What Is The Xero Accounting System?
Xero is a cloud-based accounting system for small and medium-sized business that solves many of the age-old problems businesses face in keeping their accounting practices simple and organised. In this blog we’ll explain what cloud-based accounting software does and its revolutionary advantage over traditional accounting systems.
What Does The Xero Accounting System Do?
Xero is a comprehensive cloud-based accounting system whose accounting features include:
- accounts payable
- expense claims
- purchase orders
- business and management reporting
What’s In The Cloud?
When data is stored on a hard drive it is stored in one place and associated with a single computer. Moving or sharing information involves the use of devices (such as a usb or external drive). Data stored this way needs to be regularly backed up for safety. If the hard drive, computer or usb is damaged, lost or stolen, valuable, private business information may be lost or stolen and depending, on the situation, can have a significant impact on your business.
Cloud-based software allows data to be accessed online from any device at any time. The advantages of storing data this way over storing it on the hard drive of a computer is that it is much safer and it is available all the time. When data is stored in a cloud, all you need is a login and you can get access to all your valuable information.
Why Is Xero Cloud Accounting Better?
Anyone who runs a business knows how time-consuming and tedious accounting can be. Most people don’t have enough time just to do the basics. Cloud accounting with Xero has a host of advantages that will help you track your accounting systems more successfully.
Saves You Time: The Xero accounting system is cloud-based accounting software that allows you to run your entire business accounting on a single platform. Because it is located in a cloud, you can login from anywhere on any device, allowing you to keep your accounts up-to-date no matter where you are. You can even generate invoices from your mobile while you are on the road!
No More Updates: Because Xero is cloud-based your accounting program is not tied to any software that needs to be updated. Neither does its performance depend upon continually upgrading your computer.
Xero Software is all online. You don’t need to install anything, because all system upgrades and server issues are the responsibility of the company.
Scalable To Your Business: The Xero accounting system is scalable to the size of your business. It is also able to be fully integrated with a number of external systems. For example, it can import your bank and credit card statements automatically.
Control Who Can See Your Data: The Xero accounting system allows you to control the number of users who can login to the system. This makes your data a lot safer than previous methods of data storage.
Can Improve Your Business: Xero accounting allows businesses to have a much clearer understanding of their business. That’s because the cloud system facilitates accounting to be done in real time and is always up-to-date.
To find out more about how cloud accounting systems like Xero can revolutionise your business, talk to one of our team at Build Growth.