David Koch – Why you need online accounting

Today David Koch was the guest blogger on the Xero Blog. He talks about why Online Accounting is important to him and why he thinks your business should invest in it. Below are a few snippets of his blog.

Peace of mind

I don’t want to scare you, but all it takes is one office disaster and your files are compromised. A dodgy employee, fire, flood or break-in and you’ve got a problem. Hard copies of old accounts are often irreplaceable, and a lot of the time businesses don’t fully recover from disasters for this reason.

Using online accounting gives your business access to the latest software and data security that’s safer than the lock on your front door. Simple as that.

Incredible convenience

Being able to check accounts and invoices from anywhere is invaluable for businesses that aren’t office based like tradies and others on the road all the time. It’s like having an office in the palm of your hand.

Time and cost savings

Online accounting obviously means saving on paper, printing expenses and storage costs. There’s also the time saving of not having to sift through reams of paper.

Unlike the old days of expensive software packages, there’s no big capital outlay required for this convenience.

Work-life balance

Despite the belief that being able to work from anywhere means it’s harder to switch off, I find it allows me to be more productive in those previously unworkable pockets of time. Even five or ten minutes sitting in a taxi or waiting for a meeting can be used productively.


Source: Why you need online accounting

Xero: Side-by-Side Files

Being able to upload a copy of your bills is one of the many great features of Xero.

Today Xero announced an update to this feature to help build an efficiency within your business.

Once a file is in your Files inbox, you can create a transaction from the file, and view it side by side as you’re entering the details. It doesn’t matter whether you’ve emailed it in there, or dragged and dropped it into the inbox.

This gives you the opportunity to be even more efficient in the way that you work. You can select a file in your inbox, then create a new bill, purchase order, expense receipt, or a spend/receive money transaction.

When you create the transaction, the file will be displayed alongside the transaction you’re creating. This means you can easily key in the details as the information is right in front of you. The contents of your file appears on the left-hand side of the screen, while your form appears on the right. Hence Side-by-Side Files. We think this is pretty cool – have a look at how it works here:”

Source: Introducing Side-by-Side Files

Xero: Business Performance Dashboard.

Xero recently announced a new user face to their dashboard. The new user face is designed to help business owners keep control of their business.

More information will be released shortly, but for now we have the below demonstration video.

If you’re interested in setting your business up on Xero contact us today.

Self Employed? Claim a Tax Deduction for Personal Superannuation Contributions.


It may be possible to claim a Tax Deduction for contributions you have made during the financial year if you’re not an employee. This means, generally speaking a self-employed individual will be able to claim a Tax Deduction if the following circumstances are satisfied:

  • The personal contributions are made to a complying super fund or a retirement savings account.
  • The individual’s earnings as an employee were less than 10% of your total earnings for the financial year.
  • The individual is under the age of 75 years old.

If the above are passed then the individual hoping to claim a deduction must completed and submit a Notice of intent to claim personal super contributions to the fund by the earlier of the following:

  • The day you lodge your tax return for the year in which you made the contributions.
  • The end of the income year following the one in which you made the contributions.

The fund will then need to provide documentation showing that they acknowledge your notice of intent to claim a deduction.

An individual should have their personal circumstances analysed before attempting to make tax deductible contributions to their superfund.

Why Cloud Accounting is good for Business.


Of recent times there has been a large amount development in accounting software packages available to bookkeepers. The bookkeeping software market has become extremely competitive which is fantastic news for the consumer.

Douglas Accounting supports and encourages our clients to consider moving their bookkeeping software to the cloud.

Software packages to consider are:

MYOB – AccountRight Live |Essentials Live

XERO – Full Bookkeeping Software | Cashbook Only

If you’re interested in any of these products please contact our office today, we are happy to answer any of your questions.

Below is a short article by Xero that discusses some of the benefits of cloud accounting.

Continue reading

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Xero Accounting

Douglas Accounting Pty Ltd is now offically a Xero Partner.

If you’re interested in Xero please contact our Xero Certified Adviser (Tim) for a free demonstration.

Email: tim@douglasaccounting.com.au
Phone: 02 4982 9135