Xero plays a big part in the cloud accounting software world. Since it appeared in the industry back in 2006, it has grown to have over 3 million subscribers in more than 180 countries. In this blog, we will highlight the benefits of using Xero for your business.
1. Cloud accounting
Cloud accounting means that you can access your accounts from anywhere, at any time. This means that if anything were to happen to your computer during a busy period for your business you can still view and handle your accounts online from a different device. The addition of an app also makes it significantly easier to manage your business on the go.
Cloud accounting reduces the need for paperwork, as everything is stored in the cloud. You do not have to worry about large files taking up large amounts of space on your computer.
2. Safe and secure
Xero cloud accounting is highly secure. It protects your data with multiple layers of security. This includes encrypting your business information and replicating it in several locations online.
For extra security, Xero has multi-factor authentication when you log in. This prevents someone from accessing your accounts even if they know your password. Xero also runs regular security checks and can quickly identify and manage threats.
Although your Xero information is available whenever you need it, this is not the case for all users on your account. You can set privacy preferences and control who can see and do what in Xero. This ensures that your private data is not shared with anyone.
3. Easily manage your invoices
Many businesses find that invoices take up lots of time to write and issue. With Xero, invoices can be created using customisable templates that can then be reused. You can send invoices directly to clients through Xero. This is especially easy to do via the app, perfect for business owners who have to travel regularly and regularly find themselves on the move.
Compared to paper invoices, electronic invoices can get you paid faster. Not only are they issued quicker, but the client receives them sooner and can pay instantaneously online with Xero (it connects to online payment platforms like Stripe and GoCardless etc).
4. Takes care of your payroll
Xero makes payroll simpler for you to work with your Accountant on this. The payroll portal can be accessed by both employer and employee, meaning that it is easy to share and view timesheets and payslips online. Employees can inform their employer of a holiday using the request time-off feature.
Xero reduces the time you spend manually inputting your business’s data and information. Designed for the modern business owner with busy lives, Xero fits in with the digital world. Its features increase business efficiency, with alerts and reminders for important payment deadlines and the ability to bill others on the go.
6. Stay up to date
You can find live financial data to help run your business better. This keeps you up to date with any changes to the accounting world as well as your accounts. For example, Xero allows you to make payments and receive bills in different currencies and automatically calculates exchange rates so that you don’t have to. This is perfect for those businesses that operate in multiple locations across the world.
7. Forecasting and insights
Xero is more than just software you can use to manage your current business accounts. It is a tool for forecasting and making sure that your business stands financially secure in the future. Xero can connect with apps such as Fathom and Spotlight, where you can create user-friendly reports for both your business and your clients. These reports can help you assess how and where your business is growing and what aspects of your business potentially need work.
The Xero app is straightforward to download and use on the go. Once you arrive at your Xero dashboard it is really simple to navigate. It runs you through the different steps for setting up your business online and the menu makes it easy to access and see all of the different parts of your account.
Xero makes collaboration easy between businesses and those working on the same accounts, whether bookkeeper or accountant. Cloud accounting means that others can look at the same information at the same time from different locations. This makes remote working even easier.
Xero also has multiple add-ons you can download to create a completely customisable Xero dashboard and experience. This helps you to stay aware of what is needed for your business.
You can also upgrade your Xero pricing plan, depending on the size and goals of your business. As your business grows, you have the flexibility to change your subscription to suit your new needs. This means it is a great software for small, medium and large businesses alike.
10. Xero Accountants
Many accountants use Xero to help their clients reach their full potential. At Steele Financial, we love how Xero is flexible, easy to use, and saves you time.
If you are new to the world of Xero, we can help you implement it for your business, or migrate from previous accounting software. We also offer Xero training for business owners and employees and can provide Xero health checks to ensure that you are making the most of the software for your business.
If you want to find out more about how we work with Xero to help your business, get in touch.