Xero – Not just for your basic bookkeeping

Xero is commonly known for being a cloud-based bookkeeping platform but we feel that it’s so much more than that. 

In this blog, we explore how Xero will help you flourish and achieve considerably more with your business, helping you achieve new efficiencies and providing you with a real-time understanding of where your business is at. 

Bookkeeping 

Through Xero, you can record your bills and expenses, create sales invoices and record all your bank transactions efficiently through the automatic bank feeds. 

You can do this wherever you are in the world, so long as you have internet connection or an app installed on your phone, so you don’t have a clunky piece of software you need to install or slow down your laptop. 

The boring stuff – How else can Xero help with your compliance: 

• Payroll 

A nifty little add-on so that you can run payroll, have your employees keep timesheets, record and request time-off 

• CIS  

For those in the construction sector, run your monthly Construction Industry Scheme (CIS) returns, produce statements for your subcontractors and report CIS suffered 

• VAT 

Track your VAT and submit direct to HMRC. Xero is Making Tax Digital compliant. Learn more about Making Tax Digital here.  

The good stuff – what else can Xero do? 

• Budget Manager 

Use the budget manager to forecast figures and measure the actuals against your budgets. 

• Cash-flow reports 

See the past, present and future for your cash-flow which highlights any potential issues before they arise. 

• Payment Facilities 

Connect Xero to Stripe, Paypal, GoCardless and others to make it easier for your customers to pay you. For your outgoings, you can ensure you’re paying on time, schedule batch payments and automate BACS payments, saving you the time in keying in the figures to your bank. 

• Filing 

Use Xero as your online filing system, helping you reduce your storage costs elsewhere and move towards paperless records. 

• The App Marketplace 

There are over 1,000 apps that integrate seamlessly with Xero, whether you need retail or stock solutions, point of sale to CRM solutions, there’s an app for you that will make your life easier.Why we love Xero? 

• We can see your finances in real-time 

This means we can discuss your figures with you and together be proactive in making business decisions and preparing financial information. 

• It’s intuitive to learn 

Once installed it’s easy to use so you can get involved in your own bookkeeping giving you crucial visibility so you can be more hands-on   in the business. That’s one of the reasons why our clients love it. 

• It’s a great time saver 

It saves business owners time in raising invoices and recording expenses. Its speed and ease of use means we can offer you so much more than compliance work and can provide you with real-time helpful management and financial information. 

Why speak to McKenzies accountants us about Xero 

The bookkeeping function is vital to the running of any business, large, medium or small and working with a professional accountant and bookkeeper will help support you in your business growth plans saving you time and money. 

We are a Platinum Xero Partner and can help you get set-up and offer you training on Xero. We will then support you through your Xero journey, including research on suitable integrations and apps. 

We can also take on a role of your bookkeeper as much or as little as you need, which gives you flexibility over your time and costs and peace of mind when you need support. 

Contact our team of accountants.