Xero – Online accounting software, hosted “in the cloud”

Whether you are at the office, home or on the Go, you have complete access to your data – allowing you to run your business from anywhere. Conveniently, this means that as your accountant we can also access your live, current and up to date data to make adjustments and make any necessary lodgements to the Australian Taxation Office (“ATO”).

More importantly, and given we would have access to your live data and figures, we will have the opportunity to provide you with even more timely and valuable advice, as well as be in a much better position to help you identify opportunities for your business.

One of the many attractive features of Xero, compared to other accounting software available on the market, is the live streaming bank data feeds. This feature alone results in greater accuracy of transactions, not to mention more efficient data processing time. There is not an accounting software currently on the market that can compete with Xero in this area from an efficiency area. One would also think that to have the live data streaming of bank transactions would be quite costly, however when using Xero, this feature is free to the users.

To enable this vastly beneficial feature, Xero has established partnerships with the majority of Australian banks and credit card providers, as well as some international banks, with a straightforward and secure setup process. This means that tax compliance work can be done efficiently with minimal input from you – saving you time and money – in addition to allowing you to work on the business rather than in the business.

Another powerful feature of Xero, is the ability it provides to follow up and collect Customer payments. Given Xero is entirely cloud based, the accounting software can email invoices and statements to your customers directly, providing links for the customers to make payment directly via credit card or PayPal – offering easier and more efficient payment options to contribute to greater cash flow management.

One of the key foundations to building a business and maximising wealth is to ensure that the systems and processes are as efficient as possible. This leads to reduced time spent on “back office” functions and maximises the time available to focus on activities to grow your business and create wealth. This is the reason why we highly recommend Xero to our clients.

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