The days of traditional accountancy software may well be numbered. Faster, more efficient cloud-based software is taking over, and Xero is one of the best examples.

What are the problems with traditional accounting software?

• It only works on one computer at a time. If data needs to be extracted from one computer to another this must be done physically via a USB drive, for example, opening up the business to security risks.
• Access is restricted to one user at a time, so your staff may struggle to complete key tasks and find the financial and customer details they need.
• Upgrading to the latest version of the software takes a lot of time and can be costly.
• Backing up the software is an expensive, complicated process, so many businesses don’t perform backups as often as they should (or don’t do them at all).
• If the system fails, customer support can take long periods of time to fix the issue.

What is Xero?

Xero is a cloud-based accountancy software which takes care of all the financial processes of small to medium-sized businesses.

How is Xero different?

Xero enables your business to combat these main issues with traditional, on-premise software, leading to faster, more effective processes and improving client satisfaction.

Top 5 benefits of Xero

Here are the most important benefits which Xero software brings to your business:

1. Access it anywhere. The Xero mobile app allows all of your staff to access invoices, logs and more at any time they want, from any device.

2. Saves time. Xero takes care of your payroll and accounting services, as well as enabling you to design quotes and invoices. This saves the time spent manually inputting numbers or queueing at a physical bank.

3. Streamlines your databases. All your logs and data can be compiled in one convenient location, which reduces the risk of human error. You only need one account, rather than remembering multiple usernames and passwords.

4. Easy to use. The Xero software interface is extremely simply designed and user-friendly.

5. Saves money. The usual upfront costs, such as maintenance, installation, upgrades and servicing, are instead paid for by the Xero provider.

At Propeller Advisory we are a Xero gold partner. Contact us to find out more about our Virtual CFO and accounting solutions.