In the last 5 years, the Bookkeeping industry has seen a massive evolution in technology and disruption to it’s traditional, data entry based processes. This increase in automation and efficiency has created a multitude of benefits for small businesses across the globe, we’re going to touch on 5 of our top reasons to use Xero:
Automation of Data Entry
One of the most favoured features of Xero is it’s ability to pull transactional data from your bank accounts, completing half the work of reconciliations for you. This means there is no need to print out your statements, or wait for a hard copy to appear in your mailbox, before you get to work on recording and reconciling your business transactions.
Xero even goes as far as allowing us to establish rules for transactions that occur on a regular basis, such as monthly software subscriptions, fuel, loan repayments and wage payments – with the click of a button, those transactions can be reconciled.
The ability to suggest transactions based on your historical treatment of similar transactions, in addition to automatically matching up your sales invoices or supplier bills to incoming and outgoing payments provides further automation and time saving efficiencies.
Fully Functional System
Xero is a complete platform, containing all modules required to effectively managed the financial operations of any small business. It includes payroll processing (subscriptions are tiered based on the number of employees) complete with timesheet management. It has the ability for superannuation to automatically be batched and whizzed off to relevant super funds and allows for purchase orders, quotes, bills and sales invoices all to be generated and delivered electronically within the platform.
Help more people, in less time.
All of the features within the Xero platform have been designed to streamline and automate financial data management; this results in less time being taken to attend to this aspect of running a business and gives you MORE time to focus on helping more customers and growing your business.
Real time Data about your business.
The bank feeds and supporting automation tools give you the ability to reconcile your data on a DAILY basis, no more waiting around for a month before your bank statements come in, or scouring your list of transactions in your online banking portal – Xero has the ability to provide you with real time data about your business – making it really easy to budget cashflow and identify, and even prevent, bottlenecks or issues before they occur.
Just think – at the drop of a hat you could have accurate and up to date information to provide a financial institution when upgrading equipment, applying for an overdraft or even considering selling your business. Rather than wait months to have this data compiled, it can now be at your fingertips.
Community of AddOn Solutions
The popularity of the Xero platform has grown in another facet; the AddOn community. An AddOn is essentially a system that integrates with Xero to provide deeper and more advanced management of a certain operating task.
Take inventory management for example, Xero has the ability to manage inventory on a base level however, for people in the wholesale import business, it’s simply not rich enough to effectively manage the complexities of this type of stock control – systems such as Dear Inventory, Vend, Cin7, Unleashed and even SquareUp have the ability to provide more advanced data and management surrounding inventory and point of sale operations.
If you would like to discuss how moving to the Xero Platform could benefit your business, please Get In Touch with our team for an obligation free consultation.