Whilst there are plenty of accounting tools available, at Logical BI we are big fans of XERO, and it’s very much our tool of choice. In this article we tell you why we use it, and you should too:
What is Xero?
Xero is an all-in-one online accounting software that suits all sized businesses, from small start-ups to larger sized established businesses and is easily accessible across many devices from smart phones to desktops. Xero is so easy to use, no matter your experience or business type, with over 2 million subscribers from sole traders through to large Limited Companies of all sectors.
You can manage your invoicing, income, expenses, and much more all in one place. Xero provides dashboards so that you can quickly review your bank, sales and expenses and also short term cash flow, providing a snapshot of your business. With direct links with your business bank account you can easily and quickly keep up to date with your bookkeeping, avoiding errors.
You don’t need to remember to do a back-up as it is cloud-based software, so backups are done automatically! Plus, it is encrypted, meaning your accounts are extremely safe from those who do not need to see them.
We also love that Xero allows for multiple users from one licence. Therefore, your accountant can have access which will allow for mid-year checks and business reviews as required plus speedier year end returns.
Finally, with the new rules coming – all businesses needing to be tax digital by 2023 for all tax returns -Xero will save you time, which is a benefit to any business.
What features does Xero offer?
Easily capture expenses on your phone, take a photo and let Xero extract detail and code to the accounts✔
Send professional sales invoices ✔
Automatic payment reminders ✔
Record business purchases ✔
Bank reconciliation with suggested matches to recorded purchases, expenses or sales ✔
Files documents for ease of access ✔
And if required…..
VAT returns for all schemes ✔
Inventory management ✔
Payroll for directors and/or employees ✔
Track projects for specific billing and cost collection ✔
How can I get started with Xero?
As a Certified Xero Partner I can provide Xero setup, training, and accounting support. Everything you need in one place.