Xero Cloud Accounting Solution

Timcole has been a Xero Solution Partner for more than 3 years and we have implemented the Xero solutions for more than 30 clients since 2017.

What is Peppol e-invoicing?

Peppol Electronic invoicing (or E-invoicing) is the ability to send an invoice digitally between the accounting systems of business suppliers and buyers. Unlike sending a PDF file or online invoice via email, the invoice is automatically sent to a buyer’s accounting system through a secure network. So there’s no need for the business to manually handle the invoice. It also works if the two accounting systems are different, because an international standard (Peppol) allows these systems to ‘speak’ to each other.

Solution Overview

We are proposing the following affordable solution package for SMEs to adopt the Accounting and Payroll Cloud Solution offered by Xero.

Package 1: (Basic Package)

from $1,900

One-time Fee

Read More

  Item Description Total Amount (SGD)
1

Xero Cloud Accounting Solution (Standard Edition)

1 Year Subscription @ USD30.00 x 12 Months

$500.00
2 Basic configuration, Setup & Training services

  • Configure Chart of Account
  • Setting up various Master and Look-up Tables (e.g. Fiscal Year, Payment Terms, Sales Category,
  • Set-up Reports and Management Accounts Template
  • User and Administrator Training (2.5 Hours for up to 2 users)
  • Remote Email Support for 30 Days

2 Mandays @ SGD700 per day

 

$1,400.00

Total (Exclude GST) $1,900.00

Package 2: (Premium Package)

from $4,400

One-time Fee

Read More

  Item Description Total Amount (SGD)
1

Xero Cloud Accounting Solution (Premium Edition)

1 Year Subscription @ USD40.00 x 12 Months

 

$670.00
2 Subscription of ReceiptBank Software

  • Auto capturing of Receipts/Invoices by snapping photo from the phone
  • Perform automatic Optical Character Recognition (OCR) to minimise data entry effort.
  • Direct Integration with Xero Accounting Software

1 Year Subscription @ SGD15 x 12 Months

 

$180.00
3 Comprehensive configuration, setup & training services

  • Configure Chart of Account
  • Setting up various Master and Look-up Tables (e.g. Fiscal Year, Payment Terms, Sales Category)
  • Set-up Reports and Management Accounts Template
  • Set-up customised Invoice Template
  • Set-up Credit Card Payment Integration
  • User and Administrator Training (2.5 Hours for up to 2 users)
  • Remote Email Support for 30 Days

3 Mandays @ SGD700 per day

$2,100.00
4 Data Migration Services

  • Customer Master List based on Excel Template (if any)
  • Supplier Master List based on Excel Template (if Any)
  • Set-up Beginning Balance (Carry Forward) from Old system to Xero.

1 Manday @ SGD700 per day

$700.00
5 Annual Technical Support

  • Phone and email support on Xero for 12 months
$750.00
Total (Exclude GST) $4,400.00

How SME is going to benefit from this solution

Traditionally, most small SMEs don’t even have a proper Accounting solution to keep track of their books.  They are normally just using Excel Spreadsheets which are prone to data entry errors, and they cannot effectively do double-entry system in an efficient manner.

By implementing the Xero Solution, SMEs can perform the following functions in an easier and effective way:-

  • Auto-generation of sales quotes and invoices.
    • Including the tracking and monitoring of the payment status and sending of reminders for payment
  • Capturing of all receipts and supplier invoices in a digital method, without having to keep all the physical documents forever.
  • Using Xero to track Inventory Management for Trading and e-Commerce Companies
  • Xero to automatically perform accounting double entry, such that a user (without Accounting Knowledge) can maintain and track their own books.
  • Generation of management reports for decision making purpose.
  • Xero also provides a basic Payroll Management system to track and manage monthly payroll processing.
  • Xero provides auto bank feed from all local bank to facilitate easier bank reconciliation
  • Xero connects to the Peppol E-invoicing network in Singapore to speed up your invoicing process. It also helps you get paid faster and helps with having healthier cash flow for your business.

We strongly believe that the implementation of Xero can provides for a  very significant productivity improvement especially in the administrative and back-office function for SMEs.

Based on our past client experience, we can quantify the following productivity improvements

  • Productivity improvement of 30%-50% from the reduction in man-hours in doing the administrative and accounting effort for our clients.
  • Minimise Revenue leakages with system auto-reminder function to alert clients with outstanding and overdue invoices
  • Increase in Sales Revenue by providing a better and speedy Sales Quotation and Invoicing experience to clients.

How is Timcole going to manage and administer resources for mass deployment for SMEs

  • As a company, we have about 7-8 permanent headcounts today.
  • As soon as we get approval to be a PSG vendor, we intend to increase our hiring to add a more dedicated team to support the implementation of Xero for SME
    • 1 Dedicated Sales Person
    • 2 Accounting Staff dedicated for Xero Implementation and Support for SMEs.
  • Our team will still be supplemented and supported by our existing core team who are already very skilled and experienced in Xero Implementation
  • We believe with this dedicated team, we have the capacity to support the Xero implementation for one SME client per day (ie. 20 new accounts per months)