Business Accountants Adelaide
Accounting can be a complicated and stressful endeavour. Luckily, there are several different accounting programs out there. One of the most innovative programs is Xero.
Trying to navigate accounting can be daunting, but the experienced accountants at Pisani Group aim to make running your business as stress-free as possible. We provide accounting and business services for Australians every day. We work closely with you to ensure your success.
Read on to discover the seven benefits of using Xero for your business.
What is Xero?
Xero is an online cloud accounting software originating in New Zealand in 2006. Functioning as a bookkeeper and accountant in an easy-to-use program, Xero has been helping Australian businesses reach their financial goals.
Xero was created by Rod Drury and Hamish Edwards, and has since become a major player in cloud accounting – allowing businesses and individuals to take control over their finances.
How does Xero work?
Xero is cloud-based accounting software. This means that all updates to your records can be made and backed up almost immediately, without manually having to log in.
Xero helps to organise the various elements of your accounting strategy, such as your income and costs, into one program. Xero also allows you to organise this data as well as providing you easy access to all of your financial information.
Because it’s cloud-based, you can use Xero from anywhere around the world, so your business remains in safe hands.
What are the benefits of using Xero for your business?
Get paid faster
Getting paid late for your work can be incredibly frustrating. It can also be extremely harmful to your business. Business owners who have to wait longer than average to be paid show a third less growth than those who are paid early or on time.
Xero can help you get paid twice as fast, connecting you to online payment platforms like Stripe and GoCardless. You can add a “pay now” button to your online invoices and send them by email. You can also use these platforms for automatic payment collection on the due date.
Save time
With Xero, you can store all of your documents online, so you can finally let those paper records go. This can save hours of sorting through papers and simplify the entire process.
Xero also features automated bank feeds, saving you hours of manual data entry and providing an accurate, up to date picture of your finances.
Xero can also automatically extract data from your bills and receipts through the Hubdoc app. Simply snap a picture or upload the document, and Xero will do the rest.
Access from anywhere and anytime
No matter where you may be, you can keep your business accounts on track with Xero without paying extra to use different devices. This also means that unlimited users can work on your accounts simultaneously and collaborate in real-time.
Xero is also available as a mobile app, which is free when you subscribe. So you truly have the freedom to help your business reach its full potential.
Data security
Xero adheres to the strictest cloud security standards, implementing multiple layers of security to keep your financial information secure. All information is encrypted with bank-grade protocols and held in protected data centres which is monitored around the clock.
For more information about Xero’s security practices, visit their resource page.
No need for updates, upgrades and backup
Remembering to update your accounting software can be a real hassle. Luckily, as Xero is a cloud bookkeeping program, all updates are implemented automatically without you having to lift a finger.
Upgrade your plan or software with a single click, and you never have to remember to back up again. Xero backs up all of your information on separate servers. You can switch these backups seamlessly to keep your business running.
Improve business efficiency
Most of the benefits we’ve been explaining up to this point have one significant upside. They all make your business run more efficiently.
With so many automated accounting processes, such as employee and expense management, Xero allows you to be as effective as possible. This gives you time to focus on the other aspects of your business, such as product development and marketing, improving your outcomes.
Financial information availability
Xero can do much more than just accounting. It can act as the financial hub for your business. Xero provides a real-time view of your finances that you can access no matter how much you travel.
This means you can access financial reports such as profit and loss, balance sheets and tax information from anywhere in the world. You can even extend this further by connecting Xero with other online tools like Fathom or Spotlight. These tools use informative reporting, fast cash flow forecasting and actionable financial insights to allow you to make custom-made reports for clients and investors.
You can even create forecasts for different business scenarios without an accounting background. This will give you insight into the potential effects of events on your bottom line.
