If you’re not using Xero in your business yet, you should be. The cloud-based accounting platform can help you in all kinds of ways, from making it easy to store your accounting data to reduce errors. The problem, however, is that many firms don’t have enough people trained to use Xero and so they miss out on the benefits.
Training courses for Xero come in two main varieties. The first is training from scratch. This type of training is ideal for companies with people who have never used Xero before or anything like it. It takes the finance team and account managers through all the basics, showing them the advantages of cloud software. The second type of training is where you top up existing Xero skills. Xero is a dynamic, publicly-listed company continually looking to make improvements to its product. Top-up training keeps your team up to date with the latest developments on the platform.
How Xero training courses can help your business are many. Check them out below.
Cut Down On Mistakes
Making mistakes in your accounting is a problem. Not only do you have an inaccurate picture of the financial position of your firm, but you also risk being audited by the tax authorities and facing financial penalties. Making a mistake is not an excuse.
Your duty as a firm is to ensure that you have the people you need with the right skills to use Xero properly, without costly errors. Training courses can help show people how to use the software correctly, automate particular tasks, and cut down on the likelihood of making a mistake. The fewer mistakes your staff makes, the less risk your business faces from the authorities.
Save Time And Money
Your employees cost you a lot of money. You pay them a salary, and in return you hope that they will be productive at work, paying you back for all the money you throw at them. If, however, your workers don’t know how to use Xero, then they will waste time. Not understanding the interface could mean that your finance team spends hours fiddling around with menus and settings, without really understanding what the program does. And you could have a situation where employees are performing tasks manually when Xero allows for full automation.
Xero membership isn’t free, but the majority of professional businesses choose to use products like it because it cuts down substantially on labor costs. To take full advantage of the software, however, requires a degree of training – something that your colleagues may lack.
Prevent Tax Problems
Tax issues can be a nightmare to resolve. Not only are they costly, but they can drag on for weeks, affecting morale at your firm. Xero has facilities that help to cut down dramatically on tax mistakes, helping you to avoid potentially costly audits and investigations.
Get A Better Understanding Of The Financial Position Of Your Firm
Unless you train your colleagues to use Xero correctly, they will not be in a position to provide accurate insights into the financial position of your firm.
Xero has bank feeds and automation tools which reconcile the data from your bank accounts with your accounting every day. Xero provides you with real-time data about your business and helps you to predict potential upcoming cash bottlenecks.
Your staff, however, can only fully take advantage of this information if they understand what Xero is telling them. Without adequate training, your colleagues will not be able to identify potential problems before they occur. You could suffer an unnecessary and damaging cash flow crisis.
Budgeting and planning are essential. But with so many dynamic factors affecting your financial position at any time, it is tough. Xero training helps your staff to use the software to budget accurately, putting you at a strategic advantage.
Get Finance To Expand Your Operation
Having a good understanding of your financial position is vital when trying to secure finance from VCs and financial institutions. You need to prove that your firm is on sound financial footing.
If your colleagues do not understand how to use your accounting software, however, then you’ll encounter difficulties. Without training, your colleagues won’t be able to create accurate accounts to convince investors of the benefits of putting their capital into your company. And errors on financial statements could make your enterprise appear amateurish, even if you have a great product.
Training helps you skirt around these issues. With a team of people who understand Xero from the ground up, you can present a far more convincing case to investors.
