Xero: Cost Effective Accounting Software Recommended By U&W Accountancy
Cashflow is the life blood of your business. With cash in the bank there are very few problems you can’t solve from hiring new staff, running marketing campaigns, training staff or offering other employee benefits.
The foundation to a healthy cashflow is the accounting software you use. Selecting the right solution ensures invoices are sent, payments are tracked and missed payments don’t stay missing. You’ll also want as many tasks as possible to be automated, keeping you focused on other areas of the business.
It’s always smart to research the pros and cons of any new software before investing in it but with all the other challenges of running a business, picking your accountancy software is probably not high on your to-do list.
As an experienced accounting practice we’ve already done this due diligence for you. Whilst every business is different, we’ve found Xero is the best solution for most companies and as such, recommend them as our chosen accounting platform.
What is Xero?
Xero is a cloud-based business accounting software designed for small organisations but with scalability in mind for when you grow. It includes functionality to manage invoicing, bank reconciliation, inventory, purchasing, expenses, bookkeeping and more.
Many businesses find that even without in-depth accounting knowledge, Xero is easy to use. Whilst you don’t want to spend long in your accounting package, it’s important to know that when you do, it’s easy to use and you won’t spend hours trying to understand how it works.
24/7, Anywhere Access
As a cloud-based solution, Xero can be accessed from any location with an internet connection. This is arguably one of the most desirable features for a business allowing you to view your transactions and account information from anywhere in the world at anytime of the day.
Xero removes the need for physical paperwork. Invoices are automatically converted to PDF’s to send electronically to clients. We can access your accounts via the online portal so no need to send us any paperwork. Receipts, bills and supplier invoices are uploaded as images, ready for submission to HMRC as required.
You might not always have access to your laptop so Xero has launched its own app, allowing you to access their services via phone or tablet, further enhancing your access to your accounts.
Reduce employee queries with self-service access. You can provide controlled access to your payroll systems, allowing employees to access documents such as payslips and additional personal financial records without the need to query your HR or finance departments.
Xero is a great solution on its own but what makes it one of the best accounting software platforms is how compatible it is with other systems. Integration with your bank to keep track of cashflow, expense systems such as Hubdoc and timesheet tools to provide greater insights into profitability are just some of the common integrations most businesses included with their Xero package.
How much does Xero cost?
Xero’s costs can be tailored to your business’s size and requirements. The result is you only pay for what you need.
Features can be bolted on or stripped out so you do not pay for functionality you don’t use
These same features can be scaled up or down, so you only pay for the capacity and volume of transactions, invoices and bills that you need to process.
Even better, when you sign up to one of our accountancy services, we include Xero access worth £24 + VAT per month for free.