With technology moving at an immense pace and with so many players in the market, choosing the right online accounting software can seem overwhelming. That’s why, at Jameco Group, we’ve made a firm choice – to use Xero exclusively.
Xero is the number one choice for many accountants as it provides SMEs with real-time insights and allows for seamless collaboration. It’s also user-friendly, customisable, scalable and compatible with many other apps.
This ground-breaking, game-changing software really does have it all. No wonder it topped Forbes’ Innovative Growth Companies List in 2015. Read on for our guide on Xero’s most compelling features, and you’ll soon understand why it’s a winning choice for millions of small businesses worldwide.
Made up your mind to move to Xero? Get in touch, and we can set your business up as soon as possible.
What makes Xero different to traditional accounting software?
Ah, the era of spreadsheets in accounting – where numbers lived in tiny cells, and accountants sat hunched over glowing screens or unwieldy print-outs. Where one rogue cell or misplaced digit led to chaos, and version control was the stuff of nightmares. Thank goodness it is forever exiled in the cloud!
Xero cloud software came along in 2006 like a breath of fresh air, offering cloud-based accessibility, real-time collaboration features, and a very user-friendly interface. It allowed us to automate tasks such as bank reconciliation, saving time and reducing the scope for error.
It’s secure, cost-effective, and flexible, and you don’t have to be chained to your desk to use it. Also, a quick visit to the Xero app store allows you to seamlessly integrate Xero with over 1,000 third-party apps tailored to your industry or requirements.
What type of businesses should be using Xero?
Xero accounting software is ideally suited for small business owners. From sole traders to limited companies, construction firms to graphic designers, it can seriously transform and streamline the way businesses handle their finances.
SMEs often have limited resources and need a digital accounting solution that is flexible, affordable, yet comprehensive. Xero offers just that, with a host of user-friendly tools to help you manage invoicing, payroll, cash flow and more wherever you are and on whatever device.
Our top 9 benefits of using Xero cloud accounting software
1. Online payments
You can use Xero to send invoices and request payment. There is an option to add a “pay now” button to your invoice linked to your favourite payment provider. Whether it’s a direct debit from GoCardless or card payments from Stripe, Xero helps small businesses get paid on time!
2. Snap documents on your phone
Our Xero packages come with free access to Hubdoc. This app effortlessly enables you to snap, upload and organise receipts, invoices, and important financial documents on the secure cloud platform.
This not only eliminates the need for manual data entry but also ensures that your critical financial information is easily accessible when you need it most. And there is no need for us to pester you for documents; we’ll just grab everything we need from Hubdoc without you having to send over huge files.
3. Get paid faster
Late payers – we all have experience with them. Xero can help you automate the process of prompting customers with either its in-built invoice chaser or a custom reminder. Or, go one step further with an app add-on like Chaser.
Our professional advisors use Xero alongside Chaser to ensure clients are paid on time and never have to waste an evening chasing up late payments.
One of the standout features that put Xero at the forefront of cloud accounting software is its integration with other apps. These are far from mere add-ons; they are integral components that enhance the software’s capabilities for the small business owner. Xero’s App Store is a treasure trove of over 1,000 specialist applications to help run your business more seamlessly.
For example, Simpro is a project management and job costing app that perfectly syncs with Xero, helping construction firms with time tracking, invoicing, and financial management.
5. Real-time data entry
Gone are the days of waiting for data to be manually entered and reconciled. Xero automatically updates bank transactions each day, providing you with immediate insights into your business’s financial health.
Whether it’s monitoring cash flow, tracking expenses, or assessing the impact of a recent transaction, real-time data entry ensures you’re always in the know. This level of responsiveness empowers you to make informed decisions swiftly, putting your business in a more powerful position.
6. Collaboration between users
Your accountant, team members, business partners, spouse and dog can access and work on financial data simultaneously, with unlimited users – what’s not to like?!
This real-time collaboration enhances communication, reduces the risk of errors, and ensures everyone is on the same page. You can share insights, generate reports, and collectively make informed decisions, all within the Xero platform.
7. Scalability to support business growth
Whether you’re a small startup or a growing enterprise, Xero can accommodate your needs and add value at each step of the business journey. You can add new users, access more features, and integrate additional applications as your business evolves.
As standard, Xero produces basic reports such as profit and loss, balance sheets, VAT returns, and accounts. Its capabilities can be extended with the use of software like Syft. As Syft-certified advisors, we can draw on Xero data to produce custom-built reports, drilling down into certain aspects of the business. This works a treat alongside our business advisory and virtual FD services.
8. Bank reconciliation
With seamless bank feeds and intuitive matching tools, you can effortlessly reconcile your accounts. Once we set up automated daily bank feeds to your business bank accounts, Xero will automatically import bank transactions. Whether these are credit cards or an actual bank account, the principle remains the same.
We’ll then reconcile these against your sales invoices in Xero and the documents from Hubdoc. Our full bookkeeping package enables you to crack on with the daily running of the business whilst we deal with compliance.
This feature not only saves time but also enhances the accuracy of your financial records. You can swiftly identify discrepancies, detect errors, maximise tax efficiency and ensure that your books are in perfect harmony with your bank statements. The result? A clear and precise financial picture, empowering you to make informed decisions with confidence.
9. Cloud-based software
Cloud accounting ensures that your data is securely stored offsite, safeguarding against data loss caused by hardware failures or disasters. With automated backups and robust security measures, Xero bookkeeping software provides peace of mind that your financial information is protected.
Rest assured, if HMRC ever raises an investigation into your tax affairs, we’ll have all the corresponding documents in one place to satisfy their requests, such as bank statements, receipts, invoices and payroll – all stored safely in the cloud.
Additionally, the cloud fosters collaboration by allowing multiple users to access the same data simultaneously, eliminating the need for cumbersome file transfers and version control issues. This real-time collaboration leads to increased efficiency and accuracy.
How we can help you make a transition to Xero
Jameco Group is your trusted partner in making a smooth transition to Xero. Our team of experts specialise in Xero migration, ensuring a smooth and hassle-free transition. We’ll assess your specific needs, migrate your financial data, and provide comprehensive training to your team.
All of our team members are Xero certified in addition to holding Xero Silver Champion status. We also hold certification in Xero Payroll, Xero Tax, Xero MTD, and Xero Migration.
Regardless of whether you’re moving from another online accounting software or starting from scratch, the team at Jameco Group can save you valuable time by implementing Xero successfully in your business.
Contact us today to talk all things Xero
Our decision to use Xero exclusively is rooted in its remarkable capabilities and unique features. Its user-friendly interface, cloud-based accessibility, and robust feature set empower us to provide the highest level of service to our clients. Real-time insights, seamless collaboration, scalability, and precise financial control are just a few of the benefits that Xero brings to the table.
By harnessing the power of Xero, we not only streamline our own practice tools but also equip our clients with the tools they need to succeed in today’s dynamic business world. It’s more than software; it’s a commitment to excellence, and that’s why we only use Xero accounting software.