Integrated Investment Reporting Solution - Xero and Sharesight
We've partnered with the best Accounting System - Xero, and the best Investment Reporting System - Sharesight, to bring you a comprehensive investment, tax and accounting system and all for only $35.00 a month * (no that's not a misprint only $35.00 a month, including GST).
This system has already saved us hours and hours and now we can offer it to you. Free up your time for things you love doing and save yourself from much of the drudgery of reconciling and reporting investment income. This system is Faster, Cheaper and more Accurate, what else do you need?
Xero Cashbook - Helps YOU look after your bank accounts:
direct data feeds from your bank accounts - even from different banks
allows you to easily reconcile your bank accounts
allocate income and expenses to categories
prepare budgets and accounts
facilitates easy tax reporting
Sharesight - Helps YOU Look after your investments:
automatic pricing of most listed securities and many managed funds
automatics transaction feeds from many sharebrokers
automatic estimates of income from your investments
A number of different Investment Reports
With Xero Cashbook integrated with Sharesight you have a comprehensive investment reporting, tax and cash accounting solution
Because the two systems are integrated it is very easy for you to reconcile your investment transactions to your bank account and prepare your own accurate reports from which to prepare your tax return or allow your accountant, or someone else you trust, to prepare them for you.
You use Sharesight to look after your investments, analyse performance and gather research whilst using Xero to look after your all your bank accounts and - if you need it - simple cash accounting.
You can get started from as little as $35.00 a month for both (saving $4.90 on individual subscriptions). Or $19.95 per month for either Sharesight Single Portfolio or Xero Non GST Cashbook on their own. All prices including GST.
or call Andrew Parkinson on 07 578 3863 during business hours.
You're Not Locked in.
- You can cancel at any time, no catches, no penalties.
- You can download all your transactions in a generic format for use in other systems.
You are In Control.
- You can transfer your Sharesight and/or Xero subscriptions and all your data to another provider at any time if you want to.
- You can allow anyone you like to access your account with various degrees of functionality - read only, or read and edit, or full control.
Its Safe and Secure
- These are reporting systems, they can't "do" anything to your money or investment. No one can use them to steal or spend your money or buy or sell your investments they only report what's already happened.
- The data is stored online in secure facilities that are constantly being backed up so you wont lose all your data if our computer breaks down.
- Neither system has ever been hacked or compromised in any way (as at 17 March 2021).
If you already have Xero Cashbook through your accountant you can just open a Sharesight account. If you already have a Sharesight account you can just open a Xero Cashbook Account. You can leave the other where it is or arrange to have them transferred to us.
This is a stand alone service independent of the financial advice services of Bay Financial Partners Limited and open to almost anyone, you can use pretty much any adviser, broker or bank you like.
How Does It Work?
Xero and Sharesight are both "cloud based" you access them over the internet with an internet browser on your computer, laptop, tablet, cell phone and even some of the new Smart TVs. If you've got any of those you are good to go.
Once you got it touch with us and we've activated your account you'll get emails with your login details for each system. Then you'll set things up or get someone to do it for you. That might take you anything from a few minutes to a few hours, depending on how big your portfolio is and how many transactions go through your bank account.
Once both systems are set up.
- You login to your Sharesight account and enter any purchases or sales of investments that are on your bank statement and click the button to send the transaction to Xero.
- Then you check to see that the amount of income Sharesight thinks you should have received appears in your bank account. If it's correct click the button to send it to Xero for reconciliation.
- If it's not correct, you fix it in Sharesight click the button and send the corrected data through to Xero for reconciliation.
- The investment income side is done.
- Then if you want to, you allocate and reconcile any non investment transactions such as bills, pension received, gifts to the children, donations or whatever. Xero can automate much of this for you.
- You're done!
Well of course it's not quite that simple. Occasionally there will be things that don't reconcile, amounts in one system or the other that don't make sense, but they will be uncommon and you'll have plenty of time to sort them out because so much of the time spent reconciling will be gone,
You can reconcile the systems as often as you like.
- You can spend a few minutes each day - so you know you are always up to date, or
- Half an hour or so at the end of each month when you get the bank statement, or
- Spend a few hours at the end of the tax year.
(Of course the time that you need to be spend will depend entirely on how many transactions you have and the nature of those transactions and may be considerably more than indicated above.)
You can do it all yourself or delegate some or all of the responsibility to someone else, your accountant, financial adviser or anyone you please.
And you can go into as much or as little detail as you like with the bank accounts, you can:
- Just keep track of taxable items and stick everything else in "Other", or
- Prepare detailed analysis of expenditure by household member.
A couple might like to split the responsibility, one recording and reconciling investment income whilst the other breaks down the household expenses to analyse where your money is actually going.
As long as you pay the bill both system will happily work away in the background collecting data without your assistance so you can reconcile when you are ready.
If you are a trustee and responsible for the accounting and reporting of the trust you'll love it. You can give your fellow trustees direct access to either or both systems on a read only or edit basis. You can let the beneficiaries see the investment portfolio and bank accounts if you like. You are in control.
You can get started from as little as $34.50 a month for both (saving $5.50 on individual subscriptions). Or $20.00 per month for either Sharesight Single Portfolio or Xero Non GST Cashbook on their own. All prices including gst.
Setting Up Sharesight
Of course setting the system up will take some time. You need to start by getting all your existing investments into the system. You can just enter each one manually or if you are familiar with spreadsheets and already have the data in an electronic format you can upload the data directly into Sharesight as long as you get the data formatted correctly. Like everything it's easy when you know how.
Setting Up Xero
You can just enter a start balance and go live from the first bank feed but we recommend going back to the beginning of the current tax year as a minimum and preferably the previous tax year so you can reconcile Xero to your last tax return and set of accounts (if you have them). And get familiar with the system before the next tax return is due.
Some banks allow you to set up the Xero data feed using your internet banking login and you can get your data feed running and the data flowing through in a matter of minutes. Some bank data feeds can take up to 10 days to set up if your bank requires the printed forms to be completed or if you don't have an internet banking login. You can import old transactions from your bank from internet banking or enter transactions manually.
You can work with Xero's standard chart of accounts or create your own. You can always change it later but it's worth putting in some thought to what you want to report before hand. We are working on some simple templates with investors in mind which we will supply for free.
We Are Happy To Help
Both Xero and Sharesight have successfully been designed to be easy to set up and use with a wealth of on-line help and instructions. But if you don't want to set them up yourself we are happy to help.
Cost for us to Set UP Sharesight for you
If you are an existing client of Bay Financial Partners and have transacted through us in the last year we will set up your Sharesight portfolio - as recorded in our existing system - for free. And we will record future investment purchases and sales transactions you perform through us for free. If you require other transactions entered or want us to reconcile your transactions to Xero for you we'll do them for you at a charge of $57.50 for the first 10 transactions then $5.75 per additional transaction.
If you are not a client we are happy to quote you a price to set Sharesight up for you. It will be a minimum of one hour of our administration staff's time. And then at the hourly rate. It may take longer than an hour depending on the number and nature of the securities in your portfolio and how you currently have them recorded. If you have an electronic record we can start with it probably wont take us long. But if you only have pieces of paper it could take hours. If you tell us what you've got we'll be happy to give you a fixed price quote or you can set a maximum you are prepared to pay and we'll get all we can done for that price.
Cost to Set Up Xero Cashbook for you
Setting up Xero requires access to your bank account data and you really shouldn't give anyone else your internet banking login. We will happily talk you through the process of downloading the required files from your bank which you can then send to us. We will charge at our hourly rate to set up each bank account, import historical data you provide and reconcile 10 transactions to Sharesight, then $5.75 per transaction after the first 10.
NB You are responsible for checking that the figures are correct and that future transactions and dividends are correct. We can do it for you if you give us the information required but we will charge you for our time.
Please note with Sharesight Xero Integration we are providing a platform for you to use. We are not offering to do your reporting for you, or printing and posting.
If you want us to do the reporting for you this may or may be the appropriate platform and there will be additional charges, call us to discuss your requirements.
Bay Financial Partners Limited is a Sharesite Pro Partner. Our parent company Barons Court Holdings Ltd is a Xero Partner. Our Managing Director - Andrew Parkinson is a Certified Xero Adviser.
or call Andrew Parkinson on 07 578 3863 during business hours to get your Sharesight and Xero integration started.
* Xero Non GST Cashbook version and Sharesight Single Portfolio version - other versions available at additional cost, please call 07 578 3863
- Last updated on .