Are you using Xero to handle your Hong Kong business’s finances? Learn why a trained advisor can help you unlock Xero’s true potential.
As a business owner, there are few aspects more complex and integral to success than financial accounting. It’s essential to understand what financial accounting entails and how this knowledge can be applied to facilitate a successful business operation.
For business owners in Hong Kong, the financial accounting software Xero has helped with keeping track and managing their daily accounting activities from cash flow management to budgeting and tax planning. The cloud-based software allows users to reconcile sales invoices and expenses, create financial reports, and consult with certified accountants in Hong Kong when needed.
With an efficient accounting system like Xero in place, business owners can allocate more time to other aspects of their operation, while spending less time on manual accounting and bookkeeping processes. Xero also helps ensure financial records are kept in order to ensure a smooth audit process at the financial year-end of the company.
The key to success with Xero is partnering with the right expert who can help walk you through setting up and using the Xero effectively. Xero advisors are an excellent source for help, as they can provide crucial information tailored to your needs as an entrepreneur.
Are you wondering if engaging a Xero advisor is right for you? Let’s take a closer look at some of the top benefits of working with a Hong Kong Xero advisor:
You Can Leverage their Expertise and Support Your Business Growth
There are many things a Xero advisor can do to enhance your experience with using the accounting software. One of their most valuable contributions is ensuring the proper set-up and successful onboarding of your company in Xero. There are situations that can arise if your Xero account is not set up properly. An example is using the wrong financial year-end date in Xero. This will affect the reports generated in Xero and may result in financial loss if business decisions are made using reports for the wrong accounting period. Working with experienced Xero advisors eliminates this and other similar issues during the Xero onboarding process.
Receive Fast and Effective Feedback from Xero Experts
If you have any doubt on how to use any Xero feature or are new to accounting, an advisor can help provide feedback and support in real-time. This includes answering questions about accounting treatments or technical questions on transaction reconciliation in Xero. Working with Xero Advisors can save you a lot of time when dealing with challenging accounting or technical cases.
Partnership and Collaboration
Your Xero advisor will work with you to make sure all of your financial records are in order, as well as help maximize the benefits of using Xero to manage your financial information.
By staying in contact and providing the correct data to your advisor, you can build a more effective plan for your business’s success.
Understand Your Cash Flow
Cash flow is one of the most important metrics for any business to pay close attention to.
With Xero and the help of a trained advisor, you can track your cash flow in real-time, making sure that you have up-to-date information on the liquidity of the business, and cash flow conversion cycles for better decision making.
A Hong Kong-based Xero Advisor Is Confidential and Offers Complete Transparency
While an advisor’s help is invaluable, it’s also important to note that they are confidential. Xero advisors are well vetted and have an outstanding track record in the accounting industry. Your business is in the right hand and your financial information will be protected.
Help You Avoid Missing Statutory Deadlines
Xero advisors are well-versed in legal requirements and reporting timelines in Hong Kong. They can help you stay on track to avoid late submission of your financial report to the relevant authorities. From business incorporation to reporting at tax season, your Hong Kong Xero expert will help make sure you don’t miss any deadlines.
Help You Handle Audits and Tax Filing
Your advisor can help you create and maintain a plan to ensure that the annual audit process for your company is seamless. Xero has a detailed audit trail that keeps a record of the history and changes made in the accounting software. These help to provide the right information during the audit and reduce the turnaround time for the whole process. While Hong Kong-based businesses will usually pay taxes to the Inland Revenue, many different taxation options are available for entrepreneurs depending on their income level and other factors.
Your advisor can help explain these options, determine which ones are right for you, and help you prepare the tax computation for the accounting period.
Help You Harness the Full Benefits of Leading Xero Apps
One of Xero’s strongest benefits is the variety of third-party applications available, which can integrate with Xero. An advisor can help you find the best apps that can integrate with Xero, and provide automation in other areas such as payroll and HR management, inventory management, CRM, or purchase approval systems.
Understand Your Key Financial Matrix to Measure and Improve Business Performance
It’s important for entrepreneurs to understand the financial condition of their companies at all times. This includes being aware of the corporate tax rate, understanding various inventory management systems, as well as how cash flow is established and maintained.
By establishing a key financial matrix, you can ensure that your business is performing at its peak capacity and making money.
Using Xero with the support of a Hong Kong Xero advisor can help you determine the best financial arrangement for your business by working with you to develop your Key Financial Matrix, and utilize it to locate areas of growth across your business.
Discuss and Strategize Tax Planning with a Local HK Advisor
Best of all, your advisor can help you plan for the future by preparing a representation of all your income in advance, which helps to ensure that you’re paying the lowest amount of taxes possible. This is especially beneficial when it comes to savings on Value Added Tax (VAT) and any applicable fees.
How FastLane Can Help With Xero Advising
At FastLane, we are proud to be one of the leading Xero advisors in Hong Kong. Our team of expert advisors can provide your company with various services required to get you up and running with setting up and using Xero.
As Platinum Xero partners, we have an exceptional track record of providing support to businesses using Xero as accounting software.
If you’re considering partnering with a Xero advisor in Hong Kong, don’t hesitate to get in touch with FastLane! To learn more about the services we can provide, contact our team today.