Click here to get this post in PDF
Prior generations of accounting software were generally designed for accountants with a complex understanding of the financial field. Most business owners had to focus their attention elsewhere to determine how well their company was being managed. This makes sense for many reasons that are understandable for anyone who takes the time to think about it. For suppliers, going online can save them money on hardware costs and provide more access points.
Xero is the third generation of accounting software that allows users to download transactions faster than second-generation software. Digit software company, Xero, has recently expanded into the countries of Australia and the United Kingdom.
I’d summarise for you the benefits of Xero as the latest in business accounting software technology:
- It’s web-based instead of PC-based, which means both the business owner and client can control records (not just the accountant or bookkeeper).
- If your firm has a team of employees or customers that need access to accounting records, they can now do so from any device with internet access – without the need for multiple copies.
- Xero is capable of displaying more types of graphical representations than PC-based accounting software.
- Chartered Accountants can also provide continuous updates and advice should you encounter any difficulties.
- Xero can automatically import bank information from your Bank’s website. Banks provide so automatically you import don feeds, which are manually imported. With the Bank Feeds feature, you never need to remember and enter your bank account balances into Xero. This conserves time and helps you avoid errors that could lead to an audit. There are not multiple upgrades that you have to subscribe to each year as you do with PC-based programs.
- PC-based accounting packages often don’t have security features protecting when using the integrity PC of- your based company accounting’s packages are sensitive, financially your information is vulnerable, and this security has holes. This many hours caused me, as an accountant for too small businesses, errors hours related to getting basic back procedures on such track with essential reconciliation such as or classification bank recon.
- Xero has this capacity and saves business owners many dollars of wasted accountant fees that they would otherwise have paid had they engaged an accountant using a PC-based software, and finally but most importantly.
- Reconciling accounts and billing customers is easy!
Xero is cloud-based accounting software that supports you manage your business finances and make better decisions. With Xero, your team will no longer need to be bogged down by the tedious tasks of data entry or manual reconciliation. As a bonus, you can access all of your financial information from anywhere in the world on any device with an internet connection!
The last advantage is of particular benefit to clients as I have found that accounts can skyrocket because the Bank has not been reconciled. In addition, I have even observed a spike in cash flow for customers who use more recurring invoices!
You have an essential cash book option through to a full suite, including accounts receivable, accounts payable, inventory, or departmental tracking. If you would like to grasp more about Xero or purchase your package, don’t hesitate to contact us!
You may also like: How Modern Accounting Software Has Innovated the Accounting Industry
