Read on to learn why we think you should move to Xero’s cloud accounting software, and our favourite Xero features that save (so much!) time and make businesses look better.
Xero is cloud-based
There’s a reason why everything’s moving to the cloud. Moving your accounting online means you can always access your data in real-time. If you run your books through Xero, you can access your accounts and send Xero invoices from anywhere with an internet connection. Xero also makes it easy to send information to financial advisors, banks and accountants in real time – even in the middle of a meeting.
If you’re thinking about outsourcing your payroll, creditor management, GST, or any other bookkeeping activities, moving to a robust and secure cloud-based system like Xero is critical to efficient collaboration and making sure you’ve still got access to all your data.
A clean, well-branded invoice is critical for businesses, especially if you’re sending them regularly. One of our favourite Xero features is its highly customisable invoicing templates.
With Xero you can create professional invoices quickly and easily, and even send them directly from your phone. Xero invoices look good, and as a bonus, they can help you get paid faster. You can accept payments instantly online via the numerous payment service options in the Xero app store. Just be aware that online payment services have different fee structures, so for some businesses this may not be a cost you want to absorb.
Always make sure your pay-to BSB and account number can be copied and pasted from your invoice. Removing spaces or dashes means customers don’t have to type it out.
If you’re currently using Excel or old versions of MYOB or Quickbooks, Xero will mean you’ll spend less time on manual data entry, immediately freeing up time for work you enjoy (not saying there’s anything wrong with enjoying doing your books, we’re accountants after all!).
Xero provides timely and accurate information to help with real-time decisions, which makes for a more efficient small business or finance department. Xero’s automated daily bank feeds import transactions directly from your financial institution to your feed, ready for you to reconcile.
One of our favourite Xero features is the Find & Recode function, which allows your accountant to update multiple transactions all at once – and is especially useful when needing to fix similar transactions that were incorrectly accounted for (which can happen to the best of us, so it’s always nice to know that it’s easily fixable in Xero).
Good to know: The Find & Recode function isn’t a beginner-friendly tool in Xero – it’s better left to the experts. If you’ve found transactions that weren’t accounted for correctly, get in touch with us so we can help you out with this one. Recoding can significantly change accounts and reports, and if you frequently recode large batches, it can impact the performance of reports.
There are so many cool Xero features and tools already built-in, but if there’s something that Xero can’t do that you need it to, check out the Xero App Store, which allows you to select from over 1000 different Xero add-ons that can enhance your systems.
We’ve already mentioned you can link invoices to payment platforms, which can help you get paid faster. From e-commerce, POS and inventory management systems to time-tracking, complex payroll and other HR tools, the Xero marketplace makes so many extra features easily accessible and smoothly integrated with your accounting software. This helps you customise your Xero for your business’ specific needs.
Xero integrations also allow you to connect your accounting to your CRM system, helping streamline all your business functions, not just your finances.
Xero’s a great accounting software choice for small and medium-sized businesses because it was designed with small-business users in mind, rather than accountants. As long as you know your way around a computer, you’ll find Xero intuitive and easy to use. Xero has excellent search functionality, so you can quickly find contacts, invoices, bills and bank transactions with high accuracy (something software often struggles with).
Of course, when we help clients move to Xero, we guide them through the initial start up phase, and provide ongoing support to make sure Xero meets their needs as they grow.
Whether you’re looking for a better way to run your books, or have big plans for your business and want an accounting software that’s going to grow as you do, consider moving to Xero.
Examining a business’ systems is one of the first things we encourage our clients to do to start the financial year strong but there’s no wrong time to make the change to a tool that helps you understand and manage your finances better.
If you’d like help on how to get started with Xero, book a call with the experts at Project Alfred today.
Enter your details below to continue to our pricing calculator. We’ll ask you a series of questions and give you an indication of pricing based on your needs.
If you’d prefer, you can get in touch with our team to customise a bookkeeping and accounting package to suit your needs.