10 Jun Why should You use Xero for Small Business?
Keeping track of the business finances used to be a hassle a few years back and was a time-consuming task even for the small bookkeeping needs. But now, with the advent of cloud-enabled system, Xero small business accounting software, businesses can keep on top of their finances for financial flexibility and survival within no time.
Might be pondering, why Xero as there’s plenty of other accounting software available?
Obviously, there’re a lot of options to choose from. But, those software are expensive and complex to use. The things that set apart Xero from others is its suitability for small businesses.
Our accountants and bookkeepers are well-versed with Xero, so if you’re looking for accounting, taxation, payroll and other financial services. Don’t hesitate to get in touch with us. We’d love to listen to you and provide you with a tailored solution!
Read on to find out what is Xero, what set it apart and why it is the best option for your small business!
What is Xero Small Business Accounting Software?
It is cloud-based accounting software used for bookkeeping purposes, especially for small businesses. You can connect it with your bank for payroll and invoicing. This software suits both cash-based and accrual accounting systems, so if your business follows UK GAAP or IFRS, it is the best choice for you.
Why Xero Sets Apart other Accounting Software?
Xero small business accounting software provides a clear and concise financial report of your business with a unique dashboard display to measure the financial position of your business.
Its dashboard provides quick links to the most important parts of your business accounts. Besides, it provides you with a snapshot of your total bank balance, expenses, creditors and debtors.
This feature makes Xero more reliable and accurate by tracking business payments with any bookkeeping errors.
Additionally, you can customize your dashboard as per your preferences by using different cards.
Below are the features that make Xero unique from other accounting software:
- Bank Connections
- Bank Reconciliation
- Bills Payments
- Purchase Order
- Fixed Assets
- Sales Tax
- Cloud-Based Software
- User options
- Gusto Payroll
- Customer Support
Why Xero is Best for your Small Business?
Xero is easy to use, flexible and efficient for your small business because of its small business-friendly features. With it, after the bank feed, you can reconcile your transactions. Then, you can view the reports of it. The most common reports you can get from this software are:
- Cash Summary
- Balance Sheet
- Profit and Loss Statement
- Account Transactions
- Budget Manager
- Cash Flow Statement
- Aged receivable and Payable
You can get customized reports for the particular period, ratio, groups or blocs. And you can print them out in different formats.
Xero Packages and Cost:
Xero is affordable than its competitors that are providing the same features as it provides.
Its starter package will cost you £10 per month. This package is best suited for sole traders, startups and self-employed. The standard package costs £24 for growing businesses. And the premium package is £30 that is suitable for large businesses with the additional feature of using multiple currencies.
Additionally, you can avail extra features, like claiming expenses, payroll, tracking projects, and the option to pay with transfers wise. It charges a fee from £3 to £5 per month for each extra feature.
You can use to learn it easily through video tutorials, FAQs, and other sources.
Quick Wrap Up:
To sum up, we can say that Xero small business accounting software has created great convenience for small business accounting and bookkeeping. This easy-to-use software will grow your small business with its customizable features to maintain your finances with accuracy and efficacy.
Can’t use it or don’t want to use it? Feel free to contact us for help!
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Disclaimer: This blog is intended for general information on Xero.