Xero: Is it time to make the switch?
By Renee Ballinger
At UHY Haines Norton we have been advocates of Xero Online Accounting Software for years now, and still believe it is the best solution available for business owners. Xero is the leader in the online accounting software space, providing business owners with real-time visibility of your financial position in a way that’s simple, smart and secure. We have found that there are many benefits and time efficiencies for our clients using Xero, in particular with payroll, data entry and bank reconciliations.
The major benefits of using the Xero software are:
· The automatic bank feeds feature allows your bank transactions to import into the software each day, ready for you to reconcile (which minimises data entry errors)
· You have access to real time, up to date financial reporting
· Multi-user access means that by having simultaneous access to your software file, there is better opportunity for collaboration with your team, accountant, and advisors
· You can access your business data from any device (computer, mobile, tablet), anywhere you have an internet connection
· There is the ability to automatically record repeating transactions (again, minimising data entry and the potential for errors)
· Xero can be operated in conjunction with existing industry specific software, or utilising an ‘add-on’ (software solutions designed to integrate seamlessly with Xero, such as project management or payroll rostering)
· Automatic invoice reminders help you get paid faster, assisting with business cashflow
· There are no software upgrades to purchase or install, as this is all covered in your monthly subscription
· The cloud storage solution means that there are no data files to backup
· Xero offers unlimited file storage, so invoices and receipts can be attached to each transaction
Best of all, the software has been designed to be user-friendly and with the right training, can be used without an in-depth knowledge of accounting or bookkeeping.
The new year might just be the perfect time to make the change to Xero! For a demonstration with one of our Xero certified advisors or to discuss software options for your business, contact our professional team on 07 4972 1300.