As a business owner, one of the more tedious responsibilities passed on to you is to ensure compliance for your employee’s Superannuation Guarantee. Following suit with this government-mandated contribution will keep your business from raising a red flag in the ATO’s direction. As we all know, a lot of time and effort is involved in manually managing super contributions. It’s a good thing that Xero accounting software now offers a way to make super contributions more manageable.
So what exactly does this new Xero feature do? For starters, it helps business owners like you to process super payments, create payment batches and have these approved by an authorised staff from your company. Later on, you can also use this feature to reconcile the contributions that have been made in behalf of your employees.
See how the Xero accounting software makes your Superannuation Guarantee compliance requirements more manageable? And we haven’t even touched base on the overall benefits of cloud accounting for your business. Read on to discover the plus sides of cloud technology:
Integrated API feature.
For business owners like you who would benefit from integrating different business processes into your cloud accounting system, Xero’s integrated API feature is a major advantage. This feature enables you to easily integrate payroll, inventory and other important business processes into your accounting program, making the calculations for your critical business numbers more convenient.
Timely and accurate results.
With pertinent financial data “up in the cloud”, both financial advisers and clients can get data anytime, ensuring accurate investment reporting on top of a wide array of wealth generation strategies. Notifications and updates, such as tracking contributions and pension payments, are also delivered on time through cloud accounting.
As cloud computing involves centralising data remotely, data is then fed into administrator portals – which can be accessed easily and can give you a clear picture of your member balances and investment valuations. This could also help you foresee potential problems in terms of pension drawbacks and contribution caps. As such, having pertinent financial information available at a quick pace can help you make informed business decisions.
Aside from importing bank transactions and utilising different techniques that can save a huge amount of time spent on data processing, having a backup on the cloud gives an added sense of security that your data is not stored in one PC only. By using cloud storage, your financial data is more secure, as it is stored in remote servers with advanced security and back-up features.
The Xero cloud accounting software can do wonders for your business finances. But more than that, it also significantly helps you comply better with super contribution requirements for your employees. Seeing how Xero can have an enormous impact on your business, don’t you think it’s time to move to the cloud?
Learn more about cloud storage and accounting by downloading our eBook “Exploring Possibilities: Moving to Cloud Accounting” here.