When it comes to running a small business, an accounting solution is vital, and it can save money if you have software in-house that can handle transactions for you. The most common requests from an accounting package are that it be easy to use, flexible, and provide the information required to ensure legal compliance with tax return requirements. Xero is web-based accounting software that can operate on any device that has access to the Internet, making it perfect for business on the move. It also means that when it comes to VAT return time, you can hand the login over to your accountant who will be able to use the information to complete your returns.
Established in 2006, Xero is accounting software for the small business looking to grow and expand. It is packed full of features enabling you to add transactions, receipts and more wherever you are, and providing information from cash flows to account details as soon as you logon. It integrates fully with your bank enabling automated updates of all bank transactions coded correctly. The software offers a free 30 day trial period in order to see if it is going to work for you.
Xero is user-friendly meaning that transactions are simplified and you do not need to be an accountant or have accountancy knowledge to be able to add purchases, receipts or sales.
As well as being able to add as many members of your team as you like there are also over 700 integrations from other apps which is something that is not widely available with other accounting systems. Using API and industry-standard SSL encryption you can customise and create a bespoke financial package that meets the needs of your organisation, and not rely on something that professes to be one size fits all. You can integrate Xero with things such as invoicing, inventory management, time tracking and more.
One of the things to remember about packages such as Sage is that they were actually created for accountants and require a knowledge of finance in order to operate them successfully. Xero was explicitly designed for business owners and gives you a simplified version of your business that has accountant level information in the background. This means that you have real-time access to the numbers you need and not lots of intricate detail that is of no relevance to anybody other than your accountant. But of course, it is all there when they need it at the click of a button.
Because Xero is web-based backups are not required, the latest version is automatically updated and stored in the cloud which also means that you will be 100% compliant at all times to take into account any changes to tax rates etc.
A web-based community is also in place which offers a vast amount of free training, there is the Xero University, and XeroTV which help you to understand the package and better utilise the features for your business.
If you are thinking about using XERO or you already use XERO, we at Mj Accounting have the expert knowledge and technical knowhow to help you unlock its full potential. As partners of XERO, we also can offer you discount on your monthly XERO subscription fees.