Xero accounting software is one of the many cloud-enabled accounting software packages that have given small businesses more flexibility and stability than ever before.
Xero's cloud enablement means that you can use Xero online on a variety of mobile devices giving business owners unprecedented access to their financials anywhere which can really help them out if you're travelling and suddenly need to access important financial data.
Xero was designed to make it convenient for small businesses to track and update their accounts in real-time. As a result, it is laid out in a simple and easy-to-understand manner and ideal for small business owners who are not necessarily familiar with all the fancy accounting terminology.
For this reason, PKPI.UK offer a Xero accounting software service to help you set up and manage Xero online and onboard you onto our favourite cloud accounting system and make sure you get the best out of the software.
If you're a small business owner who is thinking about making the switch but still not convinced, we've listed our top picks why our tax and accounting consultants recommend Xero to all our clients.
Mobility
As a cloud-based software, Xero is accessible from any device with an internet connection. This is one of the most desirable features for a small business, particularly if you haven't set up an office just yet. Working from home or remotely while visiting clients makes Xero one of the most accessible accounting software programs to access. Users can view their transactions and accounting software programs from anywhere, whether its an office setting or your favourite coffee shop.
Security
If you're doing your work offline, there are a whole range of risks and accidents which can leave you in a tough spot. A single broken or stolen laptop might mean you lose all your work, an office fire might destroy all your records.
Putting all your eggs in one basket is very risky, and you don't want to risk your financials getting into the wrong hands or becoming lost entirely, leaving you in a tricky financial situation.
Xero online lets you safely and securely store your data online on the cloud, and access the information from anywhere you need it
Collaboration
When you're working with a dedicated advisor, such as your accountant, communication is made a lot easier with Xero. If you have a query about your accounts, the accountant is able to immediately access your data and help explain using the readily available reporting categories Xero software provides. In the past, you would have had to find the appropriate paperwork and visit the accountant directly, a much more lengthy process.
The net result is that accountants can keep their costs down due to the reduced time required to solve your problems. Whilst mobility and ease of use make Xero great for business owners, the ease of communication is a massive advantage for accountants and lets us solve your problems in a fraction of the time it would take otherwise.
Productivity
One of the biggest benefits to Xero accounting software is its massive boost to productivity. Xero isn't just a bridge between yourself and your accountant; Xero can automated a bunch of everyday accounting tasks saving you time and labour hours throughout the week, including automated bank feeds, online invoicing, online payment methods and much more. Whether its automating tasks or reducing the time that it takes you to perform everyday tasks, Xero is guaranteed to save you time and effectively increase the efficiency of the users.
As many business owners will be aware, the more time you save every day is more time that you can spend on value adding tasks which can grow and sustain your business overall. A small business might not be able to afford someone to be tied down making sure Xero is properly utilised which is why we recommend working with a Xero certified accountant to make sure you're making the most of all the functions of your accounting software with as little disturbance to your activities as possible.
Technical expertise and Support
It can be very costly to hire IT staff to help with the running of the technical side of your business. Fortunately, Xero accounting software have their own team of technical experts carrying out frequent updates to the software and greatly improving the platform.
In addition, if problems do arise, Xero's central support centre is available to answer queries and questions as they crop up. Whilst Xero is simple to use and, in our experience, it is rare for clients to need to get in touch with the support team, it is comforting to know that there is support when needed and a wealth of guides and videos readily available.
If you're using PKPI.UK's cloud bookkeeping service, we are also on hand to help you with any issues. Our accountants have been using Xero and similar accounting software for several years and can troubleshoot issues from years of experience.
MTD Compliance
The UK recently introduced Making Tax Digital for businesses in the UK, with MTD for VAT already live. Part of this process involves using complaint accounting software to submit returns and keep digital records. In other words, an Excel spreadsheet isn't going to cut it anymore.
Fortunately, Xero is completely compliant with MTD and is also on the UK governments list of recommended software for digital bookkeeping. This is a testament to the safety, security and convenience of Xero accounting software. This also means Xero is also kept up to date with government plans on rolling out the next stages of MTD meaning Xero will be continuously updated to make sure you can keep using it to remain complaint.
Conclusion
As you can see, adopting Xero for your business has a whole host of benefits making it easier than ever to streamline your business and keep on top of your financials from anywhere and reduce downtime.
PKPI.UK offer a cloud bookkeeping service with Xero as our recommended accounting software package included. Our small business accountants will help walk you through the set up and make it accessible for you and your advisor giving you the benefit of a world class accounting system and the support of a professional chartered accountant.