Whether you’re an established company, or a start-up trying to break into the market, the management and visibility of your finances is vital to the success of your business.
Here at Build Growth Accounting, we think Xero is the best platform for managing your finances. And if you’ve landed on this post, chances are you think Xero might be too.
But what makes Xero different from your current accounting software? Is it worth making the switch? And what is involved if you do? We’ve put together our thoughts below so can apply it to your business model to see if Xero cloud accounting is the right fit for you.
What is Xero?
Xero is online accounting software that’s ideal for small to medium-sized businesses. However, it differs from other solutions because it is cloud-based. Relying on the cloud for your accounting makes bookkeeping and business accounts easier because you can access your account anywhere, at any time and on any computer.
You can also say goodbye to time delays caused by software updates. Xero cloud accounting updates are invisibly completed up to three times per week. This means that you are always on the most up to date version, without even realising.
What makes it better than your current solution?
It has a really useful mobile app
The Xero app, which you can download to any smartphone or tablet, allows you to always be connected to your account. A huge benefit of the Xero app is that mountains of paper receipts are a thing of the past. Basically, whenever you receive a receipt you can snap a photo, upload it and then it’s saved with all your other financial information.
It also allows you to invoice from anywhere. Traditionally, to invoice a client you would need to be at your office computer to create an invoice. Yet the Xero app, allows you to create that invoice on the spot, as soon as a job is complete.
It’s super adaptable and can grow with your business
Xero cloud accounting can be tailored to, and grow with your, business. When you sign up with Xero you begin with the ‘core accounting package’ and then build the platform to suits your needs by integrating applications specific to your business.
Need to take online payments securely? Then you add the app. Want to create ecommerce sites? Again, just add the app. Likewise, if you don’t need these features, you don’t pay for them.
It Links directly to bank accounts
Time is money and online accounting will save you a lot of it. With Xero cloud accounting, you can automatically import account transactions from your bank.
This feature can save you hours in data entry because once bank feeds are set up you won’t need to download and import bank statements manually.
It’s completely secure
Some people worry that Xero isn’t secure because it is on the cloud. When in fact, cloud-based accounting is actually more secure than storing everything locally.
Xero will backup all your financial information and it has multiple layers of data security and encryption to keep it highly secure.
The switch to Xero cloud accounting is easy
Whether you’re using MYOB, QuickBooks or another accounting solution, you may be questioning whether a switch is worth the time it will take to get started.
The good news? Making the switch from your current accounting software to Xero is relatively pain-free.
There are two ways you can begin your Xero journey:
- You can start from scratch.
That’s right, if you don’t need your historical information, then you can begin with a clean slate! You will simply enter your opening balances (and any open invoices) when you begin.
- Keep your historical data
If this is the road you want to travel, then you have the option to import your historical data. You will be able to do this manually (entering all your information from previous years) or automatically – with automated data conversion tools that will import your past transactions.
Migrating from MYOB To Xero
If you’re currently using MYOB, you can make use of Xero’s conversion service. Xero have partnered with a third party, called Jet Convert, to provide a free and efficient process. You simply upload your files and Jet Convert will do the conversion for you within 1-3 days.
Migrating from Quickbooks To Xero
Xero can manage your QuickBooks file conversion easily and at no extra cost. You’ll only need to upload your QuickBooks file and Xero will convert the file’s data for you. Setup typically happens in 3 hours, but it can take a few business days.
Build Growth Accounting – For All Your Xero Needs
Build Growth are CPA qualified, and importantly are certified and authorised Xero Advisors. To find out more about how Xero can revolutionise your business, talk to one of our team at Build Growth.