What is Xero Accounting?
When it comes to selecting the best accounting software for your business, there’s a reason Xero is preferred by many businesses. Xero accounting is fast becoming the gold standard for businesses across the globe. Xero is known for its simplicity and usability. The platform can unlock significant opportunities for businesses when the Xero accounting software suite is leveraged in the right ways.
At Keeping Company we work exclusively with Xero and we are a Xero Gold Partner. In our experience Xero is quite simply the best option out there. The key is to work with the right Xero accountants to ensure you are maximising Xero to its fullest potential.
What are the benefits of Xero?
Xero is at the cutting edge of accounting software available today. There are a number of benefits Xero offers businesses including:
- Xero is cloud-based which means you stay connected with your financial information at any time, from anywhere, and from any device.
- Xero is intuitive and easy to use. The user-friendly interface means you don’t have to be an accountant to access and interpret your financial information (though your accountant is best placed to set up your Xero account and reporting to ensure you are accessing the right data and making the most of the platform).
- By leveraging the Xero marketplace which contains thousands of apps which integrate with Xero, you can create a fully customised accounting experience. For example capturing inventory or payroll data.
- Xero is scalable. Most businesses won’t outgrow Xero as they scale. Xero can handle increasingly complex financial governance needs.
- Xero offers a strong return on investment. Xero has a low barrier to entry, starting out with a competitive monthly fee. You only pay for what you use. While some other accounting software options are cheaper, the value-add to your business makes this investment worthwhile.
What are the features of Xero? The Xero accounting software suite allows users to undertake a wide range of functions including, but not limited to;
- Creating, sending and following up invoices
- Reconciling bank account and credit card transactions – bank feeds allow transactions to flow securely into Xero daily, simplifying the process
- Paying bills
- Preparing and submitting business activity statements (BAS)
- Payroll including calculating pay, tax and super entitlements, paying staff and reporting
- Receiving payments
- Financial reporting
- Submitting, approving and reimbursing expense claims
- Creating, sending and following up quotes
- Project management and tracking
- Inventory management
- Creating and sending purchase orders
- Managing customer and supplier contacts
Why choose Xero over other accounting software?
Xero has always been a fully cloud-based accounting software platform. That has meant that competitors such as QuickBooks or MYOB have had to play catch up when it comes to offering cloud-based solutions. While competitors do now offer similar features on the cloud, in our view Xero has led the pack and innovated more quickly to accommodate the fast changing needs of modern business. Xero is easy to use. It’s designed for anyone to use, with or without training. When it comes to upskilling in the software, there are several options available including user forums and thorough user guides.
Should you migrate to Xero?
If you’ve been thinking about making the leap to Xero, but have felt daunted by the migration process, there are several reasons why you might want to expedite the shift. If your current accounting system is out of date, inefficient or difficult to use then you are effectively losing money through lost productivity and time. The same goes if you currently conduct your accounting manually which is a terribly onerous, time consuming and inefficient process.
Migrating to Xero offers much better options for comprehensive financial reporting, giving you greater transparency and insights into how your business is operating. This is especially important if your business is in a growth cycle. Better financial data will enable better decision making. Migrating to Xero is less complex than it may seem. It simply requires working with the right Xero accountants who are experts in Xero migration and set up.
The goal is to transfer all data without any downtime, while ensuring your new setup is best geared for your ongoing business needs instead of simply replicating your old system. If you’re on the lookout for expert Xero accountants in Australia, to help you migrate to or make the most out of Xero, look no further.
Keeping Company is at the leading edge of Xero in Australia, offering accounting and bookkeeping services which leverage Xero accounting software. Contact us today to see how we can help your business successfully leverage Xero for your accounting.
At Keeping Company, we’re not just accountants, we’re business people too. With our counsel, your business can reach its full potential.
We have a team of experts; Cloud Accountants, Business Advisors, Finance Specialists working together and ready to help, contact us today.
For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.