Blog

Paying invoice on a computer with objects around

Xero Accounting: Update your business

Paying invoice on a computer with objects around

At Tax Agility, we understand the importance of proper finance management better than anyone. With online accounting soon to become mandatory due to the Making Tax Digital scheme (MTD), there’s never been a better time to update your account management.

Xero – the right choice

Xero Accounting gives you access to timely, accurate and relevant information at a low monthly cost. It’s an internationally renowned, multi-award winning piece of software. Xero is simple, powerful and compatible with hundreds of third-party apps like PayPal, meaning it integrates seamlessly into nearly every business model. It’s also one of the few online pieces of software that is government approved as fully compatible with MTD.

The advantages of Xero

Built for small business owners – Xero simplifies business accounting for small business owners. You don’t have to know any accounting jargon to understand your finances.

Online hosting – As all of your data are stored in the cloud, you can access it from anywhere in the world – you only need an Internet connection. You don’t need to worry about backing up your files either, as they will be stored on secure servers with multiple redundancies in place. In addition, there is no need to manually apply software upgrades since the vendor takes care of this for you.

Electronic bank feeds – Xero can be configured to receive your bank statement data automatically, cutting down on administration time. It also presents your data as an electronic bank feed, bringing all of your information together on one screen – no more endless searching through bank statements and invoices.

Automated transactions – Most businesses have recurring, fixed-price transactions, and these repetitive processes are easy to automate. Xero excels at managing repeat payments, plus it also records them for your convenience, letting you view your payments quickly and easily.

Simplified client invoicing – Keeping track of all of your business’ invoicing can be hard, and forgotten invoices can hamper your growth if you don’t recover money that is owed to you. Xero allows you to set invoice reminders and send your clients emails reminding them about unpaid invoices, so you don’t have to manage them yourself.

Flexible reporting – Xero lets you view and share reports and budgets in real-time, so you don’t have to wait until the end of the month. It also allows you to condense years of paperwork into simple graphs that plot the shape of your business, how it’s growing and what direction you’re going in. This information is critical in making informed financial decisions about your business. Our accountants can help you make sense of the reports, so you can understand what areas need work and whether your business is on the right track to financial growth.

Easy collaboration – A major benefit of cloud accounting is that you can allow other key users – your bookkeepers and/or your accountants for instance – to access relevant information wherever they are. This means they can review the financial details with you in real time, even over long distances.

Multiple third-party software enhancements – Xero is compatible with over 400 pieces of third-party software that can be used to expand its functionality. For example, the software tool WorkflowMax can aid with project management, and the electronic API Salesforce can offer enhanced Customer Relationship Management (“CRM”) functionality by updating both itself and Xero simultaneously.

Extra benefits of Xero

As Gold Partners with Xero, we have extensive experience in working with the software, having helped businesses to use it since 2011. Working with us gives your business access to all of the perks that only a Gold Partner can provide, including insights from Xero-certified advisors to help you use the software to your advantage.

If you wish to discuss Xero Accounting in more detail, please call us on 020 8108 0090 or fill out our Online Form.

If you found this article useful, why not check out:

Leave a Reply