Xero’s functionality A&C Chartered Accountants can design your custom reports, and any other specific configuration requirements you may have. The opportunities and insights are limitless.

If you’re interested in XERO over Sage, or, are currently using a Sage accounting package and want to migrate over to XERO – Contact Us now and we’ll be able to assist.

By Katie Insights • • • • • • • • • 0 Comments

XERO to grow UK subscribers

XERO forge ahead with UK growth plan through 2015, aiming for USA stock listing at the start of 2016

New Xero President Russell Fujioka: U.S. Market Will Be “Biggest”

cloud accountingXERO, one of the worlds fastest growing cloud accounting systems (see global growth trends) predict a surge in UK business throughout 2015. With eyes firmly set on a US stock listing for start of 2016 following massively capital injection of $111 million alongside formidable new leadership team.

“The primary thing is to get our new U.S. leadership team to do two or three quarters (with the company), so the earliest we would go now is early next year. But there’s no hurry,”

Xero CEO Rod Drury told Reuters in an interview on Wednesday

XERO has had an exciting start to the year already, with bringing on board a number of top executives such as Russell Fujioka (Fujioka most recently worked as a consultant for Xero with global venture capital firm Bessemer Venture Partners), and other critical hires in the past three months includeJames Maiocco (General Manager, Business and Corporate Development U.S & U.K), John Forrester (Vice President, U.S. Marketing), and Greg Volm (Vice President, U.S. Sales).

XERO shares traded at NZ$24.15 ($18) on Wednesday, after rallying to a five-month high of NZ$25.25 last week. The stock has climbed nearly 50 percent so far this year. XERO (XRO.AX) is currently listed in Australia and New Zealand and has a total of 400,000 subscribers covering the United Kingdom, United States of America, Australia and New Zealand, totalling a revenue of NZ$54.3 million in the 6 months to September. according to the company’s fiscal year 2015 report, Xero had 119,000 paying customers in New Zealand, 158,000 in Australia and 22,000 in North America as of September 2014

Without a shadow of a doubt, XERO has taken the pole position in the UK overtaking SAGE (SGE.L) in popularity as shown here via Google. XERO certainly is competing fiercely with local Australian competitor MYOB, who intends to list this year.

cloud accountingCEO Rod Drury believes XERO will be able to DOUBLE their UK market share throughout 2015, comprising currently 15% of annual revenue, to 30% whilst making serious inroads into the USA market which is currently dominated by INUIT Quick Books cloud accounting.

According to XERO CEO Drury, the USA has been a tough market to crack so far, and pins the initial resistance on the accounting firms hesitant to move over to true cloud accounting for their practice and their clients. Moving forward XERO believe they are now in an excellent US position and ready for expansion.

“I have the opportunity to come in and look at things from a non-historical bent as we go forward,”

Fujioka (@russfujioka) shared.

“I’ve had the realization of a couple of things. The business Xero was able to grow, to thrive in New Zealand and Australia, is not a model that is going to work in the U.S. That was primarily through accountants, bookkeepers and CPAs. There is a different way to convert people under the Xero platform.”

The US strategy will certainly be aimed at targeting the small business directly due to the nuances of the US’s 50 states and lagging adoption of cloud accounting practices.

“The central mission of the company is to strive to create a platform that helps small businesses thrive,”

Fujioka said.

“Accountants, CPAs and bookkeepers are a very important part of that. A financial platform like Xero, and particularly Xero, ties into the professional services of a CPA or accountant and the businesses have a higher predisposition to succeed.”

Also giving these businesses a leg up, according to Fujioka, is the foundational community of more than 29 million fellow small businesses.

“Any archetype for the heart of small businesses, the U.S. is the fabric of it,” he said, stressing the company mission “to help small businesses and be material, in the global view, to get the U.S. healthy on Xero and for small businesses.”

Cloud Accounting – An Integral Part Of Business Success

Just take a look at some of our client testimonials. We believe that what we can offer as a cloud accounting practice to the new start business, as well as existing business, is something that is truly revolutionary. Here at A&C Chartered Accountants we understand what is needed to perform in business these days. With so many of us used to working in the cloud in our personal lives, it seems bizarre not to have the flexibility of 24/7 bookkeeping, payroll and accounting also in line with how you’re currently doing business in other areas, as well as outside of the office.

By Katie Insights • • • • • • • • • • 0 Comments

Take a walk in the cloud…

Why should accounting and tax professionals take a walk in the cloud

geoopMost of us generally make use of ‘the cloud’ in our daily personal lives. From streaming music or movies, or accessing emails or sharing photo’s we’re very much deeply engaged in accessing and using cloud technology each and every day. Most of us don’t think twice about using a mobile device (phone or tablet) for many completing so many tasks – even online shopping. It is this introduction of cloud computing technology that has totally shifted the global consumer market in both behaviour and expectations.

Cloud Accounting

AA_Digital-SectorAccording to a 2014 survey by Network Management Group Inc. and Insight Research Group, 41 percent of professional accounting firms reported that they were not currently using any services or applications that could be defined as cloud computing, with 31.7 percent saying they are likely to implement a Web-hosted or cloud-based version of one or more of their firm’s tax and accounting applications over the next two years. But is that enough? Is the sector of accounting seriously falling behind while the world moves on and demands true cloud accounting power? We believe so…

What accounting firms need to understand, is quite simply, the demand is already here and the consumer is often more clued up than the service provider. It is this demand for cloud accounting that has put XERO on the world growth map as one of the leading and fastest growing SME accountancy software firms rapidly swallowing up more and more market share.

When we look at overall consumer behaviour, like a recent study by Internet World Stats and Pew Research Center, Internet penetration is at 87 percent for adults, with 18-29 year olds at 97 percent. Given the connectivity of clients and prospects, it’s unquestionably time for accounting firms to understand what the cloud is all about and take full advantage of its benefits.

So, what is the “cloud” and the future of “cloud accounting”?

AA_PartnersCloud computing technology has soared in popularity over the past 5 years in particular. Just what is the ‘cloud’ and how can it benefit us when it comes to accounting in the cloud – both for the accountant service provider, as well as the SME business owner?

The ‘cloud’ actually refers to an entire network of computers, servers and data storage that allows a user to access information via the internet from anywhere in the world with internet connection at any time of day. The flexibility is hard to describe without experiencing it. Cloud technology really does mean that so long as you have an internet enabled device (smartphone, tablet, computer etc) you can access files, information, data and so on literally at any time and from any location. Cloud service providers maintain the hardware necessary for digitally storing software and data, allowing users to upload, download and access files 24/7 without limits.

An example of many cloud applications (cloud apps) that we integrate, work with, and have become partners of are listed here: cloud apps.

For the tax and accounting profession, cloud services for cloud accounting can mean securely storing accounting, billing and time management software online, and using the cloud to store client data and information safely. But in the accounting world, does the cloud really have advantages over traditional methods? Yes, and there are several reasons why…

Efficiency, Convenience & Flexibility
With information able to be accessed anywhere, from any location literally around the world, from any device, there is no better way to share accounting information between client and accountant. Both the SME business owner enjoys a resulting bonus of greater efficiency due to total flexibility, and so is the accounting practice afforded the same boost – being able to share information between departments and offices with greater speed and flexibility. As a SME business owner having the convenience to log in and see that business data and insights instantly from anywhere is practically imperative to any business success these days.

Cost Saving
Moving to the cloud can save considerable headaches for both the SME business owner, as well as the accounting firm – allowing for streamlining on IT technology costs and training, as well as gross offline software fees being eradicated. Annual maintenance fees can be dispensed with in favour of more affordable monthly pay-as-you go models for cloud applications. Cloud services can also reduce the need for in-house IT staff, as cloud vendors handle server and software maintenance, as well as tech support. Vendors also typically handle system upgrades, which happen automatically, giving you immediate access to updated software.

Time Saving
Cloud accounting can seriously reduce time invested by both parties. The SME business owner can eradicate so many lengthy and time consuming tasks, with even the simplest of things such as taking a photograph of receipts using the XERO app to record expenses, all the way up to the software calculating VAT returns, and daily bank reconciliation to keep on top of debtors and so forth. The time saving benefits of cloud accounting are too immense to discuss here, and we will dedicate an entire article to this benefit. Needless to say, the ‘cost’ saving from great efficiency of time investment is critical to the business owner of today.

Reliability & Safety
With the rapid adoption of cloud services and cloud apps in so many industries and sectors has given rise to an explosion of increased focus on data security. Cloud data is typically far more secure these days than data held on your local device such as laptop as it has been by so many people for so many years. Security breaches like those experienced by major retailers, while widely publicised, do not reflect the low possibility that a reputable cloud vendor would be hacked. However, it is important to choose a reputable vendor that has been in the business for at least three to five years. Because it’s a nascent industry, vendors do tend to come and go.

Cloud vendors not only store data in a centralised offsite location, but they often keep copies of your information in one or two other locations for additional backup. The systems are typically self-healing, meaning that if there is a failure at one site you can immediately access the same data via another location.

Expectations
AA_ServicesThe widespread use of cloud technology in the consumer space is driving its transition across numerous industries—and that includes tax and accounting for cloud accounting service providers. Because consumers, as well as internal staff, are expecting cloud apps and cloud services to be the norm, we feel it is crucial to be at the forefront of leading the cloud accounting revolution in the UK.

If you are a SME business owner looking to boost your productivity, efficiency, competitiveness and save money – you should consider our cloud accounting technology and services. Contact us now to discuss how we can help your business grow.