Stay connected to your finances and your accountant: An overview of Xero cloud accounting
Over the last few years, there has been an online shift in the accounting industry. Cloud accounting has transformed the way businesses can access and interpret their financial information. This is the practice of using a system that is accessed through the internet, rather than being hosted on servers onsite.
One of the cloud accounting systems utilised by a growing number of UNW clients is Xero, an online software that is specifically designed to be used by small and medium-sized businesses. With over two million subscribers, it leads the cloud accounting market in the United Kingdom, Australia, and New Zealand.
Since transferring their accounting systems across to Xero, our clients have found that the software allows them to run their accounts more efficiently, helps to streamline their financial administration and provides a real-time view of their financial data. Below is a list of benefits our clients have experienced from using Xero.
Access real-time information
Our clients are able to access their key numbers in one place. The ‘Xero Dashboard’ provides a completely up-to-date view of the clients bank balance, Xero balance (which includes pending transactions), their cash in and out, any outstanding bills, and the invoices as they stand right now. This means clients benefit from real-time reporting, as the numbers they’re seeing are always an accurate reflection of the current position of the business.
Simplifies accounting administration
Xero is a simplified process enabling users to manage their financial admin. The aim of the software is to make it as easy as possible to capture all of the information and reporting necessary to manage their business, and ensures that there is no complexity. Our clients are able to access the information they need through an easy-to-navigate dashboard and are giving training at the start that helps them understand their business information.
Access to financial information on any device
As Xero’s data is securely stored in the cloud, clients can access it anywhere that they have internet, giving them a mobile view of their statements. By being able to access information remotely, the platform enables “anytime” communication between us and our clients, helping to strengthen the relationship. We are both able to pull up the information at the same time, allowing clients to talk through any issues with the data in front of them.
Software that is always up-to-date and compliant
The software is hosted online – meaning that every time a user logs in, they’re always using the latest version. This ensures that our clients are compliant at all times, as any changes to tax or compliance regulation (such as Making Tax Digital) are updated automatically. As opposed to a desktop system, this also means that our clients are always using the same version as we are.
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