The management of source documents – bills, invoices, receipts or anything substantiating a transaction – is critical for small business compliance. They’re also important for accurately and efficiently completing the accounting process, and ultimately, providing informative business insights.

However, there are often a few questions that arise when it comes to source document management best practices. Whether you are an accountant or small business owner, you’ll agree that source documents are a lot of administrative effort to collect and manage. It’s also estimated that up to 25% of a firm’s office space could be used for paper document storage (download our free ebook – Building a paperless practice).

Accountants are uniquely positioned to help their small business clients better manage source documents. Let’s break down some frequently asked questions to better understand why and how.  

Who should manage source documents: the accountant or the client?

The nature of every

Businesses around the country are struggling to respond to the effects of COVID-19. Whether your operation has closed or you’re just struggling to stay relevant in the time of social distancing, communicating with customers is key. But do you know how to stay in touch with customers?



How to Stay in Touch With Customers

In all likelihood, you may need to reach out to customers in multiple ways to really get important messages across. Here are 25 tips on how to stay in touch with customers you might consider.

Send Email Updates

Probably the easiest and most direct way for many companies to stay in touch is by email. Most small businesses already have an email list where they send newsletters or updates about sales or new products. This can be a valuable way to let customers know any changes your business is making right now due

The JobKeeper stimulus program just announced by the Australian government will help small businesses retain staff amid the COVID-19 slowdown. Read on to find out whether your business qualifies, what steps to take, and when you’ll see payment. 

Note that the details and specifics of JobKeeper will become clearer over the next few days. We’ll update you as we learn more.

Where do I start?

The first step is to register your interest at the ATO’s JobKeeper website. At this point, the ATO is only asking for your contact info and ABN. They’ll update you on what comes next.

If you’re an eligible employer, the ATO is promising to pay you $1,500 a fortnight for every worker who has been on the books since 1 March. You must then pass this amount directly to the employee.

If your worker normally receives less than $1,500 a fortnight in wages, they effectively

In these times of uncertainty, we’re adapting to ever-changing situations, and we’re truly grateful to have great teams collaborating to support you and your clients.

As always, we’re committed to providing tools and resources that can make things easier for you – and that’s why we’re pleased to announce the launch of Xero Tax to all accountants and bookkeepers on the Xero partner programme – at no extra cost.

Corporation Tax and Accounts Production for micro entities and for small companies (abridged) is now available. Read on to discover key features and how your practice can get started today.

Key features and benefits

What makes Xero Tax so special is its deep end-to-end integration with the core Xero product and its focus on time-saving workflows. Above all, Xero Tax is 100% in the cloud and beautiful to use.  

Check out some of the features:

  • Single sign-on: Sign into Xero Tax

We recognise that completing year-end will be more challenging this year as businesses are managing the impacts of COVID-19. We’ve built a guide for completing your year-end in Xero, but also wanted to make it easier for you, by highlighting the up and coming changes all in one place.

Managing COVID-19 Statutory Sick Pay

We understand that managing Statutory Sick Pay (SSP) for employees that are self-isolating because of COVID-19 adds a further burden at a time when reconciling is key. Xero has updated the SSP modal to support you through these changes. As our first step we’ve added a checkbox to the SSP modal that will allow you to indicate if time off has been taken due to self-isolation. Xero will then waiver the 3 waiting days for you and automatically calculate the SSP from day 1.

2020/21 Tax Year – Xero will take care of the following:

These

It’s no surprise that consumers often feel a more personal connection to small businesses. There’s something about doing business with an independent CPA or indie cafe owner than with a big tax accounting firm or national coffee chain.

But those personal connections have to be earned over time. With each interaction, one customer at a time, small businesses must prove themselves trustworthy. That trust forms the foundation for customer loyalty.

In October 2019, we surveyed consumers to find out what they look for in the small businesses they support, as well as what business owners can do to earn their trust. Here’s what we learned about how small businesses earn customer loyalty.

Understand your customers so you can exceed their expectations

How can small businesses get their customers to love them? Here are some great insights from our research:

  • Know where your customers prefer to interact: While small businesses