Before we get into the many ways that Xero could benefit your business, you’ll need to consider where or not it is the right platform for you. There is a range of other options out there, and the right one will depend on a variety of factors. You don’t have to make this decision alone; your accountant can help you weigh up your options.
It’s best to discuss your requirements with your software provider before signing up to anything, but rest assured that this technology has proven compatible with a whole range of industries. It is also easy to use in collaboration with your existing accountant because it is a cloud-based programme, meaning it can be accessed in real time.
There are also various add-ons available including Payroll and Stock Control that can further help you manage your business. This means that the provider has allowed developers from other companies to integrate their products in with Xero. In Layman’s terms, this means that everything works in sync, saving you time and effort.
Once you have made the decision to bring Xero into your business, you will probably need help with the conversion process from your current accounting system. The provider should take care of this, but it’s best to make sure you won’t be left in the dark once you’ve made the buy, so be sure there is help on hand should you need it.
Once installed, the software can help your business in many ways. First off, it will automatically import all of your transactions from your bank account, credit card and PayPal into one place – negating the need for manual data entry. This will ultimately save your company vast amounts of time and money.
Xero will also enable you to send smart, simple invoices with ease. The layout of these invoices is entirely customisable, too, so you can easily join your company logo or design. Not only will it fire off invoices via e-mail but it will even tell you once they’ve been opened.
Not only will the programme save you time on your in voicing, it will also help you control all of your bills in one place. This allows you to see a clear picture of what you owe and when it’s due. This way, payments can be planned ahead of time to help you stay in control of your cash flow.
Plus, adding bills could not be simpler. You can even set up recurring bills and make multiple batch payments, meaning that once again there will be less to enter manually.
You will also be able to receive one-click financial reports displaying all of your real-time business data. These reports are interactive and will automatically calculate your return.
There are over 40 reports available, including profit and loss, balance sheets and many others to help you prepare your GST. This software takes all the hard work out of the process, making your data easy to access, whilst keeping it safe by implementing advanced security measures.
The main attraction of Xero is that is allows you to access your accounts from anywhere, at any time of day. All you will need to access all of your financial information is a computer, smartphone or tablet.
Another plus is that there is nothing to install or update, so you won’t need to spend time managing the software – it will simply manage everything for you. In addition, Xero automatically backs up and saves everything, so you’ll never need to worry about losing important data again.