• New Wave Accountants

7 Compelling Reasons Why You Should Use Xero for Accounting

It's a well-known fact that running a business is never an easy task. However, it's a lot harder than it looks because you have various responsibilities, especially if your company is a startup or a small business. Among these responsibilities, one crucial aspect many business owners take for granted is accounting.


Accounting is necessary for any business because it allows you to analyse your finances, which helps with business decisions. While it may seem complicated at first, the good news is that there are different accounting software you can use, such as Xero. Xero is a cloud-based accounting software ideal for small and medium-sized businesses because of its intuitiveness. It's built to help people learn the basics of accounting without needing an accountant, and it's also an excellent solution for those without experience in accounting.


If you have reservations about using Xero, here are some reasons why you should:


#1 - User-Friendliness


More often than not, accounting software is difficult to use. But Xero is different because it aims to make accounting easy for business owners. It has a simple, user-friendly interface that is easy to navigate. With simple explanations and guided tutorials that walk business owners through the basics of accounting, you'll be able to get a clear picture of your finances efficiently.


#2 - Accessibility


In today's digital age, many platforms can be accessed across different platforms with just a few taps on your touchscreen or clicks of your mouse. Xero is no exception, and it also has a mobile app. Other than that, you can even access your accounts through the web. With Xero's online plan, you'll have access to your files anytime, anywhere.


Let's say you need to make a quick decision on what to do with a certain amount of money. You don't have to wait until you get back to your office to check your finances. With the help of Xero's mobile app, you can check your finances right away. This is also ideal for those who are constantly travelling because access to your finances is readily available.


#3 - Diverse Features


Accounting software should be versatile because for different types of businesses. Some businesses have a large number of transactions, while others don't. Xero is loaded with features such as:


  • Sales management

  • Project management

  • Invoicing

  • Relationship management


These features are necessary for managing the different aspects of your business. Each feature is designed to help you keep track of the information you need to make business decisions, so Xero is usable for any type of business.


#4 - Currency Conversion


One of the problems that business owners encounter when doing international transactions is currency conversion. It's important to have accounting software that doesn't require you to convert the currency because it can be time-consuming manually. Xero has a currency converter, so you won't need to do it. Since it makes things easier, you can focus on more important responsibilities.


#5 - Payroll Management Made Easier


Managing employee payroll can be a full-time job on its own, especially if you have a large number of employees. However, you can make the process easier with Xero's payroll features. You can easily access the necessary information and make the adjustments required in minutes.


Beyond that, payroll is also helpful for managing your company's finances. Payroll allows you to keep track of your company's expenses, making it easier to assess whether the company is making a good profit.


#6 - Unlimited Storage


Since Xero is a cloud-based platform, you'll have access to unlimited storage. This means you can save as much data as you want, ensuring that it's safe and secure. The more information you store, the better you can manage your business.


#7 - Robust Security


Security is one of the most common concerns for any business, especially when it comes to dealing with finances. However, Xero has robust security features, making it the perfect accounting software for business owners who are wary of their privacy. For one, it has bank-standard encryption. It also has password protection, preventing unauthorised users from accessing your account.


Conclusion


In the end, accounting should never be taken for granted. After all, it's one of the essential aspects of any business. But this doesn't mean you should spend countless hours trying to learn accounting basics. Xero is a cloud-based accounting software designed for easy learning, so you'll have little to no problems using it.


If you’re looking for eCommerce accountants, New Wave Accounting can help you! Our eCommerce accountants specialise in different fields, such as healthcare, startups, and construction, so that we can guarantee your business will always have comprehensive records. Simply go to our website to book a free strategy call!

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