accounting

Top Ten Reasons to Use Xero

Happy New Year 2016!  January is here and it is a busy month for sure! It is time to organize 2015 information for taxes and also to start fresh for 2016.  Are you satisfied with how your 2015 business or personal financial records were organized?  If not, what are you struggling with?  For 2016, why not consider a fresh approach for your business or personal accounting.

Here are ten reasons why Xero may be a great solution for you

  1. Xero is based in the cloud, so you can access your information from any device with connection to the internet.

  2. Xero offers real-time collaboration with other team members or with your accountant or bookkeeper.  No longer do you need to exchange files and wait for the other person to finish their entries before you can continue working.

  3. The Xero dashboard provides real-time information on account balances as well as other information that is important for your business.

  4. Updates and upgrades are done automatically without you having to purchase new software.

  5. Xero reduces manual data entry by allowing you to create transaction rules which will automatically categorize your transactions.

  6. Xero uses bank-level security to protect your financial information.

  7. Xero integrates with hundreds of other business applications to increase your efficiency.

  8. With Xero, you have the ability to create beautiful client invoices from your computer, smartphone, or tablet.

  9. Xero can also be customized to manage your personal finances.  Often times, our personal finances can be more complicated than our business finances.

  10. Xero is a great tool for managing your rental properties.  By managing income and expenses throughout the year, year-end reporting for taxes is easier.

Contact us if you would like to try a free 30 day trial to see how Xero can help you!

Michele Simphoukham

End of the Year and Things to Think About...Besides Turkey

Best wishes from MAHKENGINE to you for a wonderful holiday season ahead!  Hard to believe that 2015 is coming to a close.

Between now and the end of the year, it is important to take a little time (in between the various work, social, and family gatherings) to evaluate your accounting and tax situation.  Yes, I hear the voices in your head that are saying I don't want to worry about that now.  However, by evaluating a few areas, you may be able to take advantage of some year end deductions and strategies to help reduce your 2015 tax liability.

Charitable giving: Make sure to mail your year end gifts or pay online before 12/31 to your favorite charity or your church.  Included in here are also the tax credit payments to public or private schools (Arizona taxpayers).  These payments will be an itemized deduction on your Federal return and a credit for your state return.


Contributions to retirement:  if you are self-employed, you can make a SEP contribution for 2015 by the due date of your returns (April 15 or October 15 if extended).  Start thinking now, so there is time to set aside available funds.  Your allowable contributions will reduce taxable income.
 

Capital gains/losses:  If you have sold some stocks, mutual funds, or other assets during the year at a gain, now might be the time to see if you have any losses to recognize before year end to help offset any gains.

Businesses owners:  Evaluate if there are expenses, equipment or other asset needs for your business.  Before year end is a good time to make these purchases to be able deduct them for 2015.

Ready for a new accounting system?  If you have been wanting to improve your accounting system, now is the time to get this set up so you are ready to go come January 1 with a new system.  Or, maybe your 2015 accounting records need some help to be tax ready for you or your tax preparer to be able to prepare for taxes.  Contact us and we can help you with a data conversion to Xero, get you organized for taxes, and start 2016 with an efficient system.