Why should you use Xero?

Published Apr 18, 2018

Xero accounting software has changed the way we work, giving us the information needed to assist you in making an informed decision when it comes to finances in your business and to achieve your goals!

Here at Forsyths we asked our team members, our everyday Xero superstars, what they thought were the advantages of using Xero and how they think it can benefit individuals and small business. Below are important reoccurring points:

• Automated bank feeds can be set up to automatically import bank statements into Xero. This saves you having to manually input transactions yourself. Saving you time and also eliminating any mistakes.
• Coding transactions can be done directly into the software and rules can be set up to match reoccurring transactions automatically.
• As the software is cloud based, this means you can access your file from any smartphone, computer or tablet – provided you have an internet connection.
• Multiple users can access the software at the same time. If you require assistance, both you and your invited Forsyths accountant can access the file at the same time.
• Xero allows you to create, send and customise invoices. You can then send these invoices straight from Xero to your clients. Another great feature is that it can be set up to automatically chase up any unpaid invoices. You can also see when an invoice has been viewed by the receiver and with the ability to add online payment services, you could potentially be paid sooner.
• The data on Xero is live! You get a complete up to date view of your current financial situation at any time, making it easier to collaborate with your accountant as you are both looking at the same data.
• The dashboard instantly allows you to see all your bank balances, recent sales and upcoming bills. This business snapshot allows you to see everything at a glance, including money going in and out. You can also monitor specific accounts on the dashboard.
• Xero automatically backs up all data on a daily basis. This means there is no need to manually backup your file, saving you time.
• The payroll system in Xero is time saving when completing pay runs, PAYG payment summaries and superannuation. Xero updates the applicable tax tables and calculates PAYG withholding tax and superannuation automatically for you.
• You can attach supporting documents (eg invoices) to transactions as a record, which means if your accountant needs more information it is there at the click of a button. There is no longer a need to keep hard copy substantiation records.

Last year we became a platinum partner with Xero.  With almost 80% of our accounting team becoming ‘Xero certified’ experts, we are the best candidates to talk ‘all things Xero’. If you have been thinking about moving to cloud accounting, freeing up some of your valuable time and simplifying your processes, Xero accounting software is for you.