Does your accounting software benefit you?
Over the years, changes in IT have had a significant effect on the bookkeeping and accounting functions for most businesses.
These days, most small and medium sized businesses will use some form of accounting software, be it an off-the shelf package, such as Sage, or a bespoke package for their industry.
Many of these software packages have had little visible change but there is a new package in the market place with a number of innovative and well thought through features, designed to save time and money for the hard pressed business owner.
Xero is a cloud based accounting software package, currently enjoying significant growth in the small and medium business sector in the UK.
The software has been designed very much with the business owner in mind and is written in simple non-accounting terms.
One of its key benefits is accessibility with the ability to access the information through smart phones, tablets or traditionally through a computer. It also offers an unlimited number of users without additional cost, which is a significant contrast to many other software products which charge per user.
It also has a number of innovative and time saving features, such as an automatic bank feed, which pre-populate the software, significantly saving inputting time. Linked to this feature is an automatic matching facility which means a further saving in the processing and allocation of transactions.
There are also mobile apps available, which can enable staff who are away from the office to upload expense information, including a photo of the invoice, direct into the software to save time sorting and posting receipts when back in the office.
Xero have also partnered with a number of separate software companies to provide over 350 add-ons feeding directly into the software. For example, an Epos system, which feeds directly into Xero enabling retail businesses to have up to the minute financial information. In addition, there are add-ons which give a full inventory system.
The package is on a modest monthly subscription which avoids a large up front cost and being cloud based also avoids the need for significant hardware upgrades to support the new software.
The software also has the ability to tailor reporting and bring in the use of graphical information, so that bespoke financial information can be generated.
Garbutt + Elliott have recently become a Gold Partner of Xero and are working with many of our clients to introduce Xero and enable them to benefit from its many features.