It’s the new big thing in the accounting industry. So, if you haven’t heard the name ‘Xero’ before, you will get to hear it from now on. Xero is a new online cloud accounting software – a popular alternative to QuickBooks – and is being increasingly used by many small businesses nowadays as Xero provides benefits.
As the software itself is cloud-based, this means that it is easily accessible through the internet. You don’t have to physically install it on your computer. This software is thus more efficient at helping users to remain organised while carrying out usual bookkeeping functions and other accounting needs.
With almost a million subscribers all around the world, Xero is fast becoming a popular accounting software option. While many accounting software are utilising the cloud space to be effective, Xero offers a host of benefits that give it the edge. So, if you are a small company researching the benefits of using Xero as your new chosen accounting software, look no further. Below are all the benefits of using Xero discussed in detail.
Top 6 Benefits of Using Xero
Find out why Xero is the best choice when it comes to cloud accounting software with the following top benefits of using it:
1. Accessible
Since Xero is cloud-based software, it is easily accessible from any device with an internet connection. For a small business, this is a particularly desirable feature, as they may not be set up in an office yet. Working remotely while visiting clients makes Xero one of the most accessible accounting software programs in the world.
As the files are not stored on any computer, you can take care of your accounts on any device, wherever you are. You can view your transactions and account information and balances from anywhere in the world. With Xero, you can work whenever you want and from wherever you want, with no extra charges.
2. Currency Conversion
A major selling point for a business that aims to be a global entity is that there needs to be an easy currency conversion. With Xero, there is no need to worry about converting any currency exchange rates yourself. It allows you to accept payments and receive bills in different currencies. Moreover, you can also send quotes and invoices in different currencies.
Xero has a handy automated currency converter built right in. So, for instance, if you have a company entering a bill in American Dollars, then it would automatically convert over to Euros instead.
3. User-Friendly
Being user friendly is crucial for any accounting software. It needs to be easy to use to navigate, or else people won’t purchase it. Many Xero users have reported that even without in-depth accounting knowledge, Xero has proven easy to use. Moreover, it is compatible with both Mac and Windows operating systems and has been specifically designed with the best user experience in mind.
The way things are laid out and organised on the modern user interface is practical and efficient. While it may take some time to get used to at the start, there are a variety of online courses available that can give you a detailed introduction to Xero. Plus, all the terminologies used in Xero are easy to follow. Not only that but there are also a variety of options to upload files and other documentation for simple transactions.
4. Automated Bank Feeds
Xero has gone the extra mile and chosen to automate bank feeds This means that instead of manually having to import your bank statements into Xero, you can directly link your bank account to Xero for benefits. You can just set up a bank feed for Xero to automate the entire process and do it all for you. Automation is going to make you more efficient with your accounting practices and save you valuable time.
5. Easy Integration
Not only is Xero great on its own as a software, but it can also be easily integrated with numerous other software and programs. Many payroll providers, such as Deputy, can be integrated with Xero easily. Not only that, but employees can also have access to payroll through the employees portal. They can easily lodge timesheets, apply for leaves, and view their payslips and income statements all in the same place.
Xero is therefore one of the most compatible software in the market out there with other systems. This is a reason why many business owners prefer Xero over other accounting software now.
6. Easy Upgrades
With Xero, you can easily upgrade your subscription level as needed to suit your business needs. There are three different subscription levels to choose from, and you can pick one that suits your budget and business requirements. You can begin with a Starter package. However, as your business evolves and grows and your needs change, you can upgrade to the Standard or the Premium package. This gives you a great deal of flexibility and control when it comes to using a service that most suits your needs.
Conclusion
Whenever you are thinking of investing in new software, it’s always smart to research its pros and cons. Xero has numerous benefits as discussed above and is currently standing above its competition for those very reasons. We believe that investing in it would be an excellent decision on the part of any small or medium-sized business.
