Xero saves you time and money
Xero saves your business time and money. You don’t need a separate payroll services company and merchant services company when you have Xero (to take credit and debit cards).
All of your information is kept in one unified system for easy recall and instant interpretation. The more you know about how money behaves in your business, the better you’re able to make greater profits.
Payroll is tough. Using Xero though RCT Accountants makes it a lot easier. Xero lets you know how much tax and NI you need to collect to pay on the 22nd of the following month. It handles all HMRC submissions and is fully Real Time Information compliant. It also looks after sick pay, maternity pay, multiple pay rates, student loans, attachment of earnings orders, and more.
In the past, VAT was one of the most complicated and labour-intensive taxes any business needed to calculate. It could take days and during the quarter, you wouldn’t know from day to day how big your VAT bill was getting. Xero changes all of that.
Xero also effortlessly handles the multiple VAT schemes your business can be subscribed to, producing accurate returns for all of them. Log in to your Xero at any time to see your accrued VAT bill at any time during the quarter.
Your business performance dashboard
Xero’s business performance dashboards chart, track, and graph your company’s performance on KPIs like gross profit, net profit on net sales, and debt to equity.
When you want to know the numbers that drive your business, the performance dashboard presents them in clear and easy-to-understand formats which give you the knowledge you need to grow, protect yourself in tougher times, and keep your course as steady and predictable as possible.
Xero allows your company to record expenses and receipts so you can pay yourself and your staff back on business related costs.
By keeping information like this up to date, RCT Accountants may be able to claim any expenditure you make as a benefit in kind which saves you money on both your personal and corporate taxes.
Business dashboard snapshots
Not after a detailed report but want quick summaries on how your business is doing? The snapshots feature gives you the opportunity to see what monies are due in and out each month based upon the invoices and bills you’ve loaded onto the system.
You can check running balance and reconciliation information for each bank account and business credit card account your company has. You can even manage sales and expense budgets at a glance.
It’s completely customisable too. Every time you open Xero, you decide which snapshots you wish to see based upon how important they are to you and your business.
Invoicing and quoting
With Xero, you can send accurate and great-looking invoices using one of their custom templates or one you design yourself from scratch. Once you’ve completed the invoice, just send it off, even if you’re using your mobile phone.
Xero allows you business to handle bulk invoicing, past invoice replication, and recurring invoices. You can set up reminders before the due date and after, just to remind customers that their payment will be due or is now due.
The same system means you can send out quotes from your desktop, laptop, tablet, or mobile phone. A very useful feature of Xero is that, when your customer receives their quote, they can press an “accept” button so you can start working with them straight away.
One of the biggest changes to how you pay staff lately has been the introduction of compulsory, workplace pensions. This adds an extra 3% minimum to your wage bills meaning that, in addition to National Insurance Employer’s Contributions, the tax you pay on many of your staff is now 16.8%.
Xero assesses each member of your staff when you reach your staging date, it handles employee opt-outs, and produces letter and emails informing your team members of their enrollment or postponement.
The Xero system connects securely and direct to your business bank account. Every time it’s online, it downloads all of the recorded transactions it finds.
Customise the system so that invoices, bills, and purchases are correctly recorded and categorised in your accounts. Whether you sell hundreds of products a month of just a few, Xero can cope.
More ways to take customer payments
While many businesses still rely on cheque and bank transfer payments, more and more companies get their customers to settle by credit, debit, or charge cards.
Previously, you would need a separate and expensive merchant account to take cards (including PayPal and Apply Pay). On Xero, when payments come in, Xero reconciles the payment charge against the relevant invoice.
Plus, with GoCardless via Xero, direct debits are now open to your firm.