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.
One of the cloud systems utilised by a growing number of UNW clients is Xero, an online accounting 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 UK, Australia, and New Zealand. Hazel Smith, accounting services partner at UNW, highlights some of the ways the firm’s clients have benefitted from using Xero.
Access real-time information
By using Xero, business owners and managers can access their key numbers in one place. The Xero dashboard provides users with a clear and concise overview of their finances such as bank and credit card balances, outstanding and overdue invoices, as well as upcoming bills. Bank statements are automatically imported to Xero meaning our 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 aims to remove the complexities associated with traditional accounting administration and make it as easy as possible for users, experts and non-experts alike, to access key financial information. Since transferring their accounting systems across to Xero, our clients have found that the software enables them to run their accounts more efficiently and helps to streamline their financial administration, allowing them to run their business with more confidence. Users are given training from the outset to support them in being able to understand and accurately interpret the financial information of their business.
Software that is always up-to-date and compliant
Because Xero is hosted online and accessed through the internet, there is nothing to install and updates are applied automatically. This ensures that our clients are always compliant as any regulatory or tax changes (such as Making Tax Digital) are updated automatically. This also means that our clients are always using the same version as we are.
Access to clear financial information on any device
As Xero’s data is stored securely in the cloud, our clients can access it anywhere, on any device, allowing them to stay connected to their finances on the go. By being able to access data remotely, the platform also allows “anytime” communication between our clients and us, helping to improve collaboration and strengthen the relationship.
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