Posted on 11-Dec-2012 10:52
| Filed under: News
Xero has announced a set of new features including 1099 and GAAP compliance additions for the U.S. market. The U.S. has experienced a sharp jump in the number of self-employed workers in the past decade, increasing 14.4 percent since 2001 to 10.6 million self-employed jobs in 2012, according to a report published by EMSI. The trend has not gone unnoticed -- in response to the hotspots of self-employed growth across the U.S., including Houston, Seattle, and Phoenix, Forbes recently called today's workplace the "1099 economy."
However, as small businesses increasingly tap into the self-employed workforce, they and their accountants face the annual pain of preparing 1099s more than ever before. That pain has only been exacerbated from the March 2010 passing of the "Patient Protection and Accountability Act."
Today, Xero online accounting software has simplified this arduous task by creating a streamlined workflow to prepare 1099s, and hot on the heels of this release will be integration with Track1099 to e-file -- enabling 1099 form data to be generated, forms electronically completed, and then automatically delivering those 1099s to suppliers and the IRS via mail, email and e-file. If a Xero user chooses not to use Track1099, the data can be exported in CSV format for use in other systems or for manual filing.
"I can't wait for Xero's 1099 features, which I expect will cut the time I spend on this process in half, and give me more time to focus on coaching and advising my clients on their financial health," says Ean Murphy, Business Owner, Moxie Bookkeeping, "Integration with Track1099 will replace what has previously been a massively manual job that business owners dreaded, and that can cost a significant amount in fees."
Xero President of U.S. Operations Jamie Sutherland says, "Small businesses asked and we delivered. The 1099 feature has been beautifully designed to make filing a breeze through Xero's online accounting platform. And with Track1099, both business owners and accounting professionals can file online minimizing the cost and time-consuming workload associated with 1099s."
Whether your business is in the United States, Canada or elsewhere, Xero now provides both International Financial Reporting Standards (IFRS) and, now, General Accepted Accounting Principles (GAAP) compliant reports on a single platform. Small businesses can select standard reporting for their country of origin. For accounting professionals, you can easily serve both sets of clients from Xero's Partner Edition. Just dive into any client's financials and the appropriate compliance reporting standard will be displayed.
This latest feature release for Xero also includes a range of powerful invoicing workflow features, adding to recently released online invoicing functionality. Xero has added email templates, payment terms, outstanding statements, and remittance advice for single payments. Also released are plain-English dashboard terms and auto-reversing manual journals. Because Xero is cloud software, new features become available to users automatically.