With the panic of COVID-19 beginning to settle down, it’s time now for businesses to take stock of their situation and begin to look at what’s next.

Financial planning, and preparing for what’s around the corner, has always been key to business success. But now more than ever, for businesses to survive this crisis, having a good understanding of your cash flow and a plan for the months and years to come is vital.

Getting advice from the experts

As a follow on from our popular session on government backed loans, I was joined last week by two financial experts from Xero’s partner community who shared their experience and insights when it comes to financial planning.

Our experts – Lauren Harvey, founding director of pacesetting firm Full Stop Accounts, and Jonathan Gaunt, founder of accountancy firm FD Works and app partner Xavier Analytics – shared their advice and guidance

This article was published on 11 May 2020. As the COVID-19 situation continues to develop, you can find the information you need on government support at the ATO’s dedicated page. Now more than ever, it’s an excellent time to engage the support of an accountant or bookkeeper to help navigate the subtleties of your setup.

In these challenging times, it helps to feel as prepared as possible for those things that are within your control. And while the impacts of COVID-19 continue to be felt, the requirements of EOFY remain. As always, when it comes to tax time, it pays to be organised.

Ever since Single Touch Payroll (STP) was introduced, tax time has been undergoing something of a makeover. This new payroll process is much more streamlined, which means that EOFY promises to be a much simpler affair. But not only has STP transformed EOFY as we know it,

It’s more important than ever for our customers and partners to have confidence in our product and services as they navigate these uncertain times. We’re focused on building out our platform to provide small business owners and their advisors with the tools and insights they need to help them survive, revive and thrive. 

Which is why we’re excited to share the news that Xero has been named a worldwide leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications 2020 Vendor Assessment. Download the report here.

SOURCE: “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications 2020 Vendor Assessment” April 2020, IDC # US45837020

The in-depth and independent report by IDC, one of the world’s leading market intelligence firms, evaluates the strategies, product and service offerings, capabilities, and current and future market success factors from 10 companies. The IDC MarketScape