At Vault, we use Xero as our preferred web-based accounting system. Not only is it a great reporting system, it can become a core part of your business and a key to your success as your grow. So it’s worth looking at how Xero works and why we recommend it for our clients.

What Is Xero?

If you’re new to business or unsure what Xero is, it’s a cloud-based accounting system for smaller and fast-growing businesses. It’s much more affordable than other systems, but still provides a professional-level accounting software. It’s not exactly the new kid on the block, as Xero already has 1 million users. More than 16,000 accounting firms (including ours!) use it as their primary accounting solution. And for good reason. Of course, as with any software or application you use in your business, it must meet your specific needs. Xero can save you time and money, but it can also be trouble if it’s not set up correctly or right for your business. So great Xero planning is essential. Clients often ask us why we chose Xero over the many bookkeeping platforms out there, so here are just a few reasons.

Xero Is A Flexible Bookkeeping Platform

When you start your business, you don’t need a complex bookkeeping system with bells and whistles that you don’t need (yet!). You need a system that suits where you’re at and will grow with the business. The Xero ecosystem does this. You can start with the basic accounting package as a startup and then add or integrate features as you need them. This is much easier than switching to a whole new product down the track because your system no longer works for you. As you grow, you can create an e-commerce site, take online payments securely, build a customer database with an integrated CRM, become more mobile, and even manage your team with rostering solutions and workflow management tools. You can also use Xero’s reporting tools to create KPI reports, departmental reports and other information you need to stay across your numbers. You can mix and match integrations and add-ons as you need them, which makes it really flexible for growing businesses.

Xero Makes Recordkeeping Simple

Xero is an innovative cloud-based accounting package. You can bring bank feeds directly into the system, making it simpler to record transactions and meet your bookkeeping and BAS obligations. Your financial advisor can also log on and access the same data at the same time, so you can discuss problem as they occur.

Xero Does Automatic Updates

As Xero is in the cloud, your system is always up to date. You don’t need to buy and install manual software upgrades or struggle with incompatible versions.

Want Some Help?

We all want to build strong, profitable businesses. However, the down side is that the business tasks you don’t like only increase as you become successful, including hiring staff, wrestling with technology, and fulfilling bookkeeping, BAS and IAS obligations. At Vault, we can take this burden off your shoulders. We can help you set up and manage your bookkeeping duties, so you can get back to the tasks you enjoy the most.

Contact us to find out more about Xero planning.