If you’re a business owner, you will be super aware that bookkeeping and accounting are essential functions of a business, particularly one that wants to succeed long term. Without a solid accounting system, you will never know whether your business is profitable and if you can afford to purchase new assets or expand. If you are not already utilising accounting software for your business, you’re missing out on the opportunity to run your company more efficiently.
Many of the business owners we work with have never considered using a computer-based accounting system, preferring instead to stick to the old-fashioned way of putting pen to paper and doing their bookkeeping by hand. This decision is often related to the fear of change; the fear it will be too cost prohibitive, and the fear that a lack of bookkeeping knowledge (often no understanding of bookkeeping at all) will be too big (and timely) an obstacle to overcome. If you fall into one of these categories, you are not alone. However, we can reassure you that this simply is not the case, especially when the right software is chosen.
We encourage our clients to use Xero online accounting software. It is simple to use and you can get to grips with it very quickly. We even offer Xero workshop training sessions for all skill levels, whether you are a start-up, complete beginner or at intermediate level, we can teach you everything you need to know in a couple of hours. Xero can reduce the hidden time and costs associated with managing your finances and creating a sustainable business. Let us take a closer look at how Xero can help you and your business and how the accounting software puts all your accounting needs right at your fingertips.
Why should I use Xero to help run my business?
Flexible working – access finances anytime, anywhere.
Modern day living is all about juggling the work-life balance and working from 9 to 5 isn’t always possible. With Xero, you can keep on top of your business finances wherever you are; whether you are in the supermarket queue or on your commute, you will be able to login on your smartphone or tablet (or your PC or Mac) and complete your tasks.
Improve cash flow and get paid quicker
Xero equips business with all the tools necessary to get paid faster. You will be able to send online invoices which isn’t just a faster process, you will also be able to see if the recipient has opened it – they will even be able to pay you online through the invoice. A speedy process that ensures you get your payment swiftly and seamlessly.
Avoid costly bookkeeping errors
If you run a small business, bookkeeping errors can wreak havoc on your budget and lead to costly mistakes on your invoices. Xero can help you avoid these errors by monitoring the data you’ve entered and alert you to them if they occur. Misplaced decimal points and incorrect addition or subtraction will be a thing of the past.
Delegate tedious tasks to Xero
Tired of doing all those tedious and repetitive tasks that eat up your time and keep you from completing things that will add more value to your business? Let Xero do the work for you. Xero’s automated ‘Invoice Reminders’ can do all that relentless chasing on your behalf. It will automatically send an email to your customers if an invoice is overdue (or about to become due).
The ‘Find & Recode’ function is another great time saving example. ‘Find & Recode’ will make finding and updating client records en masse, easy peasy – particularly if you have hundreds of records to update.
Team up with your advisors
Xero refers to this as the Single Ledger, but it is basically a single set of data that both you and your advisor can work from. As with any partnership or good relationship, communication is key. When you are both seeing the same set of data at the same time, it means all parties are privy to the whole picture. It saves you the hassle of exporting data and sending to your advisor, only for it to soon become out of date. It ensures that all parties are working off current information enabling you to highlight any problems immediately and deal with them efficiently.
Whether you are just starting out and setting up your business, or you already use a few systems, Xero software can help you. Xero works with hundreds of products so you can create a solution that will meet your needs.
Integrate with your email, use specialist systems – such as customer relationship management, inventory, or niche specific solutions, then Xero gives you the option to craft a mix that meets your bespoke business needs.
Reduce the occurrence of duplicate entries
Sending multiple invoices to your clients or adding the same transaction twice can throw your numbers off balance. Once trained on your Xero software, you will reduce the occurrence of those multiple entries.
If you want to kiss goodbye to the old fashioned way of balancing your books, gain tighter control of your finances or take your business to the next level by transitioning to a computer-based accounting system like Xero, we can advise and even train you up. For more information on our group and bespoke training sessions, just contact the Bells Accountants team and we would be happy to help.