How can your business benefit from moving to Xero?

Posted on October 17, 2017 by ATB Chartered Accountants

ATB are proud Gold Partners with Xero, and it’s no secret that we are fans of the application. Our team works in partnership with our clients to get the most out of the cutting edge, cloud based accounting software. Director Michael Mekhitarian explains some of the ways clients can benefit and add value to their business by moving to Xero.

What are some of the immediate benefits a business owner sees with Xero?

“Xero is flexible, mobile and easy to use. This means you will find that your underlying administration and bookkeeping is far more up to date. Information can be uploaded anytime, anywhere.

It’s a cloud based software, which means that your figures are in real time. Your transactions from the day before have fed through to your Xero file. So you can monitor what’s in your bank account, or see what you owe… it puts you at a very good standpoint cashflow wise.

Xero is also a lot simpler to use than other similar programs. Once you’re set up, it’s very intuitive. It’s like swapping to a new phone; once you’re used to it, it’s second nature!”

Why are real time figures so important?

“Real time figures are vital to your business, they mean that you are keeping track of what people owe you, what you owe and what your sales are… There are lots of advantages to this.

If you’re a small business owner for example, meeting with your customers onsite, you have certainty with your facts in real time. A tradesperson can take a payment at the time that a service is being provided. Then that payment automatically uploads in to the system, saving you time and effort.

In the old days you would have to double check your numbers before chasing an invoice… but now you can look online and see accurate, real time figures, fast.”

This is a real time saver…

“There’s a duality there. You save administration time with having the numbers right in front of you. And you get the certainty of having access to up to date and accurate information.”

How easy is it to access Xero?

“Xero is fully mobile, so you can run it from your iPad, your smartphone or desktop. The smartphone application works really well. As long as you have an internet connection you can access the software anywhere. It’s very convenient.”

Can Xero simplify business processes?

“Absolutely. It allows you to be up to date all the time with your bookkeeping. You can check your budget, or send out invoices on the spot… you can send an email or reminder from wherever you’re working, from your desktop or iPad. You can see what’s in your bank account. From a cashflow perspective, you’re right up to date.

The benefit here is that the effort you used to put in to working through those processes can now be spent on growing your business, or making that next sale!”

Is Xero suitable for any sized business?

“It’s suitable for micro to large businesses, yes. With larger businesses, a CFO can measure against budgets, track expenditure or drill down in to sales. It gives any business the the ability to see what went wrong, or what’s going well, and get clarity on how to move ahead.”

Can users access up to date tax rates and upgrades?

“Because Xero is cloud based, the upgrades are automatic. In the past you would have to download or subscribe to an upload when tax rates changed. But with Xero all the changes and enhancements happen automatically. It’s always up to date, which is much more efficient.”

Is it simple to get set up?

“Depending on what you’re starting with. We will establish a Xero file for you and enter debtors and creditors. We get you to a point where you can jump in and start training on the software. With an existing MYOB file, we can copy the details across electronically, and you can start interacting right away.

We cover off the basics in training. We make sure you’re happy with where everything is, and that you’re able to do bank reconciliations, invoicing, and enter creditors in to system. And we may run your old system in parallel for a brief period, so you can get comfortable.

Of course if you have further questions we can provide advanced training and advice. They key is to make sure you’re getting the most value out of the software and it’s working to improve your business.”

How does Xero support the partnership you have with your clients?

“Xero is a great, collaborative tool – as your accountants, we can operate on your Xero file at the same time that you are. You might be doing your bookkeeping, and we can be checking your GST or lodging your BAS at the same time. It’s an efficient way to run your business.

The synergy of collaboration, mobility and intuitive use leaves us more time to look at what’s happening in your business, to plan and to work in partnership with you to drive your business forward”.

Talk to us about moving to Xero, we’re happy to help.