We use several accountings tools for our clients, depending on their needs and circumstances. We use either domestic software (Sage, A3) or foreing tools (Zoho books, Xero, Wave accounting). We tend to recommend the use of Xero to our foreign clients because of his great advantages. Xero, likewise other foreing tools, require a careful setup to allow accounting and tax reporting. One of our core servcies is Xero set up for Spain.
Read about what is needed to use Xero in Spain
The basic accounting tasks using Xero can be summarized as follows:
· Sales & accounts receivable management
· Purchases & account payable management
· Inventory tracking
· Bank reconciliation
· Payroll accounting
· Fixed Assets management
· Monthly, Quarterly & Year end closing (bad debts treatment, accruals, corporation Tax…)
Our services can cover all of the above task or only part of them.
The basic set up is that the client just use Xero as a billing software, creating the sales invoices using Xero. Some clients engaged in particular business (retailers, restaurants, hotels, online sellers…) use specific software for billing their customers. As long as their software can produce a list of sales in excel, we can upload this info into Xero to record the invoices.
On the opposite side, a client may assume all day to day accounting task. This is often the case with bigger companies. Our role here is to ensure that the accounting of the company is fully compliant with Spanish General Admitted Accounting Principles for SME (for instance that the accounts are correctly coded, withholding taxes treatment, parametrization of tax types, setting up depreciation rates…) and, of course, tax and accounting reporting based on the information provided by Xero.
Our fees would vary depending on our role in the accounting cycle. Other circumstances, as the number of transactions, number of clients, suppliers and employees, type of transactions (domestic, cross border, single currency or multi-currency…) would also impact our work load and, therefore, our fees.
If you are interested in our services, do not hesitate to contact us