Just a few short years ago it was hard to imagine that we could keep on top of our finances while on the go – let alone from the other side of the world! But thanks to cloud accounting software, business owners have been put firmly in the driver’s seat.
Cloud software is a platform to make data and software accessible online anytime, anywhere and from any device. Your hard drive is no longer the central hub where everything is stored.
Traditional accounting software has many downfalls. Data in the system isn’t up to date, the software is also often out of date and expensive to keep updated, only one person has access to your data at one time and your data is stored in only one place which is not always secure or reliable.
Cloud based accounting platforms such as Xero allow business owners to stay connected. Its flexible nature allows you to run your business remotely from wherever you are giving the confidence that you are getting an up-to date picture of where your business is going, no matter where you are.
5 Reasons Why Small Businesses Should Use Xero
Intuitive and easy to use
Xero is logical and well organised making it easy for small business owners to keep accurate financial records and makes making GST and Tax returns easy to complete. It also integrates with a number of software systems which adds to the simplicity of systems and accuracy of data. Although Xero is an intuitive system to use, they do also have unlimited user support.
Xero are always listening to customer feedback and making updates to their software. These updates will happen automatically making your user experience better all the time. And it’s all covered by your monthly subscription fee.
Work where and when you want to
No matter what device you are using and no matter what your location. As long as you have access to an internet connection, you can access your cash flow, transactions and account details giving you a clear overview of your current financial position, in real time. This also means that your team or and advisors can keep track of the same data as you.
Improve cashflow and get paid faster
Wouldn’t it be great to improve cashflow and reduce the amount of time that you spend processing payments? Every business needs to get paid and Xero gives you the tools to get paid faster.
You can stop the paper trail by stopping printing paper invoices and start using online invoices. This makes the process faster, you can see when its opened and your client can pay online through your invoice. Faster process, faster payment.
Xero is smart software. It will perform the tedious and repetitive tasks that take you away from the activities that add value to your business. If you use the invoicing feature, Xero will send your clients automatic reminders and do the overdue account chasing for you.
Collaborate with your advisors
Multi user access allows collaboration with your team and advisors with every party viewing the same data at the same time. You will no longer need to spend time exporting data to send to your advisor, which by the time you have it sent is likely to be out of date and already had their impact on your business. Looking at real time data will allow you to make better business decisions at the right time. With your advisor not spending time on transactional tasks, you can use the time that you have with them to discuss business ideas and ways you can work towards achieving your goals. When data is fluid and accessible, the possibilities are endless.
Reliable and secure data
Accurate and credible financial data is critical. Xero provides multiple ways for your data to be seamlessly fed directly into its account system, without human intervention. Not only does this save time and effort, but it ensures that there is no room for human error.
Xero’s built-in controls and tools help inform users and their advisors if and when data has been modified. Not only does this help detect unusual log in attempts, it also means that both business owners and advisors will be notified of any changes made to files making everyone aware of changes made to financial data and inconsistencies and anomalies in the data.
Using cloud software is more secure and private than emailing or posting data. If you are using cloud software and your laptop is stolen, no one else can access your data unless they have the login details. The same goes for a natural disaster. Your information will be safely and securely stored off site and ready for you to access as soon as you have an internet connection.
Cloud software companies are continually ensuring that their security is airtight. If you use internet banking you are already primed to use cloud accounting.
Here at Co-Pilot Accounting Ltd, we are Xero Gold Champion Partners. This is a status given to partners who have shown commitment to the growth of their Xero practices. Our Accounting team are all certified Xero users who can help get you started on Xero.
For further info on Xero, its benefits and its products, please give us a call or visit www.xero.com/nz