Dear Bookkeeping Community,
Here we are again: looking down the barrel of EOFY 2019. I was just thinking about how it doesn’t feel like it’s been 12 months since we last wrote an article on how to get prepared.
This year, however, I’d like to focus on some tools that you might consider using to engage with your clients and prepare them for a more streamlined EOFY.
Payday filing is very relevant at the moment - of course. We highly recommend visiting our payday filing home page so you can learn how simple it is to set up the Inland Revenue connection, watch a video of payday filing in action, register for a webinar and download our checklist to make sure you are prepared.
As always, we are here to help. Reach out to your Xero account manager if you have any specific questions or raise a case with Xero Central.
Consider reviewing your activity tab in Xero HQ. This serves up information on overdue GST returns, PAYE returns and transactions that may require attention - such as ‘statement balance does not match balance’ in Xero. Keeping across these alerts can help streamline your EOFY and help better understand what heavy lifting may be required,
Then use our Ask feature to set up templates to send to your clients asking if they would like help or just touching base.
Some ideas for your Ask templates:
- GST return overdue
"Hello <insert name>
As your subscriber, Xero advises us if there are any potential issues with your Xero organisation. We can see there is a GST return that is overdue in Xero. It may be that you have filed this with Inland Revenue and not saved as final in Xero.
With the end of financial year approaching, it is best practice to have as much as possible reconciled in Xero.
Please let us know if you need some help with the GST return."
- Statement balance does not match balance in Xero
"Hello <insert name>
As your subscriber, Xero advises us if there are any potential issues with your Xero organisation. We have been advised that the bank statement balance doesn't match the balance in Xero. It could simply be a batch payment or timing issue, however with the end of financial year approaching, it is best practice to have as much as possible reconciled in Xero."
Bulk Find and Ask
A relatively new feature we released is the ability to bulk find and ask. We love this feature as it allows you to not only review the uncoded statement lines but also the coded transactions.
Once transactions are selected, you can export to CSV or add to draft ask query.
Xero Health Check
Use our Xero health check to enhance your practice management workflow. The Xero health check template helps to refine your specialists services such as budgeting, forecasting forex and risk assessment.
Download the PDF template below and use it as a handy tool to:
- Identify data issues prior to drafting financials
- Customise a training plan based on your clients business
- Identify new potential revenue streams for you
- Increase engagement with your clients
- Identify coaching and advisory conversations for your clients
Thinking about the data health and end of financial year, it is really handy to know and understand the data and user behaviour in Xero prior to either handing over to the accountant or drafting financials yourself. Find out more about the Xero health check here.
Hubdoc is now available in New Zealand. Streamline your document management and save time collecting and managing documents. Use it to manage your files so that you can have a more streamlined EOFY. Not only do you get a free Hubdoc account for your practice if you’re a Xero partner, you’ll also get to add clients for just $1 per client per month for six months until 31 March 2019.
If you have any queries on the above, please contact
Head of Bookkeeping