Cloud accounting solution Xero has announced a range of key updates to its product to make it simpler for small businesses to apply for JobKeeper and manage the ongoing reporting process.
The update will allow small business owners and their advisers to easily calculate their change in revenue over a chosen period of time to ensure they qualify for the JobKeeper program. It will identify eligible staff and process payments received.
Matthew Addison, Executive Director, Institute of Certified Bookeepers said the updates will ease the burden of the reporting process.
“JobKeeper has complexity in the initial enrolment and ongoing management. It is great that Xero have provided tools to enable the “Decline in Turnover” calculation and ease of administration in working to register and also pay the eligible employees in the required manner. Businesses and their Bookkeepers benefit from effective software that makes things, like rapidly implemented changes to payroll that was complex even before COVID-19, less complicated.”
The new inclusions were developed to coincide with the opening of the application process to the government subsidy. According to Treasury, over 800,000 businesses registered their interest in the program since it was announced last month.
Trent Innes, Xero Australia and Asia Managing Director, said small businesses struggling to operate through COVID-19 need urgent help connecting to the government assistance.
“These new online features give employers and their advisors the tools to demonstrate eligibility and navigate the payroll processes that are necessary to receiving government aid.
“Since legislation passed two weeks ago, our product teams have worked around-the-clock to ensure our customers could benefit from the new features when the JobKeeper program opened for applications.”
Innes said small business owners should expect further enhancements to the product suite in the weeks and months ahead.
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