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Xero developing for JobKeeper and more
Here at Accounting For Good, we have been utilising Xero’s cloud-based accounting system for over a decade… and with good reason.
Not only because we believe it is efficient and a great tool for collaborating with our clients, but also because Xero is always investing in the software development that supports improvements to business processes.
Take the recent JobKeeper scheme as an example. Before the ATO applications were even available, Xero released enhancements to help process the wage subsidy.
Supporting business with JobKeeper enhancements
We know that the Federal Government’s JobKeeper scheme is complex. But Xero has been updated to help you navigate many of the necessary steps you have to complete in order to receive the subsidy payments.
Firstly, Xero Payroll can help you to identify eligible staff. The system presents you with a list of employees that meet the criteria. You can also amend the list by updating individual employee records if necessary.
Through the employee identification process, you allocate a start and stop date for each staff member. This sets up the system in preparation for reporting via Single Touch Payroll (STP). It is important to remember that payments from the ATO are made in arrears, so you will still have to pay your employees as per their normal payroll cycles and you will receive the reimbursement after the end of the month.
As part of the update to Xero, the software automatically creates a pay item that reflects the JobKeeper entitlement… This enables you to add the item to payslips and accurately report your employee payments to the ATO. Processing the JobKeeper Payment and reporting to the ATO are all incorporated behind the scenes of filing your STP. You don’t need to worry about any manual steps… Xero has taken care of them for you.
These new features are invaluable for many businesses as they remove confusion and allow for accurate and highly automated record keeping. And we can assure you that in times like these, it’s important to keep every financial transaction well documented.
We had the experience recently of working with a client’s related entity that was using a different accounting package, and the difference in ease of extracting information to calculate the JobKeeper turnover test was stark – Xero was streets ahead.
Always looking to the future
Xero’s success relies on innovation. Two years ago, it was awarded “best service innovation for Xero Learn and named as number three on the list of the most innovative companies at the 2018 Financial Review Most Innovative Companies Awards”.
The impact of COVID-19 has provided Xero with an opportunity to display their inherent ability to solve problems. There’s no denying that they have quickly produced solutions for some of the most challenging new accounting processes. They understand what their customers need and they are always looking for ways to improve…
“Our purpose is to make life better for small businesses, and during these challenging times, this mission is more important than ever. Millions of customers rely on Xero every day to help run their businesses online, and we are working hard to ensure that Xero stays strong, ensuring our customers have access to their financial information at any time.”
Xero Gold Partner
This dedication to continual improvement is one of the key reasons that we are so committed to our association with Xero. As a Gold Partner, we know the system provides extensive benefits to our clients and enables us to offer appropriate services that can be tailored to suit any sized not for profit (NFP) organisation.
Our team of highly skilled NFP accounting specialists use cloud-based software to offer you the service you need… whether you require accounting assistance, or need support with a strategic review or high-level reporting. Please contact us today, if you have any questions.
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