For any small business, doing the books and ensuring that you are on top of cash flow entails a lot of time and effort that sometimes, other tasks get neglected. Not so long ago, PC-based accounting systems made things easier, but today, it is considered “old technology” because it has a lot of limitations.
Enter the new millennium and cloud-based accounting software entered the picture; and perhaps, Xero is one of the most widely-used online accounting services to date.
Xero is a simple, smart and secure cloud-based technology that is used in the financial services industry; and is predominantly popular in the accounting sector. It is accessible via the Internet which enables business owners and their accountants to work on the same database. It is a modern and cost-effective system of running the finances of your business. It is the modern day life saver of SMEs. Read through and find out what are the benefits of Xero accounting system.
One advantage of cloud-based accounting software is that you can easily access data and information anytime and anywhere around the world with your device. You can collaborate with your staff and trusted advisors even if you are on a business trip to Europe and ask them for better advice.
Bank integration for continuous data feeds
You can integrate Xero with your credit card and bank information so that you will get updates on a daily basis. This is a huge time saver for data entry and bank reconciliation time. With Xero, bank information retrieval is just within five minutes and you can be sure that the data is in real-time.
Data security and regular back-ups
Even if businesses consciously make an effort to back-up their files on a regular basis, there are still instances that they forget to do it. Xero regularly and automatically backs up your files and data so that you won’t have to worry about losing important information. However, it is also important that you must have a copy of your data on a quarterly basis at a minimum depending on the volume of your entries.
Integration with other business system
Xero is designed so that other web system developers can write their systems and integrate it with Xero. This means that you can access your CRM, inventory, POS, e-commerce, time tracking and others with your accounting records, thus no duplication of databases and missed sales conversions.
Easy access in a simple dashboard
You will have real-time view of your business in a simple and easy-to-manage dashboard; here, you will see your balances, cash flow, etc. Moreover, this will be helpful to you if you have accounts in different banks—you won’t have to log in to your accounts just to access it.
These are just some of the reasons why small and medium businesses are integrating Xero into their accounting system. If your business values time and is looking for a long term operations investment, Xero is a good choice.
For more information on unique finance and accounting solutions for your specific business requirements, download our Solutions for Start Up Businesses White Paper and learn about what finance & accounting solutions we can do for your business today!