We’ve produced and collated some sustainability resources to help get them started. We give back to the communities where we do business by supporting community groups, businesses, customers and partners. Xero For Dummies is a perfect gift for friends and family – even those who haven’t yet made the switch to online accounting.
No credit card is required, you just need to provide your name, email address and a phone number. We ask for a phone number so that we can get in touch with you directly to help you get started on Xero. It is up to your practice how you would like to structure your Xero PSG package to suit the requirements of the grant. It can include the cost of the Xero subscription, setup, training and/or implementation.
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- Individuals often donate to causes they believe in, and corporations may be motivated by the tax relief they’ll receive for their donations.
- Like charities, foundations have a humanitarian outlook but they give funding or grants to other non-profit causes rather than raising money for their own initiatives.
- (What is the saying, “it takes 10,000 hours to become an expert at something”…you better get cracking if you want to be top notch bookkeeper).
Xero For Dummies – a guide to cloud accounting
You can upgrade a pricing plan anytime, but can only downgrade once you’ve been on a plan for 30 days. It’s easy to upgrade from a trial to a subscription with just a few clicks from within your Xero account. All your data remains securely in place, so you won’t need to add it again when you decide to buy Xero.
Social procurement
In addition, Xero Central is a free online resource to help you get you started on Xero, and our customer support team provides free online support 24/7. That combined with Xero’s one touch bank reconciliation function dramatically reduces the amount of time and resources you would usually spend on either task. If you’re still unsure whether Xero accounting is right for your business, consider the issues that you, and many small and medium sized business owners, struggle with in your accounting. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.
- If you see, or receive notification of a post that you feel is inappropriate you can Flag the post to report this to the Xero Community team.
- Cloud-based accounts payable software Tipalti is a robust solution designed to automate the end-to-end accounts payable process.
- And this year is no different, with updates coming to payroll in FY23.
The benefits of using Xero for your bookkeeping
After you become a Xero PARTNER (step 1), you can become a Xero ADVISOR (step 2). My aim for this article is for it to be the single greatest hub of information for bookkeeping entrepreneurs who are making decisions about their tech stack. Xero Accounting Software is a top notch software program that I want to make sure every Bookkeeping Side Hustler thoughtfully considers.
How do I start a non-profit organisation?
And this year is no different, with updates coming to payroll in FY23. Xero publishes free guides, reports, books and playbooks which bring together a wealth of knowledge and ideas for running an accounting or bookkeeping business. 68% of small businesses surveyed by Xero in 2021 want to operate more sustainably but many don’t know where to begin.
Ask questions, find answers, and collaborate on solutions for using Xero products and managing small businesses. We’re here to help you become a Xero expert, build your professional profile on Xero Central, and support your business journey. This being said, it’s very possible that QuickBooks Online may be a more suitable solution for your business. With Xero Projects, you’ll be able to track time, enter expenses, and record deposits—thereby monitoring project performance with up-to-date time tracking and invoicing reports once the project is complete. All of your expenses can be managed through your single Xero account, allowing you to track expenses in real-time, regardless of location.
You’ll also need to confirm you have the correct super information on file for all employees so payments are made to the correct fund and don’t bounce back. Here is a handy reference guide for more information on stapled super funds. How much these changes affect you will depend on the unique nature of your business and employees. Businesses that embrace digital tools accelerate their growth, according to Xero’s Small Business Insights special report. In 2021, Xero commissioned a study from the New Zealand Institute of Economic Research (NZIER).
Understanding what you can do with Xero – how you can use its many features – can enhance the productivity of your business and give you a clearer idea of exactly what is going on within it. Thousands of Xero customers use a combination of apps to build their own bespoke business solution to reap the benefits of automation, data accuracy, and insights. The goal is to encourage a shift towards a selection of suppliers, products and services based on not only the current criteria, but also on their social and environmental impact. This will mean that more of Xero’s procurement spend is directed to organisations, initiatives and projects that have a positive impact on the community and the environment. We’ve refreshed our supplier selection criteria to increase the visibility of businesses owned by people or groups who might traditionally be disadvantaged.
Creating a strong business plan, building the right team and efficiently communicating your message all help to get your non-profit off the ground. Being legally compliant and professionally managing your finances will help you claim any tax relief you’re entitled to. An active, brand-appropriate social media presence helps build your community and communicate your non-profit’s aims and achievements. Though plenty of community engagement can happen online, it’s also important to remember the impact of networking and meeting xero community – all you need to know people in your community in real life too. You may need to show your financial statements to funders or to access certain tax benefits.
Each year, the indexation rate applied to these loans changes based on the consumer price index (CPI). Indexation maintains the real value of the loan by adjusting it in line with shifts in the cost of living and affects the part of an accumulated study and training loan that has remained unpaid for more than 11 months. From 1 July 2022, the Superannuation Guarantee – the amount of super you have to pay an employee – increases from 10 to 10.5% of their eligible earnings (ordinary time earnings). It’s important to note too that super is payable to employees under 18 if they work more than 30 hours per week, regardless of how much they earn.
Still, if your business relies heavily on other software services, Xero is a better bet for making them all work together and ensuring everything is easily accessible. Xero doesn’t cover expenses with its Early and Growing plans, but does offer a raft of expensing abilities with its Established plan. Employees can scan receipts to record and track expense claims, slotting each expense into the best category for a report. The Established plan also supports a multi-currency function, which converts 160 different foreign currencies into your business’s local currency. Gusto’s full-service payroll starts at $39 per month, plus $6 per month per employee.
It’s a good idea to make sure your employee details and super information is up to date in Xero before the end of the financial year. The good news is that other than making sure all your employees’ super details are up to date, there’s nothing else you need to do in Xero. From 1 July, the removal of the $450 threshold will be automatically applied to the total super liability on selecting pay-runs to facilitate payments. No matter what industry you’re in, or whether you’re a sole trader or a growing business, there are lots of great reasons why you should integrate apps into your business operations. When you buy a phone, it comes with all the essentials you need to communicate. You can then choose and add apps that suit your specific needs, making daily tasks easier and adding value to your life.
Within your financial plan, include reserves you can dip into in higher-cost months (for instance, when you’re hosting an event), and balance this with cheaper months when you rebuild your reserves. This is often done by arts organisations, professional associations, and other types of non-profits to fund their services, such as a dog shelter charging an adoption fee to a prospective owner. Although you’re not in the business of making profits when you start a non-profit, you still need enough cash to keep your business going. However, the main goal of all non-profits is to further a social cause or mission, not to make a profit for shareholders or owners. While you can generate revenue as a non-profit, profits cannot be given to the company’s owners or shareholders – they must be reinvested in the business, to hire employees or fund new projects, for example. If you have selected the statutory rate as your calculation option for super payments, Xero will automatically apply 10.5% for pay periods from July 1.
The study reveals the financial benefits of investing in wellbeing for small businesses. This research was used to produce The Next Level, which offers tips for small businesses to get started with wellbeing, as well as digital tools to become more productive and more profitable. A number of apps that connect to Xero specifically support non-profits such as Keela and Infoodle. Along with Xero, they help non-profits save valuable time that can instead be spent on delivering positive impacts for people and the planet. Know Your Numbers is a free programme designed to empower small businesses and entrepreneurs with the financial knowledge they need to succeed. It includes access to digestible educational resources in a variety of formats and mentoring from accounting and bookkeeping professionals.