BENEFITS OF XERO BOOKKEEPING SOFTWARE | ADELAIDE XERO BOOKKEEPERS

Bookkeeping and financial management has come a long way since the days of stuffing receipts into envelopes and frantically getting them to your accountant the day before your taxes were due. With the invention of the internet it is now possible to manage your finances in real time.

Cloud accounting allows collaboration within your organisation as well as with your accountants and financial advisers. Real time insight means you are always on top of your cash flow and puts you in the driver’s seat of running your business.

There are many cloud accounting software packages in the market. In Adelaide, Xero is one of the most popular, largely because of its flexibility, usability and reputation.

Founded in New Zealand in 2006, Xeronow has over 600,000 subscribers and is the leading cloud accounting software provider in New Zealand, Australia and the United Kingdom. This article looks at some of the main benefits of using Xero.

USER FRIENDLY

Xero can be used anywhere, on any device. Whether at home, in the office or even out and about, you can log into Xero and track your business’ performance, issue invoices or enter expenses.

Different users can log into your business from different email addresses. This allows you to set different levels of access for each user and therefore restrict what junior members of staff can see.

Another great thing is that you and your accountants can log into Xero at the same time. This means your accountants can help resolve queries as they come up.

When you log into Xero you will come to the Dashboard. This page gives you an overview of the business’ performance. The dashboard can be customised, allowing you to track key performance indicators, but the default items on the Dashboard include bank accounts, invoices owed and bills you need to pay. This gives you real time information on the key info you need to run your business from day to day.

 TIME SAVING

You can enable automatic bank feeds on Xero. This saves time as you don’t need to manually input the figures of import spreadsheets with the information. The feeds update daily so aside from saving time entering the information you also have the convenience of real time information on your financial position.

Aside from saving your time, having all your financial information in one place also saves your accountants’ time. They can access your information easily, can help to solve queries and can spend more time helping you to understand your financial position and less time counting beans.

Bank reconciliation on Xero is made simple as Xero learns from your actions and suggests how you should code future similar transactions. Not only that but you can set rules to ensure that Xero comes up with the right suggestion every time!

 FLEXIBILITY

Xero can be easily downloaded onto any device meaning you can access your account anywhere and at anytime. There are no upfront costs, only a monthly subscription. No installation fees or paying for maintenance or hardware.

It is easy to import data from existing systems. For example bank statements can be imported from CSV file and then coded in Xero.

As your business grows, you can upgrade your pricing plan. All plans allow unlimited users and access to the hundreds of add-ons that work with Xero, but some features like multiple currencies are only available on the premium plan. Only paying for the features you need allows you to save money.

Xero has many add-ons that can be demoed or purchased. These can help with entering expenses, reporting, budgeting, payroll and many other business functions.

 IMPROVED BUSINESS INSIGHT

Xero enables a wide selection of reports – from the standard accounting reports such as profit and loss, balance sheet and cash flow summary, to management reports such as aged payables, aged receivables, as well as performance and budget reports. These reports give you invaluable real time information on your business’ performance, helping you manage cash flow and make key decisions with greater confidence.

Xero offers GST and payroll reporting ensuring you can stay compliant with Government regulations. You can even submit your GST return from within Xero. The return is then saved within Xero for your own records.

These are just some of the benefits of Xero. Why not talk to us about your circumstances and the benefits of migrating your business to Xero Bookkeeping? At Adelaide Xero Bookkeepers we offer a customised, expert and flexible service to suit your unique business needs.