I have just completed a monthly BAS for a commercial property development using Xero.
The banks insisted on having 5 different bank accounts;
one operating account
one loan account
one loan transfer account
one GST clearing account
and one sinking fund account. what a nightmare!
Not with Xero and the simple transfer between bank accounts, all done in 15 minutes, including lodgement with the tax office through Xero practice manager.
Take that mind your own business! They would have no chance of doing all that simply and beautifully!
If you would like to know more about Xero contact us here.