As a business owner, do you have in mind the principles of accounting? Are they the ones that govern how you think of purchasing accounting and bookkeeping Software? Well, Xero will make you think differently about accounting and bookkeeping without changing the underlying principles of accounting. Let’s look at the different ways Xero has makes this a reality.
Easy Convenient And Free Cloud Software Updates
Any computer user will tell you that the inconvenience that regular software updates cause is annoying, especially when you want to perform urgent tasks. If they do not jam your system when rebooting, they will demand that you log out everything to allow the new versions to install.
Xero Cloud software keeps improving. The advantage is that the updates occur automatically in the cloud. This feature is contrary to desktop software, which would require the bookkeeper to buy an updated version.
It is not the case with Xero; apart from giving you free updated versions after you subscribe, the software updated comes at a convenient time. The software updates happen on the fly every week, and the installation comes just before you log in to your tool. This way, you do not get unnecessary interruptions.
The only expenses you incur come in terms of subscription fees, which is affordable. You will not spend on hosting services or buying new hardware. Xero can connect to several apps, making it easy for you to import data electronically.
Xero Is Practically The Concept Of One Ledger
The concept of one ledger means that bookkeepers and accountants work on the same set of accounts. It means that data will quickly be available to accountants and bookkeepers. Thus Xero enables collaborations.
The collaborations enable real-time reporting to the owners of the business, which saves a lot of time. You will spend less time passing information to the relevant departments. All information you need is available at the click of a button.
It Is Safe And Secure Backups
Xero ensures maximum protection of your data by making it safe and secure. You worry less about losing important files even if your computer gets damaged. All your data and company information are on the cloud and can easily be retrieved.
Manual accounting and bookkeeping was a cumbersome task which most accountants and bookkeepers did not enjoy. With Xero, it is automated, and you quickly get the information you want. Your data is well secured, with protective measures like passwords, firewalls, and third-party inspections.
The client privacy policy is also set to guarantee users that their private information is not shared with third-party brokers and competitors.
User-Friendly Interface
Xero interface is easy to navigate and intuitive even to first-time users. The programs are self-explanatory, making the system streamlined and more approachable. If you compare the system to other software like QuickBooks, you agree with this fact.
Xero also integrates easily with other systems, which is contrary to other software that is mostly stand-alone.
Data Is Easily Retrievable
Before Xero, bookkeepers used to search for data from a pile of books manually. It was such a challenging task. Xero has a search tool that enables the bookkeeper to find specific data whenever you need it. Xero has made it easy to find bills, tax reports, and transactions. It put any information you need at your fingertips.
Freedom To Work Anywhere On Any Device At Any Time
With Xero bookeeping software, you have the freelancer’s freedom. You do not necessarily have the monotonous strict office schedule to do your bookkeeping. The fact that this software is cloud-based gives you to use it on any PC, and you need to purchase the package, set, and always remember your log-in credentials then start working.
The same feature also makes it possible to continue the work you had saved earlier. The versatile software is the most accessible tool and does not require software installations and regular maintenances. You can even use it on your smartphone regardless of the operating system. It also comes with a shared user platform; you can add several users to your list.
Simplified Currency Conversion
This a vital selling point for any business that dreams a global success. Companies want systems that make it easy to convert any major currency from US dollars, Euros, and others to their local currency. Lucky, Xero is such software.
The tool features an automated converter that requires you only to feed in your figure in Australian Dollars, and then it automatically converts to US dollars.
Xero Has Simplified The Process Of Tracking And Payment Of Bills
Before the Xero software invention, people used to enter and analyze incomes and expenses on excel worksheets. Businesses used to record entries and financial records on word documents, then print them for reporting purposes. Thanks to Xero, we no longer have that.
Xero software has made tracking and creating invoices a lot easier. You only need to master a few skills to be able to create outstanding and detailed invoices. What is more impressive is that you can do it on both PC and smartphones.
You do not print your invoices because Xero integrates with the entire email system so that you can send the report to any recipient of your choice. The features minimize outstanding receivables and promote instant reconciliation of financial records.
Linked To Your Bank Account
Xero is one of the convenient accounting software you can ever come across. Once you subscribe to any of the packages, you can link it to your bank accounts. This feature brings your bank information closer to the time-saving automated daily bank feeds. You will never miss any updates, whether it is money received or payments made.
Simplified Credit Controls
Xero gives you simplified and illustrative diagrams, charts, and graphs to make you work whenever you want to track your sales invoices. You will always know where your money is going and where it’s coming from 24/7. The simplicity of such information makes it easy for business owners to understand their cashflows reports.
What is even more incredible about this trait is that you can always share this information with colleagues and even third parties of your choice like external advisors. As we have said earlier, the tool gives you the power to add and remove as many users as possible without extra costs.
Simplified Fixed Asset Management A Standard Functionality
Fixed asset management has never been easier and cheaper!! Xero software features a complete asset management tool with all the relevant tools like disposal, depreciation, and reporting.
Other Accounting software demand that you pay extra charges for these features or integrate with third-party tools- All these come as part of the software’s standard quality.
Final Verdict
Modern entrepreneurs want their businesses to put on autopilot to allow them to have time for other essential things. The traditional Bookkeeping software and some modern ones do not provide these options. However, since the introduction to Xero software, there is a new dimension to the Accounting and Bookkeeping world.
The software itself undergoes upgrades and updates that strive to put every subscriber abreast of all the industry trends. With all the outstanding features above, we can confidently recommend Xero Accounting software as the safest and most effective bookkeeping tool for your business.