Do you need to keep track of your business finances but don’t want to spend all your free time doing so? Xero Bookkeeping could be the perfect solution for you. Xero is one of the best bookkeeping software out there to use for your business. It’s easy to use, versatile, and efficient and requires no complicated setup requirements. This blog post highlights 7 reasons why Xero is better than other accounting software.
What is Xero Bookkeeping?
Xero is a cloud-based accounting software that allows small business owners to manage their finances from anywhere and anytime. It integrates with over 1,000 apps, and It is less costly than other accounting software competitors. Its prices are tailored to business needs, making it an affordable option for growing businesses.
Why is Xero Bookkeeping better accounting software?
If you haven’t used Xero bookkeeping before, take a look at the different things that are possible with Xero
1. It has real-time financial reports and features for an easy payment process.
In this fast-paced industry, keeping up with the daily operations of your business is a must. Xero bookkeeping can give you actual time updates on your financial status. It gives business owners the ability to manage their cash flow effectively. Since owners must focus on their core business, they often lack immediate access to financial information about their company, leading to problems and business failure. This is what Xero is preventing from happening.
Its software can give business owners access to real-time financial status and updated information regarding their company’s financial situation. Compared to Quickbooks, which needs to wait to update the recent version, Xero can monitor your income and expenses in actual time.
It comes with many typical reports, including profit and loss, balance sheet, and VAT, and you may link other web tools like Fathom or Spotlight to expand its usefulness further. You can make automatic, lovely, visually appealing, and customized reports with the appropriate KPIs for your company with these add-ons.
In addition, Xero has currency conversion, too, so you would not have to worry about your international customers. Further, it also made the payment process easier and produced automated bank feeds.
2. It improves for better use but does not need updates.
One of the common problems of business owners when it comes to using software is the process of how they will update it. Xero bookkeeping does not want to give this burden to them; that’s why they designed Xero without the need to update. It automatically improves its software that takes place in the background on the company’s servers, and online accounting software is always current. Xero ensures this automatic update does not cause any trouble in the financial application.
Meanwhile, if you need additional features for your software, you may upgrade to a more advanced version and instantly get the added functionality. It will just add a few fees to your monthly budget.
3. It’s easy to use and easy to integrate.
Even without extensive accounting knowledge, you can use Xero Bookkeeping with ease. It is user-friendly and convenient to use. It has features that let you submit files and documents and see transactions accordingly. Besides, the terms used in Xero are easy to understand.
Other than that, you can also integrate other applications you need into Xero. A wide range of programs can be seamlessly connected with it. It would not make your financial recording hard, as things and processes here are uncomplicated.
4. It saves time.
Xero bookkeeping is designed to save time in your business operations. This cloud bookkeeping can help you save time by having the ability to store your documents online, automate your bank feeds, and automatically extract data.
Xero can save all your papers online, saving you a ton of time by eliminating the need to sort through boxes and folders of bills, bank statements, invoices, and receipts. Likewise, in Xero, you don’t have to go through manual data entry because Automatic bank feeds allow you to reconcile every day, ensuring that the accounts present an accurate and current view of your company’s finances. It will even categorize transactions for you and make matching suggestions.
Moreover, you can automatically extract data from bills and receipts using their Hubdoc app. It will convert any image you take with your phone or upload into usable data and carry out the data entry. Thereby, by automating cloud bookkeeping, you may help more clients in a shorter amount of time.
5. It increases business productivity and efficiency.
Aside from the time-saving features of Xero bookkeeping, what comes after that is increased business operations productivity and efficiency. Additionally, Xero enables automating several accounting processes, including tracking down unpaid invoices, reporting, controlling staff and costs, monitoring funds, and more.
What is more astounding is that you can use Xero not only on computers but on your mobile devices, too; you just need an internet connection. You can measure your driving distance, automate the scheduling and payment of suppliers, or bill projects directly as they go anytime and anywhere.
6. It does not need backups and ensures data security.
In Xero bookkeeping, you don’t need to create your backups because it has data protection built for you. In this way, you don’t have to worry about corrupted discs or accidentally destroying your data because Xero controls everything in the background on their servers. Xero backup servers function as data replicas; they can seamlessly switch to a backup to keep your business running and restore your information to avoid the likelihood of data loss.
Furthermore, Xero complies with the highest requirements for cloud security. It uses many cloud security safeguards and even releases a comprehensive report. It makes sure that your financial and personal data are protected. You can read more about Xero Security details here.
7. Easy to understand Pricing System
Regarding accounting software, Xero bookkeeping has some of the lowest prices available because of a transparent three-tier pricing structure. The Starter, Standard, and Premium packages in their structure provide a range of possibilities for your software. If you are still unconvinced, Xero is free to use for 30 days. For more detailed pricing, you can check it here.
Prime Outsourcing Bookkeeping and Accounting Services
Xero bookkeeping can be an extremely helpful tool for businesses of all sizes. With its easy-to-use interface and vast array of features, Xero can help business owners save time and money while keeping track of their finances.
If you’re looking for a more efficient way to manage your business finances, Prime Outsourcing offers bookkeeping and accounting services to manage your business’ finances effectively. It uses Xero Bookkeeping and maximizes the usage of its many features and integrations. With Prime and Xero, you can save time and money while helping you better understand your financial situation. Give it a try today and see how it can help your business run more smoothly; contact us now!
Read More: 6 Best Benefits of Outsourcing Bookkeeping in the Philippines
