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

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

Meeting payroll amid COVID-19 will undoubtedly be difficult for many Australian small businesses. So it’s reassuring to know that you may be eligible for a government cash-flow boost of up to $100,000. But you could miss out if you neglect a key bit of housekeeping: lodging your activity statement.

That’s because your activity statement (or BAS) is where you report PAYG withholding, and this is what the government will use to determine if you are eligible for a credit – and how much. The federal government is urging small and medium-sized employers to lodge their BAS by mid April to speed the delivery of aid. You don’t necessarily have to pay your tax bill on that date; payment may be deferred. 

How do I get relief and when?

You don’t need to apply for the relief. If you’re eligible, it will be automatically delivered as credits in the ATO’s activity

To our Xero community, 

These are challenging times for everyone. 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. 

Everyone’s business is being impacted in some way by the effects of the Coronavirus (COVID-19). Recently, we shared Xero’s response to the evolving situation, and I’d like to provide an update on a number of initiatives we have added to help you through these challenging times based on direct feedback from our customers and partners.

Dedicated Customer Response Team

For Xero customers needing support, we’ve assembled a Customer Response Team who can be contacted through Xero Central for guidance