As someone new to cloud accounting software, have you thought about how the cloud could improve your bookkeeping processes? Before you buy any kind of accounting software using the cloud, be sure to include Xero in your research.
It’s important to know why Xero became the leader in cloud accounting software over more familiar names like QuickBooks.
Take a look at some good reasons to switch to Xero, including many automated features for your bookkeeping procedures. You’ll discover how well it works when teamed with a real bookkeeper for a fuller picture of your financial reality.
Complete Security For Your Financial Data
Learning about how safe the cloud is benefits you since Xero stores all your financial data there. Not only can you access this data 24/7 through a mobile device, it keeps your financial information completely secure.
Relying strictly on desktop accounting software means if a disaster strikes, you’re left vulnerable to losing everything. Even if your business somehow becomes destroyed, you won’t have to replace all your financial data when you opt for Xero. You can access cloud accounting software from any location or device where you find an internet connection.
Real-Time Financial Data
Thanks to the cloud, Xero allows you to see your entire financial picture in real-time. You don’t have to wait days to see reports on how healthy your business really is in the moment.
When you’re traveling for business and need to see what’s going on, you can sign in on any device and see all the latest debits and receivables. Should you spot any financial emergencies, you can take care of them immediately rather than finding out weeks after the fact.
Using Xero Mobile helps you eliminate the need to do hours of bookkeeping when back at the office.
Coding Large Numbers of Transactions
A standout feature on Xero is its ability to do cash coding. Those of you dealing with large transactions daily will really benefit from this feature. You can sort through your list of transactions and code them quickly, all in bulk.
If you deal with cash transactions most of the time, you’ll find coding especially useful. It’s also going to save you hours of processing all your accounts.
Receipt Bank Integration
One of the greatest aspects of Xero is its easy ability to integrate with other financial software to make for easier data entry. Rather than have to manually transfer all your expense data from Receipt Bank over to Xero, you can do so with a few clicks.
Receipt Bank advertises automatic publishing to Xero, so it’s worth owning both to make your bookkeeping as streamlined and simple as possible.
It’s another example how Xero keeps inventing new ways to save time and money when managing your books.
Another Xero offshoot called FUTRLI is a useful tool for more detailed financial forecasting. Xero easily integrates with FUTRLI so you can get more real-time financial insight through automation.
Using both, you’ll be able to gain better cash flow forecasts, enhanced financial scenario planning, advanced budget tools, plus financial alerts.
Even more importantly, it keeps your KPI dashboards up-to-date, hour by hour.
Teaming Xero With a Real Bookkeeper
Despite Xero being a major tool that brings all-encompassing features to bookkeeping, it does have a steep learning curve. Using it with a professional bookkeeper gives you a powerful combination. You’ll have someone who understands Xero’s features thoroughly and knows all the shortcuts.
Ultimately, this saves you time learning how to use it while gaining all the best features. Your bookkeeper can also keep more accurate records this way and cut down on their own work time.
Visit us at Numbersowl to learn more about Xero and how we can help your business manage its financial past, present, and future.
Also published on Medium.