As outlined in our blog - The benefits of using accounting software we explained that HMRC is working towards Making Tax Digital for businesses. To prepare for this change, it’s worth considering using accounting software.
This is the first in a series of blogs that will explain the benefit of popular software platforms that you can use whether you are an established business or planning to start a new business.
Xero was established in 2006 and is an online tool that is used by thousands of businesses. Xero aims to put all your financial information in one place, so you can control your finances more effectively and most importantly all the information is viewable on all your devices, computer, laptop, iPad and phone. This allows you to keep an eye on your finances and manage them where ever you are.
Here are five reasons Xero is right for your business:
- Manage your finances on the go so you can keep on top of your business finances at all time
- By using the online invoicing system, you can improve your cash flow. There is even a facility that allows your customers to pay you online through your invoice.
- Chasing unpaid invoices can take up a lot of your time, with Xero you can set up a facility that allows online reminders to go out automatically, so you save time.
- By using Xero, you effectively have a single ledger. You can give your bookkeeper and accountant access, so they can access any information they need. You never need to worry about version control as there is only ever one version of all invoices and reports.
- As your business grows, you can integrate Xero with other platforms to help you streamline the way you work. There are integrations with Gmail and Office 365 as well as inventory Apps, eCommerce platforms, time tracking Apps and your CRM.
Compared to other online accounting software Xero is very popular because it is easy to use and allows you to integrate your bank feed so that you can access real-time data. It can be used by a wide range of industries including retail, eCommerce, hospitality and small business. It is also particularly useful for larger companies which is not always the case for many accounting software platforms.
It has systems in place to handle all data securely, there is a good backup and is GDPR compliant. This ensures that you can be confident that your data is safe and secure.
If you would like to find out more about using accounting software we can offer advice and help you to get this setup. Contact us by calling 01623 490 120 or email