Xero​ ​launches​ ​machine​ ​learning​ ​automation​ ​to​ ​improve​ ​coding​ ​accuracy​ ​for  small​ ​businesses​ ​and​ ​their​ ​accountants

Building on the success of its first machine learning project,
Xero announced the next step in its journey towards code-free accounting – the automation
of account codes and bills for all small businesses and their partners.
With more than 500,000 bills entered into Xero every day, and each line of a bill edited
individually, the automation of billing account codes is set to transform accounting practices,
ensuring greater accuracy and reducing the time small businesses spend creating bills.
While bills is the second-most commonly used feature of Xero, it has the second-highest rate
of defaults, with every small business using the system differently. Fifty percent of businesses
use 10 or more expense codes, while others create their own codes, which means that
information is often entered incorrectly. Xero’s new artificial intelligence system will consider
each individual business’s characteristics, then recommend account codes based on what it
has learned.

Read more here

MYOB invests in advisers with acquisition of Reckon’s Accountant Group

16 Nov 2017

In a further demonstration of MYOB’s commitment to the role advisers will play in the future of the accounting industry, MYOB has announced the acquisition of Reckon’s Accountant Group, a leading provider of practice software solutions in New Zealand and Australia.

Subject to regulatory approval, MYOB is acquiring the assets of Reckon’s Accountant Group, which includes three businesses – Reckon APS, Reckon Elite and Reckon Docs  – for a total consideration of A$180 million.

New Provisional Tax Scheme available from April 2018

AIM – new provisional tax option for small businesses

Small businesses that have turnover of less than $5 million a year can work out their provisional tax using the accounting income method (AIM).

AIM uses new functionality included in approved accounting software to work out payments. You can continue to use another provisional tax option if you think your business won’t suit AIM. It will suit your business if:

  • your business is growing
  • you’re new to business
  • you have irregular or seasonal income
  • it’s hard to forecast your income accurately
  • you have accounting software or want to start using accounting software.

Once you’ve opted in to AIM you’ll only pay provisional tax when your business makes a profit. This will help you to avoid cash flow problems.

As long as you make your payments in full and on time, there is no exposure to use-of-money interest. If your business makes a loss you can get your refund straightaway rather than waiting until the end of the year.

For more info click here