Cloud accounting services are regarded as one of the top trends in 2018 and we would argue that no one does it better than Xero. Online cloud-based services are changing the way the world does business and with Xero’s cloud-based accounting services you are closely connected to both your data and your accounting. Working in the cloud also gives you a better overview of your business’s entire finances and improves collaboration with your team.
Traditional desktop-based accounting systems have a number of limitations. Usually only one person has access to it, or if many people do, license fees can quickly escalate. As all data is stored on computers, it can be lost if the computers are stolen or damaged. In addition, ensuring your business is always running the latest version of the software is expensive and often time-consuming to upgrade and customer support can be a costly expense.
Xero’s cloud-based accounting services overcome all these problems and offer businesses a number of significant benefits:
Xero doesn’t limit you to your desktop, you can use your smartphone, tablet or your computer to stay on top of your business’s finances no matter where in the world you are. If you are travelling abroad, you can access the same real-time data as everyone else in your office back home.
Instead of manually inputting data into your accounting system, direct feeds from banks, software applications and financial institutions are imported directly into Xero so your data is untouched by human hand and there is limited room for error.
Cash flow is a priority for any business. Xero’s online tools take you beyond traditional printed invoices and enable you to send your customers an online invoice that immediately alerts you when it has been opened. In addition your customers have the ability to pay you online by accessing a link on your invoice. This quick process speeds up payment and boosts your cash flow.
Xero’s automated services like invoice reminders do the chasing for you on overdue invoices, leaving you free to concentrate on your business. You can also set up direct bank feeds from your bank accounts so your transactions are automatically imported securely into Xero each business day – without you having to lift a finger.
Xero gives you immediate access to all your key financial information in one place with an online accounting dashboard. From here you can track your bank balances, invoices, bills and more. The online accounting dashboard monitors your cash flow and you can track which monthly trends are important for your business. You can also customise your dashboard to track specific parts of your business – from transactions to contacts – and get reports on these areas to closely monitor how well your business is performing.
Xero’s accounting services run online so there is nothing to install and everything is backed up automatically. In addition, updates are free and instantly available, so no business time is wasted. Upfront costs are reduced as version upgrades, system administration and maintenance are no longer issues.
These days it’s essential no accounting system works in isolation. Xero integrates with a wide range of payment options and providers. One of these is Receipt Bank, a receipt and invoice processing service that gathers together receipts and invoices, scans them and converts them into useful data that is immediately sent directly into Xero.
As accredited Xero accounting service providers, GGD is ideally positioned to ensure your business makes the most of Xero’s many different features. For expert advice, contact our Xero Team today.