Xero have implemented machine learning in sales invoices as the first step to smarter, more intelligent accounting systems that help create a better user experience. We look at how it works, and what it means for the future of small business accounting.
Fathom is a financial analysis and management reporting tool that uses your accounting data in Xero to help you monitor trends, identify areas to improve and assess the performance of your business.
The deadline for the latest quarterly Business Activity Statement (BAS) is fast approaching, and although the ATO does its best to make the process painless, there is still some work to be done before you can complete and lodge your BAS.
If your business is operating in Australia, you’re responsible for submitting Business Activity Statements (BAS) to the ATO – even if you did no business during the reporting period! These statements are used to report on and pay several different types of taxes including the Goods and Services Tax (GST) and Pay as You Go (PAYG).
When it comes to record keeping, small businesses that don’t use modern accounting software often find themselves in a difficult situation – They either have a shoebox stuffed with receipts and invoices or they end up with misplaced or lost records. You know you want to avoid both, but how do you know which records you should keep for the ATO? And what is the most effective way to keep them?