At Blue Spire, Xero is our preferred cloud-based accounting software, and we are very proud to have obtained Xero Gold Partner Status.
In this blog, one of our in-house Xero experts, Kirsty Causer, answers some of the most frequently asked questions about Xero.
1. What exactly is Xero and how does it work?
Xero is a cloud-based bookkeeping package for small and medium-sized businesses.
Xero works by looking at your real-time data, such as bank feeds and sales invoicing, to give businesses an instant and up-to-date view of their cashflow.
The software also ensures that your business finances are compliant with HMRC, which helps give you peace of mind and makes your business run more efficiently.
The thing we love the most about Xero at Blue Spire is that both our clients and our team can securely access financial data at any time and from any device, just as long as there is an internet connection.
2. What are the main benefits of using cloud accounting software?
Using cloud-based software is becoming more and more popular amongst business owners for many reasons.
You no longer need to install software and store data locally on your machine as everything runs in the cloud, which basically means it’s accessible from anywhere.
This is especially great for us accountants, as we can access our client’s data easily, to be able to manage their accounts on their behalf, without the need for physical files and paperwork.
In line with the Governments plans for Making Tax Digital, it is a good idea to invest in accounting-based software now, so you have sufficient time to get to grips with the process before it becomes mandatory in 2024.
3. Why is Xero good for start-ups or small businesses?
Because of its simplicity to use and clear layout, Xero is perfect for start-ups who may not necessarily have any experience in financials or book-keeping.
When you are starting a new business, there are so many different things to think about, and having all your financial data in one place will make your life so much easier, so you can focus on building and growing your business.
4. What are some of the key features that Xero offers?
Xero has many great features but some of our favourites are as follows:
- You can easily create and send invoices at anytime from anywhere!
- Xero lets you run standard and custom reports which can give you insights to be able to make key business decisions.
- You are able to view all your outstanding sales invoices, which will flag up in red when they become overdue, so this will ensure no important payment deadlines are missed.
- You can set up multiple user access with different levels, which means you can limit some of the information that certain users see if you need to, and also gives the ability for you, your staff or your accountant to be able to log in at the same time and view your live data.
- Within the Purchases section, you can integrate receipt scanning tools (we use DEXT) which allow the user to take a photo or upload a document, from which relevant information such as supplier, dates, totals, VAT amounts etc can be extracted, ready for approving.
5. Why Blue Spire choose Xero?
There are many different cloud-based software options out there and it is important that when you choose an accountancy software, you make sure that you get a package that is the most compatible with your business needs.
The main reason that we prefer Xero at Blue Spire, is its user-friendly and uncomplicated nature, as well as it’s innovative approach to accountancy.
The automation features and having your financial information at the touch of a button, can give you an up-to-date view of the profit your business is making, and how much your outgoings are at any time.
We can tailor Xero to our client’s exact needs and get useful information from your data which can save you time and help you run your business better.
6. How can Blue Spire help if you wanted to switch to, or start using Xero?
Our clients that are currently using Xero have already saved a huge amount of time by using the system, due to its simplicity and functionality.
If you have a new business, or are currently using an alternative product and would like to make the switch to Xero, Blue Spire can:
|If you would like to learn more about the benefits Xero could have for your business, then please do not hesitate to contact us today.|