Xero, a cloud accounting software created in 2006 in New Zealand, is now establishing its presence all over the world. It is one of the most popular cloud accounting softwares in the world, and for a good reason.
Xero was created to benefit many people. Primarily, it was created for the benefit of small businesses, accounting firms as well as bookkeepers. A Xero accounting firm, for example, caters to accountants and accounting firms who wish to digitise their work to ensure better management. Xero’s services for accounting firms and bookkeepers are pretty extensive and highly beneficial to all users. Before anyone chooses Xero’s services, it is essential to understand what they do.
Xero accounting: What does it do?
A Xero accounting firm performs a lot of tasks that together make managing your finances a simple process. Designed for accountants and bookkeepers specifically, Xero’s software enables access to documents simple for all parties, so you and your client can easily make edits and amendments as required. Xero accounting services caters to accountants and allows them to manage the work of multiple clients all in one platform.
Some of the key features of Xero’s accounting include:
- Collaboration with clients: When accountants or teams work on a client’s books, Xero allows them to easily collaborate and include the client in the chain. This would enable all the members to go over the books and make changes quickly. Changes can be done in real-time, and all parties can keep track of the changes easily. There would no longer be any mismatched records for any client. It would also save a ton of time since everyone can agree on the necessary changes together and be updated about the same.
- Multiple plans: Since Xero was also created with small businesses in mind, Xero accounting firms with small business clients can opt for a smaller plan which would enable them to skillfully handle clients with limited needs. A small business has fewer requirements from an accountant, making such plans ideal for them. A new accountant or accounting firm with limited funds can easily establish its practice on Xero.
- Automation of processes: Accountants can have a lot of clients, and maintaining complete records of all of them can be highly time-consuming. Luckily, Xero accounting services allow you to automate many tedious tasks like data entry, so you do not need to spend hours completing menial financial tasks.
- Free software: Xero services for accountants and bookkeepers also provide a lot of free updates and extra features to be added. This allows them to take advantage of various accounting services without additional costs. You just need to pay your regular subscription costs and expand your services manifold.
- Compliance made simple: Xero’s accounting services also make it simple to be updated with the latest compliance rules. It keeps all records and documents aligned with these rules, thereby minimising the chance of errors. Managing compliance through worksheets and templates provided by Xero streamlines the process.
Is Xero too costly? Use the PSG Grant!
Xero is not the lowest cost accounting software in the market. There are open-source solutions but they require a lot of technical expertise and need to constantly be updated due to the number of bugs. But if Xero is too costly for you then applying for a government grant might be another way to use Xero.
Government grants are subsidies offered to businesses to encourage businesses to take certain action. For example, one way that a government can improve productivity in the economy is by getting businesses to adopt new technologies by making the cost cheaper.
There are many government grants such as the Xero cloud accounting PSG Grant. The Xero cloud accounting PSG Grant is offered by the Singaporean government and it subsidies small businesses when they adopt technology in their business. For example, a hawker centre adopting Xero for their accounting and bookkeeping can get up to 70% subsidised! This is essentially a 70% discount provided by the government without any strings attached. It takes time to apply for the grant but a pre-approved accounting firm will be able to help you through the process.
The Xero cloud accounting PSG Grant is only for Singaporean small businesses with a minimum local shareholding. But there are local government grants in nearly every country around the world. For more information, contact your local government agency or check out your local government website!