Note: This is NOT a sponsored post.
For micro and small business owners, collecting receipts and doing the accounts can be one of the most daunting tasks to do. In the company I used to work for, I glued receipts on a piece of paper and input expenses manually into an Excel file, which would then be sent to our accountant to create monthly financial reports. All’s well until you find a difference between the cash-in-hand and the accounts. Reconciliation then feels like a mission impossible.
When I started Garchi UK, I browsed around for bookkeeping solutions and I found Xero. The registration process was seamless, but, after connecting the company’s bank accounts into Xero, I didn’t actually use it right away. I was daunted with the whole thing, and I left it for months until the time came where I could not put it off any longer. I had to start preparing for the annual statement so I got on with it, spending a day or two getting the work done and, now that I’m in the flow of using it, I’m liking Xero more and more.
Here is how cloud accounting software like Xero can simplify your business life:
1. You can connect your bank accounts to sync with your Xero account.
Most banks in the UK and many other countries support syncing to third-party applications like Xero. It means that, with your permission, Xero will be able to display the transaction data of your bank account for your own viewing as well as other users you have given permission to.
This feature saves a lot of your time and you won’t have to switch tabs (or papers) of bank statements every so often. Plus, it makes reconciling transactions as easy as a click.
2. You can generate reports in one click.
If you need to see your Profit & Loss statement for the past two years, you can do so in a few clicks. Most common financial reports are available and generated automatically by Xero. So you don’t need to worry about formulas and tables.
3. Xero allows integrations with other third-party apps.
While its primary function is to do bookkeeping and accounting, Xero has the capacity to be a “super-app” for your business operations. If you’ve been using Stripe or PayPal for payments, you’ll be glad to hear that Xero supports integrations for both apps. Customer Relationship Management (CRM) software like HubSpot, payroll and invoicing third-party apps are also available in the Xero App Marketplace.
What does this mean for your business? It means that with a robust digital strategy, each process of your business can be interconnected and automated.
Xero is just one of the many cloud accounting solutions available out there. Each does the job well enough, so it’s up to you to choose.
Speak with us to find out how you can use Xero to make your business life simpler.