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Should you wish to use a more ‘hands on’ bookkeeping solution we offer Xero subscription and integration.
What is Xero?
Xero is a specialist cloud based accounting software program designed to make running your own small business simpler and more efficient.
Simply by logging on to your smartphone, tablet or computer, a Xero subscription allows you to track payments, invoice clients, log expenses and generate insightful reports about your business’s finances in a matter of seconds. What’s more – live integration with your business bank account means your accounts are always up to date.
Xero is an industry leader, developed in 2006 in New Zealand and now helping more than 3 million small business owners globally manage their accounts from anywhere in the world.
How does Xero save you time?
Xero simplifies everyday business administration tasks – which equals serious time saved for you.
Take bookkeeping. Traditionally, bookkeeping is one of the most time-consuming aspects of running a business. Before accounting software like Xero came along, the logging of all daily business transactions – large and small – were recorded on spreadsheets. Invoices would then be generated manually, reconciled and matched to bank transactions in a separate step.
The spreadsheet bookkeeping method is not only time-consuming, but it also leaves plenty of margin for error when it comes to calculating your business’s bottom line.
With Xero, bookkeeping is integrated across all your business’s platforms to streamline it into a single step. For example, a third-party point-of-sale software interfacing with Xero will record details of a transaction, so this data is instantly updated across your accounts.
Plus, Xero is 100% cloud-based, meaning every shred of data about your business is backed up and can’t be lost, unlike with traditional accounting methods.
With Xero, QAccounting clients are set free from desk-based admin, as they can access their accounts from anywhere from a smartphone, tablet or laptop.
What Does Xero Offer?
Paying bills
A convenient dashboard allows you to see bills that are coming due, ensuring you don’t miss any payments. You can even schedule payments in advance to save time.
Invoice generation
No need to manually produce invoices every time, as Xero creates them automatically with no errors. Plus, automatic invoice reminders are sent to clients resulting in faster payments.
Seamless reconciliation
Reconciling transactions daily gives an up-to-date picture of your accounts. As it’s linked with your bank account, Xero makes categorising and reconciling transactions simple by suggesting matches for you to accept in a click.
Instant data capture
Thanks to OCR technology HubDoc, key data including names and addresses are instantly populated into your Xero account simply by uploading a snapshot of a document. This means supplier names, addresses and payment information won’t need to be inputted manually every time you get a new bill.
Accounting dashboard
Keep on top of finances with Xero’s simple dashboard feature which will help you track your cash flow and explore trends in your spending and sales at a glance.
Expense claims
Keep track of what your business is spending with the Xero expense manager app. Simply take a photo of the receipt to automatically generate an expense record. This also allows employees to raise an expense claim for you to approve or deny in just one click.
Quoting jobs
Creating quotes for clients is simple with Xero. The hard work is taken out of pricing projects and sending quotes to clients, allowing them to review and accept or decline the quote without the traditional back-and-forth email trail to keep track of. In Xero, quotes are stored against client profiles along with all sales, invoices, receipts and communication so it’s all in one place.
Secure shared access
With Xero, you can benefit from a collaborative approach. Your QAccounting accountant can log in and view your accounts, as well as other professionals you give permission to – such as a bookkeeper – as well as any employees you grant access.
Secure storage
Your digital documents are safe with Xero. Simply upload or email a document to your Xero cloud-based library and it’ll be stored securely – perfect for keeping invoices, receipts, bills and letters all in one place.
Compatibility with HMRC systems
Xero is compliant with Making Tax Digital (MTD) and officially recognised by HMRC, which means you can keep digital tax records and submit your VAT returns directly to HMRC using Xero.
Compatibility with third-party apps
Xero connects with over 1000 third-party apps, allowing you to customise your accounting experience. These include payment apps such as PayPal, as well as countless apps for things like creating staff rotas, managing HR and payroll, and CRM.
Xero project tool
Xero’s project tracker software allows you to keep up to date with jobs at every stage. From sending a quote to the client, monitoring costs and time, sending invoices and checking the profit margins of completed work – Xero makes it possible.
Reporting
With Xero software, accounting reports can be generated in moments – offering you invaluable insight into how your business is performing. You can customise reports to reflect key KPIs and categories, which assists your financial decision-making and helps you really understand your business.
Do all online accountants offer software subscriptions?
No – not all online accountants offer subscriptions to industry-leading and widely interfacing software like Xero.
Our clients find that working with their QAccounting professional alongside Xero software saves them countless hours in admin time which allows them to focus on what really matters to any small business owner – which is growing and developing their company.
Xero Subscription
Should you wish to use a more ‘hands on’ bookkeeping solution we offer Xero subscription and integration.
