Xero is one of the well-established cloud-based accounting software. It helps the people to connect with the right numbers at anytime and anywhere and also on any device. It is a very useful tool for accountants and bookkeepers as it helps them establish trust with small business clients with the help of an online alliance. Like, many other countries, it is also used in Hong Kong and Xero for Hongkong based business is in great demand. To know more read following blog post:
Requirements of Hong Kong accounting:
Talking about the requirements in Hong Kong for accounting, there are only a few and among them, the two most essential requirements are Audit and Tax Filing. Here, it is very essential to note down that for tax filing it is very important to the file the tax that requires the closing of the accounts are in need of an audit. In order to audit the accounts it is highly essential to have proper documentation.
Generally, a certified public accountant has the entire knowledge about tax filing, auditing the accounts and about the proper documentation needed. One can appoint their own certified public accountant for their accounts but hiring one is very expensive, so people can learn the basic accounts and manage them on their own.
Managing the accounts:
In order to maintain the accounts properly, it is very important to keep a note of two things: organization of the documents and expert-level knowledge in the field of accounts. If in case you are not having the required knowledge for the accounts, all you can do is make use of the Xero as it will help you manage the supporting documents in a very well organized manner.
Last, Xero is one of that software that will make you do your accounts at a much faster pace and with much ease. Even if you cannot organize your documents, you can leave that too on the Xero software.
Features of Xero for Hong Kong Business:
Specially curated for Hongkong business, Xero provides a variety of features that comply with your country’s accounting and tax regulations.
Invoice feature in Xero allows you to create customized invoices and send them regularly to specified customers and suppliers. You can also set a reminder for your frequent invoices and keep track of every invoice, whether or not they are paid. Xero provides a secure option of access for the view and changes the invoice. The ‘Pay Now’ option within the invoices allows the receiver to play in the real-time if they wish, with no hassle. You can also send bulk invoices instead of manually sending them one-by-one. It will save up a lot of time, leading to efficiency.
Xero provides a multi-currency option for Hongkong businesses, who trade beyond national boundaries. This feature allows Hongkong businesses to send and accept invoices and pay bills and expenses in around 160 currencies. Also, you can add preferences of currency for specific contacts you trade with frequently. It regularly updates the exchange rate, so you don’t lag behind and make mistakes in conversion. But you can always use your own exchange rate by updating it manually on the software. Xero converts all the received invoices and bills and converts the amount in a local currency that helps you keep an eye over cash flow in real-time.
Xero has connections with all major banks of Hongkong. It keeps tracks of all the bank transactions and updates them automatically on the software. You can also see all the transactions on the dashboard to keep track of cash-flow. Updated bank feeds will eventually help at the time of tax payments. Xero places all your income and expenses precisely, that will help you calculate tax liability for the respective year.
Xero provides a mobile application for both android and iOS users for remote accessibility. Business does not stop when you are not on your computer. That makes mobile applications more worthy. You can send and receive invoices, track and reconcile bank transactions, and receive payments. A mobile application also provides all the details regarding your customers and suppliers in real-time.
Xero has a variety of third-party applications that you can use according to your requirements and dimensions of businesses in Hongkong. Its list of third-party apps (XERO addons) like Fathom, Datadear, Shopify, simPRO, etc. have many features that are specifically designed to comply with your business.