As a business owner you have many plates that you need to keep spinning, so the right tools and software to automate and keep tabs on different areas of your company are crucial.
And when it comes to bookkeeping, it doesn’t get much better than Xero; their secure online accounting software lets you work from anywhere, share with your employees and collaborate with your advisors. Just add apps to create a complete solution for your business. Xero is the leading online accounting system for small businesses so is loved by many, but here are some of the reasons we love it- and you need it.
Importance of accurate bookkeeping
First things first, it’s important to understand the importance of accurate bookkeeping in business. The process of collecting expense receipts, gathering payroll data, getting payments to vendors and tracking outstanding invoices are all part of accurate bookkeeping, and absolutely needs to be properly filed. When it comes to your tax return and paying the correct taxes these figures need to be accurate, if they’re not and you don’t pay enough it could land you in serious hot water. Not just with fines and penalties, but if the government believes you’ve held back information on purpose it could mean a prison sentence. Good bookkeeping ensures everything is accurate and that you’re not paying too much, or too little tax.
What is Xero bookkeeping?
Established in 2006, Xero is a web-based accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial position.
As a web-based solution, Xero can be accessed from any device with an active Internet connection. With its robust accounting features, small businesses can view their cash flows, transactions and account details from any location making it incredibly handy and easy to use. Bank transactions are all automatically imported and coded, and online bill pay helps keep track of spending and stay on top of bills due. This can help to improve relationships with the vendors that provide critical business materials.
What features are included?
- Bank connections
- Bank reconciliation
- Pay bills feature
- Tracking and reporting
- Accepting payments
- Plus more!
Xero contains just about everything you need to organise your finances all in one place, making it a really useful tool for busy business owners. Xero offers unlimited user support and integration with a variety of systems; it comes with 30-days free trial period for product testing and feature evaluation so great for your peace of mind.
What are the benefits?
- Keep accurate records
Quickly categorise your bank transactions as they flow in to Xero each day so you can track cash flow and have everything ready at tax time.
- Keep watch on business health
See the money coming in and going out on a daily basis wherever you are, with easy-to-read charts showing up-to-date figures.
- Get paid faster
Reduce the time to get paid with online invoices that include a pay now button; the software can chase outstanding payments with automated reminders.
- Collaborate with your advisors
Proper collaboration means Xero enables you to both see the same set of data at the same time. This saves you from having to export data and send it to your advisor – as soon as you sent it, it’s likely out of date.
- Grows as you grow
Xero works with more than 500 products so you can craft a solution that meets your needs. It gives you the flexibility to create a mix that meets your business’s specific needs
Xero has the ability to transform your financial management and provides you with all the real time data you could imagine. It’s more ‘accountancy friendly’ than some of the more simple products on the market, and once you work with your accountants to get this right, you’ll never go back. The detail, features and holistic approach to managing company finances means that you’ll use it every day with pleasure.
Good bookkeeping software is essential to any business, and if you’re looking for software that can do it all then you won’t be disappointed with Xero. These are just some of the reasons why we love it- and you need it!