Cloud accounting software platform Xero has added new features to help small businesses track fixed assets and value depreciation for book keeping and tax purposes. Read on to find out more.
“In Australia, we have some of the most complex Fixed Assets rules and requirements in the world,” Xero Australia’s managing director Trent Innes said. The value of fixed assets, such as company cars and office equipment, can be difficult to calculate; it’s a time consuming process.
Xero customers have been asking for better fixed asset tools on the cloud accounting platform for a while. Now the Xero platform can help users calculate tax depreciation and pool the value of fixed assets.
Prior to the introduction of the tools, Xero customers would have to use additional accounting software to calculate depreciation of fixed assets.
The new Fixed Asset tools are now included as part of the Xero platform at no additional cost.