Question – what do Superman, Captain America, Batgirl and Xero all have in common?
Answer – They’re all superheroes!
Well, Xero is definitely a superhero in the eyes of any accountant, the perfect sidekick for any business, providing a helping hand with finances.
It seems that Xero has many strengths and minimal arch nemesis’s (paper supposedly being the only one). At DJH Mitten Clarke, we know and understand that Xero might not be for everybody, but we’d be lying if we said we didn’t think it was super! We’ve asked Tom Bostock, Client Services Director, to outline the benefits of choosing Xero as your cloud accounting software, and why (in our opinion) it really is the guardian of the accounting galaxy!
Take it away Tom…
We’ve used Xero for a number of years now, and although superheroes may be fiction, Xero has definitely made real-life a whole lot easier. Going digital is never easy, but Xero has definitely helped.
What is Cloud Accounting and Xero?
Before I explain why we’re super fans here at DJH Mitten Clarke, lets firstly talk through what exactly Xero is. Essentially, it’s a cloud based software solution, which just happens to be one of the fastest-growing and increasingly popular accounting software programs out there.
It has loads of great features to make life easier for anyone who needs to keep track of important financial records and documents, and it can be tailored to your individual needs.
Xero the hero
Let’s dive in to those features…
Real-time information:
A focus for Xero is ensuring customers have real-time information, as opposed to being given a historic view of your business and records. The easily accessible dashboard shows a current view of bank balances, and any outstanding bills or invoices, giving you clear access to those important numbers you may need when you come to enlist the help of us for example, to help with pesky tax planning! This also allows you to become more pro-active, and be more organised with your financial transactions. Third party apps can also be developed and integrated.
Showcases opportunities:
As current information is uploaded to the software, the clever mind of Xero will help you to understand the performance of your business, unintentionally seeking out opportunities, such as highlighting that you have enough cash flow to recruit for example.
Track projects:
You can easily keep track of quotes and invoices for services that you provide. Xero have also added a specific job and project track add on, so you can manage any costs to your businesses as well as profitability.
Multicurrency compatibility:
If your business operates internationally, you’re able to be paid in a range of different currencies, easily working out how much to charge with the built in instant currency conversion.
Amazing analytics:
Viewing your businesses analytics, including current and future cash flow is displayed in an easy, readable format, allowing you to check financial health and track metrics.
Benefits of Xero
Hopefully the above has given you an insight into what a few features of Xero can do to really help your business thrive. How about some benefits?
The most obvious and biggest benefit of using Xero is its better for the environment – as it allows documents to be stored digitally in the cloud, there is no paper waste. Here are some more pros…
They support most companies:
Xero supports the majority of businesses of all shapes and sizes. So if you’re a new, freshly emerged company looking to establish yourselves with accountancy software, or are part of a Group with multiple offices, Xero doesn’t penalise users based on headcount. One thing to just be aware of though is that there can be transaction limits!
Simple, but effective:
One of their main goals was to make the software extremely user-friendly, and this has been achieved. Historically, Xero was developed with just accountants in mind, but have since transformed the software to be built for the user too! The simplicity in the design allows data that is inputted to be easily displayed, and multiple users can be added and work on the same project coherently, allowing for great teamwork outside of the office.
Makes your job easier:
Acting as the central hub, there are add-ons galore, so you can really make the most of your accounting cloud software and access all the data you need with an array of functionalities. One add on is Dext (formally known as Receipt Bank), which will help to accumulate all those receipts of expenses that may have piled up, becoming the definition of work smarter not harder!
Helps the environment whilst helping you stay organised:
We all know that going digital is the best solution to become an eco-friendly business, and Xero openly are always on the lookout for providing the best, sustainable accounting in the cloud software to help companies take that step further in reducing their impact on the environment. In 2022, they partnered with Bristol-based climate tech start-up, Ecologi, to support service-based small businesses in the UK to track and reduce their impact on the environment.
Use Xero to help your business grow
Implementing Xero can really help your business to excel and grow. I don’t just mean it will help with on boarding more clients, but it really helps you to help gain a better understanding of your business and how it operates. By easily showcasing all the important financial documents, you can ensure your company is in the best and healthiest position that’s it’s ever been.
