Aprio Cloud Blog

Running your business from anywhere has become a critical factor for success in today's ever-changing world. This accessibility is necessary in a world where easy access to a central office location isn’t always available. Utilizing accounting software that is capable of providing real time data about your company is key to making informed decisions.

At Aprio Cloud, our advisors understand that there isn’t a one-size fits-all solution. That’s why our team assesses each client’s needs to help them determine what software will grow with each company. Over the next few weeks, we will be highlighting the different accounting software solutions we recommend and what makes them stand out among the competition. This week, the spotlight is on Xero.

10/13/2020  UPDATE

Taxpayers with Foreign Bank Accounts Affected by U.S. Natural Disasters Get FBAR Deadline Extension

If you are a U.S. taxpayer that typically files a Foreign Bank Account Reporting (FBAR) form on FinCEN 114 and you have been affected by the recent natural disasters in the U.S., such as the California or Oregon Wildfires, the Iowa Derecho, and Hurricanes Laura or Sally, the deadline for filing your FBAR has been extended to December 31, 2020.

This extension provides an additional two months from the original extension date of October 15, 2020, and applies to those whose records are located in the disaster areas, even if the taxpayer does not reside there.

Starting and growing a business takes a lot of patience and persistence. It also takes an incredible amount of focus, which is why many businesses decide to hand over their financials to a professional who will make sure all of the numbers add up. Despite the upfront costs, Outsourced Accounting can save you money in the long run.

Aprio Cloud's partnership with Veem makes life easier for our global tax and accounting clients who send and receive money internationally. Veem allows for firms to send and receive payments to over sixty countries—and counting! Through multi-rail payment technology, Veem provides a convenience and a seamless global payment solution that eliminates the middleman. This equates to faster transfers, better tracking, and lower costs.

If you’re like many entrepreneurs, you thought you’d be able to handle every facet of your new business. You’d create the product, hire the staff, manage your advertising campaigns, make your own mini muffin platters for those early morning meetings, and, let’s not forget, handle the finances, too.

There is a huge difference between a Xero Accountant Advisor and a Xero Bookkeeping Advisor company. Most of the business owners I speak with don’t realize there is a difference, or understand what a Xero Advisor can do for them as a whole. So let’s break this down.

Like many cloud accounting advisors, we at HPC love using Expensify to streamline client accounting. Expensify has multiple features and subscription plans, as well as a seamless sync with Xero. However, like most accounting add-ons, in order to work correctly and best for your particular needs, it is important that you get it setup appropriately so that you can manage a new automated process, so that it’s not just another tool or set of to-do’s.

Just 10 years ago, doing business abroad was a huge undertaking for a small business owner. Now, the digital revolution has made the whole world accessible. In just about every industry, there’s been an increasing worldwide reliance on cross-border trading. Even the smallest service or product can now expand on a global scale.

Using Xero can be a great experience and covering a few essential steps that are often missed will dramatically improve the user experience.

Our setup, conversion and integrations team has listed a few of these essential steps that many small businesses don’t do when creating their accounts: