Having highlighted the user friendliness of Xero in the past (see blog post here) and mentioned that it was specifically tailored towards making life easier for small businesses, this post aims to set out exactly why the cloud-based accounting software works so well in helping smaller players compete alongside global powerhouses. Read on to find out the specific benefits and features of Xero to see how it you can utilise it to streamline your business.
First and foremost amongst the reasons Xero works for small businesses is how easy it is to interact with. Simple, intuitive layout means people can access and update all the relevant numbers on the fly from any device. It’s also a fantastic hub to connect people with the right bookkeepers and accountants, helping to build trusted, long-lasting relationships that so often prove to be vital in a company’s early success.
Xero’s main purpose is to help organise everything in one place via a paperless cloud system, saving time, space and money; all of which are luxuries that many smaller businesses simply can’t afford. Features include, but are certainly not limited to the following:
- Invoicing, allowing for faster payments and as such, a healthy cash flow.
- Inventory, making it far easier to keep track of all your goods and stock levels.
- Payroll, which makes tracking staff working hours and organising payment simpler.
- Bank reconciliation, keeping your accounts connected and automatically updated.
- Multi-currency compatibility, meaning you can trade and accept payments internationally.
- Auto enrolment for workplace pensions, ensuring you comply with regulations.
- A dashboard, which provides you with an up-to-date snapshot of your business’ performance.
- A mobile app, meaning you can be constantly in the loop on the go.
- Data protection, with multiple layers for added security and peace of mind.
Numbers speak for themselves
Xero’s numbers more or less speak for themselves, testament to their growing appeal as a reliable software provider. The 1200+ product updates and 500+ add on applications introduced last year mean that customisation is stronger than ever, and you can tailor the services to suit your own business’ particular needs. There are now more than 16,000 accounting and bookkeeping firms affiliated with Xero, so you needn’t worry about finding one that will integrate into your existing practices and add the most value to your business.
Transactions equating to more than NZ$1 trillion took place through Xero last year, across 180 countries throughout the world. Having started out with a list of clientele that extended to only a few New Zealand business in 2006, there are now more than 862,000 subscribers, and this number seems set to continue to grow.
Nothing to lose
If you’re still not convinced of their merits, their website provides a thorough breakdown of all available features and offers businesses a 30-day free trial so that you can get used to the software. You have nothing to lose, give it a test run, try it out to see how well it fits into your everyday routine before committing to a purchase. It’s that simple!