There are several benefits for the EIS, or Enterprise Investment Scheme, to make this an interesting...
We've made no secret of the fact that we recommend Xero to all our clients. We believe it's the best accounting software for businesses of all sizes.
In today's article, we going to explain exactly why we recommend Xero to our clients, and how it can help your business.
1. Cloud Accounting
As Xero themselves say: "Spreadsheets are history, the future is in the cloud".
When your accounts are in the cloud, you can stay up to date with your finances at any time, anywhere and from any device. An accurate, real time view of your accounts is at your fingertips.
Spreadsheets are static, out of date and were never designed for accountancy in the first place.
The whole world is moving to the cloud, and accounts are no different. Don't stick with spreadsheets just because you're used to them. Join the 21st century!
2. Fewer Errors
If you still use spreadsheets, you're risking human error creeping in to your accounting and bookkeeping.
This can be as simple as typos and transpositions when doing data entry. But it can also include incorrect or inconsistent interpretations by staff.
With a cloud accounting platform like Xero, financial data flows automatically into the software from your bank accounts. No more errors, miscoded items or inconsistent VAT designations.
With the recent emphasis on Making Tax Digital (MTD), it's more important than ever that your accounts are up to date and error free.
3. Less Stress
Traditional accounting software still leaves you with a lot of work to do. In particular, you have to spend a lot of time on:
- Bank reconciliations
- Creating invoices
- Paying bills
- Filing VAT
Xero makes all of these tasks simple. Bank reconciliations take a click. Filing VAT directly to HMRC is now stress-free (the software is fully compliant with MTD). Payments and invoices are made frictionless with options like:
- "Pay Now"
- Automatic reminders
- Invoice templates
4. All The Team Can Use It
Complicated spreadsheets and legacy accounting software are largely impenetrable to anyone outside the finance function.
This means that team members can't do basic tasks like checking receipts, raising invoices or paying bills. A highly-paid accountant needs to be on hand all the time to make sure the business keeps running.
Xero is so intuitive and user-friendly that the whole team can get involved. We offer Xero training to all our clients. We can get you set up and walk you through the best practices so you'll get the most out of the software. If you'd be interested in hearing more, please get in touch.
5. Value & Flexibility
Traditional accounting software throws up a number of problems for modern businesses. One of the biggest issues is cost: it's expensive to set up, expensive to add new users and expensive to keep updated.
Xero, on the other hand, is affordable and flexible. You pay on a simple subscription basis, only charged for the services you need. And because it's cloud-based, software updates are taken care of automatically.
Xero is built to grow with your business. If you need to add new users or greater functionality, it's a piece of cake to upgrade.
If you'd like to work with us to set up or optimise your business on Xero, please get in touch.