Bookkeeping is essential for every business but it’s not a task that most people enjoy. In fact, most business owners spend more time and resources than they need when attempting to manage their own accounts.
Fortunately, technology advancements have revolutionised the industry and made it easier than ever to keep track of your finances.
As one of the most popular bookkeeping programs, Xero is used by a wide range of businesses. From entrepreneurs and SMEs to enterprises and multinational corporations, Xero provides customisable bookkeeping options which can help you to keep on top of your accounting requirements.
However, it’s essential to find bookkeeping software that works for your unique organisation. To find out if Xero is the right option for you, take a look at the latest roundup of features in this Xero software review for 2020…
Benefits:
Web-Based
As the Xero bookkeeping suite is web-based, it can be used on any device that has an internet connection. This ensures complete flexibility when it comes to choosing your own in-house tech systems and won’t limit your options when it’s time to upgrade your devices.
Perfect for Small Businesses
Originally designed for small and growing organisations, Xero’s feature range if still ideal for SMEs and sole traders. While it can certainly be scaled up for larger companies, the emphasis on meeting the needs of start-ups and growing companies makes it an ideal option for smaller firms. With three plans available – Early, Growing and Established – there is scope to minimise your expenditure and access the features your business needs right now.
Optional Integrations
The ability to integrate third-party software means Xero can become a seamless part of your day-to-day operating software. From automatically importing your bank records to managing inventory and factoring in multi-currency accounting, you can choose exactly what processes Xero monitors, automates and reports on.
Unlimited Users
When only one person can access your bookkeeping software, it means the burden falls on them to undertake every accountancy task. Furthermore, it prevents other employees from updating the system with critical data, such as expenses. The option to allow an unlimited number of users to access your account ensures there are no such limitations with Xero.
However, it isn’t just in-house employees you can grant account access too. A major benefit of cloud accounting is the ability to share content with your accountant or bookkeeper in real-time. This ensures you can access specialist advice and assistance while taking minimal time to prepare your accounts or collate receipts.
Double-Entry Accounting
Not every business uses double-entry accounting but, for those that do, it’s a must-have feature of their accounting software. If you choose to use double-entry accounting, you’ll be pleased to know that Xero is more than capable of processing your accounts in this way.
Grows with Your Business
The multi-feature build and range of plans means you can continue using Xero, no matter how successful you become. Choosing accounting software that only really works for start-ups might seem like a great option when you first launch your business but having to switch to a new programme will be unnecessary complicated. By choosing software that has the potential to grow with your business, you can save yourself time, money and hassle.
Drawbacks
Learning Curve
Although some users find Xero to be intuitive, others do find it a bit of a learning curve when they’re first getting used to the system. Fortunately, this is a drawback that’s easy to overcome. With Xero Training, you can ensure that you’re fully up to date with the latest features and that you have complete confidence when using your accounting software. What’s more – in-depth training will ensure you’re making the most out of the programme and putting every feature to good use.
Dashboard Design
For some users, the dashboard design is a little basic or simplistic. However, a significant number of people actually prefer this approach. While customisation remains an option, the simple, clean lines of Xero’s dashboard provide a clear and uncomplicated insight into your company’s financial performance.
Choosing the Best Bookkeeping Software
Finding the right bookkeeping software for your firm can transform your business. With real-time access to accurate and up to date figures, you can keep on top of how you company is performing and leverage every growth opportunity that comes your way.
What’s more, working with experienced bookkeeping and using reputable bookkeeping software will enable you to meet your financial obligation and take a strategic approach to your company’s financial arrangements and tax liabilities.
