Xero is the market leader in cloud accounting software and through its beautiful, simple design, it makes cloud accounting easy and accessible, with time saving tools and features to improve the day to day running your business.
What are the benefits of Cloud Accounting?
Cloud accounting means keeping your records on cloud-based software. Many competitor practices are highly prescriptive about which platform(s) they will work with. Although for small businesses we work closely with, and commonly recommend, Xero, we will happily work with other software including QuickBooks, Sage, FreeAgent and Zoho.
Although apparently similar – they are, after all, doing the same thing in line with conventional accounting – cloud accounting software varies in its capabilities (e.g for stock control or specialist sectors such as farming) and compatibilities. We are happy to advise on what software is best for you and your needs. We will also advised on suitable add-ins, such as optical character recognition (”OCR”) software, such as Auto- Entry, that enable you to scan documents and place them appropriately in your accounting software.
Whilst cloub-based software is ”intelligent” to a great extent, it is not infallible. For example, if you receive an invoice from X and post is to ”plant and machinery”, when you next receive an invoice from X it may post it automatically to ”plant and machinery” whereas it might actually be an invoice for ”repairs to plant and machinery”. The result is that it may be treated inconsistently for tax (and accounting purposes). As a result, we are deeply sceptical of exaggerated claims that some software (including Xero and QuickBooks) will be able to file your tax return. It may well have the ability to do so, but giventhat most businessmen are not accountants, the likelihood of the return being correct are small.
As the leading provider of cloud software, we believe that Xero can make accounting for your business more efficient. We are Certified Advisors for Xero and can offer advice and guidance in setting up cloud accounting and making the most of Xero’s features.
Get in touch today to discuss how Xero could work for your business.
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