In our rapidly advancing technological landscape, the realm of bookkeeping is undergoing a profound transformation. Recent times have witnessed the emergence of a plethora of online accounting software solutions, catering to businesses of all sizes, from small enterprises to individuals. This shift is rendering the traditional image of accounting—dominated by mountains of paperwork and invoices—obsolete. However, it's essential to understand the capabilities of these modern bookkeeping and accounting programs. Enter Xero, a rising star in the realm of client bookkeeping solutions and free bookkeeping software for small businesses. If you're new to the world of online accounting, let us introduce you to its potential.
Xero’s History
Xero was established in New Zealand in 2006 but has expanded its offices all across the world, working from countries such as Australia, the UK and the United States. It now has over 2 million users from over 180 countries around the world. Its program gives subscribers the ability to track and pay their bills, claim expenses, accept payments, pay employees and prepare their BAS. Additionally, the use of an online bookkeeping program allows customers can easily access reports for their business expenses and income. Xero will automatically track any finances and provide an organised grouping of documents, bills, receipts and contracts. This allows customers to easily access any old files in one convenient location. Furthermore, Xero is able to track inventory, giving business owners a quick view of their products and deciding which are in need of a reorder.
Learning with Xero
Whilst Xero’s powerful features can be highly beneficial to a small business and provide a more concise approach to bookkeeping, accounting and bookkeeping can be an overwhelming task that often gets stressful once the financial year comes to an end. This is why Xero is also a program that is catered for accountants and bookkeepers. Both accountants and bookkeepers are able to work with their clients to help small business owners with their finances to ensure that they are up to date and comply with accounting standards. This allows business owners to still have control over their accounts with some guidance for a smooth process.
Bookkeeper or Online Learning?
Learning about new bookkeeping jargon and developing skills within an online accounting software can often be tedious and difficult, however, Xero attempts to make this process as comfortable as possible. Employing video tutorials and walk-through examples, Xero provides its subscribers with information on how to excel on their software and to reap maximal benefits from their program. These resources are targeted for small business owners who have no bookkeeping experience nor a background in accounting as well as professional accountants and bookkeepers who are looking to further their skills.
Despite these helpful resources, accounting and bookkeeping may continue to be a foreign expertise that is just simply not for you. If that is the case, outsourcing a bookkeeper may be the best option for your business. This allows you to delegate some of your accounting obligations to a professional bookkeeper or even give free reign to your bookkeeper to manage your stressful finances. If you would like to read further on outsourcing a bookkeeper you can read our previous blog post Why outsourcing bookkeeping services can help your business.
Another consideration of Xero is that it is a subscription-based service. They offer a variety of services at different price points, allowing you to choose which option is best suited for you and your accounting needs. With a 30-day free trial, Xero is a program that you may want to give a try or you can book a consultation with us right here.
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