At Botham Accounting we are always looking for new innovations and techniques to help you build a more efficient and profitable business. The impending arrival of HMRC’s “Making Tax Digital” initiative means that pen and paper systems will soon become extinct.
Cloud accounting systems are the future, but with so many providers offering software it can be hard to know which to choose. Having analysed, tested and discussed the options available, we believe that the top choice for many will be Xero. We use it ourselves, and that’s why we’re confident recommending it to you.
Xero is the UK’s leading online accounting platform, named Britain’s Best Small Business Accounting Software by Accountancy Age, and, it has been awarded more accolades that any other online accounting software.
Watch this short Intro to Xero video and then read on to see our top five reasons why Xero could be great for your business:
It’s no secret; bookkeeping is boring, time consuming and tedious. Unfortunately, accurate bookkeeping is also essential. It’s the foundation on which all your accounting information is built. Good bookkeeping means good financial reporting, which means you can make better business decisions. With Xero, the whole process is quick and simple. It’s bank feed function imports transactions from your bank accounts directly into your software daily, and bank rules can automatically code recurring similar transactions. This means that you spend less time typing up bank charges, and more time making sales. Without monthly bank reconciliations, you can see your cash flow in real-time. Xero allows you to easily create and send invoices and reminders so you spend less time chasing debtors.
Once you’ve got started with Xero give Liam Peltell a call to discuss how we can create bespoke reports tailored for your business with the management information Xero is capable of producing. Quarterly management reports will allow you to keep track of whether your business strategies are working. We can create budgets and targets with you to encourage growth and analyse cash flows to make better use of your hard-earned money. If you run a business with multiple departments or locations you can easily track each one individually to see how well it is performing.
Visit our services page to see how our advisory expertise and business knowledge can work to your advantage.
With cloud accounting systems, as long as you have an Internet connection, you can access your accounts whenever and wherever you are. Reconcile your bank account on the train, or check how much a customer owes you while you wait for a meeting with them. Even better, with cloud accounting you no longer need to keep taking a back-up of data and sending it to us to upload. With Xero simply invite us to be a user of your business and we see all the information in real time. If you’re stuck with how to post a journal or correct a mistake, give us a call, we can log in and be ready to help, as easy as that.
There’s an App for that
Many business service providers have invested in creating technology available now to help your business run more smoothly. From apps like GoCardless and PayPal which give customers more payment options, to EPOS systems, time management software and inventory tracking there are a whole host of products on the market. Xero can currently connect directly with over 600 of these apps, meaning that you can access all of this data in one place, and it feeds automatically into your accounting records.
Payroll & Pensions
Xero allows you to do your bookkeeping, VAT submissions and payroll all in one place. This can help take the worry out of auto-enrolment pensions and payroll submissions, Xero will send pension info directly to Nest & People’s Pensions in just a few clicks and help you manage your opt-in or out-out staff. The software creates HMRC submissions and automatically updates your accounts with the payroll information, meaning you have fewer journals to post.
How can you find out more?
Now you’ve read the evidence you’re probably thinking “how will I make the transition to Xero? Is it going to be expensive and disruptive?”
Actually, it can be quick and simple. Liam, here at Botham Accounting, is a Xero Certified Migration Advisor and will help you set up your Xero account. Call Liam and have a chat about which set up will be the most beneficial to your business and to see if one of Xero’s partners, such as Move My Books, can help you to transfer data from your existing system into Xero for free, making the process as smooth as possible.
Xero, like many software providers, operates on a monthly subscription fee, the standard package costing £22 + VAT per month.
Think Xero could be the perfection solution to future-proof your business and give you better insights to grow?
Call Liam on 0115 9508 887 and arrange a meeting.