<span class='pageheading'>Articles</span>
<br>
<span class='generaltext'>
<br>
<br>
<a class='glink' href="#Q1">April 2018. Paraplanning in the UK</a><br>
<a class='glink' href="#Q2">April 2018. A review of the XERO accounting software</a><br>
<br>
<br>
<br>
<a name="Q1">
<b>April 2018. Paraplanning in the UK</b><br>
<br>
Australia has one of the most developed Financial systems in the world due to our developed economy and large pool of superannuation savings.<br>
<br>
However, when it comes to Paraplanning there are some pointers to the future coming from the United Kingdom.<br>
<br>
The UK has a number of features in their Paraplanning industry that are not available here. These may be things that we could consider here in Australia.<br>
<br>
This includes:<br>
<ul>
<li>A Certificate of Paraplanning qualification, which is lacking from the Australian market.</li>
<li>A 'Professional Paraplanner' magazine and news website.</li>
<li>Regular meetings of Paraplanners at technical meetups across the UK.</li>
</ul>
<br>
Paraplanning in the Australian market is driven by the standard Diploma of Financial Planning and related qualifications, and the Adviser associations such as the FPA.<br>
<br>
Our market is significantly smaller than the UK's in population terms however these points may be a useful guide to developments for the future.<br>
<br>
<br>
<a name="Q2">
<b>April 2018. A review of the XERO accounting software</b><br>
<br>
This article follows on from a short video that I posted on our YouTube channel shortly after the business started.<br>
<br>
Like many smaller businesses in Australia we use Xero for our accounts.<br>
<br>
Xero is a web-based Accounting system, headquarted in New Zealand. The company has been very successful and posted a combined revenue of NZD $302 Million in 2016.<br>
<br>
The window displays are well designed. The system can link to Australian bank accounts and import bank transactions into Xero automatically overnight.<br>
<br>
It is then a task for the morning to allocation the bank transactions that have come into Xero overnight to the relevant Xero accounts.<br>
<br>
This is the point at which things get more difficult.<br>
<br>
A criticism that could be leveled at the system is that the user effectively needs to learn the basics of accounting and bookkeeping to use the system.<br>
<br>
This in many cases would be the last thing that a small business owner would wish to be doing with their time.<br>
<br>
As an example, if a Director pays a business expense from personal funds such as a credit card, this transaction needs to be properly recorded in Xero.<br>
<br>
The method for doing this is not at all clear from the menu options and windows displays.<br>
<br>
However once the user has learned how to account for various events the system becomes much easier to use.<br>
<br>
Reporting is a strength of the system. Xero contains a large number of accounting reports including and extending beyond the standard Balance Sheet and Profit-and-Loss statements.<br>
<br>
Xero can be used to send quotes and invoices to clients, which are attractively formatted and go out via email.<br>
<br>
Finally, the system contains a basic payroll system for paying employees.<br>
<br>
Overall we would recommend this system for a small business looking for a functional and cost-effective online accounting system.<br>
<br>
<br>
<br>
<br>
<br>
</span>