Tax Store Willetton

Xero Accounting

Keeping on top of taxation is a priority for individuals and businesses around the world, and over the past few years, tax evasion has seen a steady increase in prosecutions. Unfortunately, not everyone is as well equipped to deal with their own taxes as their governments expect, and it’s now becoming more and more common for individuals to find themselves in deep water over not declaring their taxes correctly.

One of the most common solutions is to hire a tax accountant based in Willetton, tax minimisation specialist like VSMA or bookkeeper, and these specialists are tasked with keeping track of a businesses’ earnings, in order to declare their tax payments and allowances. This in itself can be very expensive, and as a businesses’ payments will come in continuously, the need for an accountant is often a permanent solution. There is another alternative however, and that is by undertaking the task of self-taxation. This process is made even easier when considering the potential of online tools like Xero Accounting – a piece of software that enables the user to input their financial information as quickly and efficiently as possible, in order to submit their own taxes when the time comes.

So what is Xero Accounting, and how does it work? Well it’s actually a piece of entry level software suitable for all users, with advanced features that become available as your knowledge base grows. The software is free to trial, with further choices for a monthly/ annual subscription fee. When using the software, users are able to input all of their financial data, such as their invoices, reference numbers and unique identifier codes, and the software will then compile all of this information neatly and accurately for reference at any time.

Once taxation time comes round, you are then able to calculate your taxes, print off your form and then submit it to your taxation authority. This means that the expenses are cut out when considering hiring a middle man, and there’s no risk in delayed taxation submission, as you are in charge of the procedure yourself.

The software also accepts direct uploads too, meaning that you can scan invoices or receipts, place them within particular folders, and then designate them a priority. In general terms, it simplifies the entire process of self-taxation, allowing the user to keep on top of their payments, transfers and general accounting. It’s not just suitable for individual requirements either; in fact the software is fully equipped to deal with business demands too.

You can also define user accounts, and set access levels for different members as well. This benefit is unlike any other piece of software on the market within the same industry. This makes it even easier for business owners to delegate accounting tasks to one of the team; and that team doesn’t even have to be trained in accounting to take advantage of the features within Xero.

To download the tool and try it for free, simply visit the Xero website.