The accounting part of a small business may not be too overwhelming at first. As the business grows, however, it is unfortunately too easy to lose control of how much money your customers owe you and when to collect. Other business metrics such as payments, revenues, and salaries also play their roles to determine whether or not your business is scalable for future development. When everything is too complex to handle on your own, you may want to consider hiring an accountant. If you understand how to operate online accounting software, such as Xero and the alternatives, you will want to utilise those tools as well.
Accountants have always done the same things, but they do things quite differently these days. Instead of relying on pile after pile of receipts and other paperwork, modern accountants use online software to do their analysis on stock management, cash flow, prices, taxation, bank reconciliation, invoicing, and more. Good accounting software can also generate charts and tables, allowing you to understand your company’s financial situation more easily. The software basically compiles and generates detailed comprehensive reports concerning your company. Based on the reports, an accountant will be able to give their professional advices on how to develop your company in a financially-healthy way. One of the most recommended online accounting software for all those purposes is Xero. Similar to most software, Xero is only good when you know how to use it.
Let us put it this way: Photoshop is excellent software to manipulate images and photos with tons of options to alter almost every data contained in a file. It can also open and modify RAW files for more flexible editing. Photoshop is at its full potential when used by someone who understands how it works. The same thing applies to Xero.
You get deep accounting management tools from Xero. It can handle basic tasks flawlessly including but not limited to inventory management, payroll, purchase orders, bills payment, online quotes, financial reports, fixed assets, and even workplace pensions. For the vast majority of users, an exceptionally deep management tools also mean time consuming set-ups. You can always find every data eventually, but it can be time consuming if you are not familiar with how to navigate inside the software. Added with more than 160 currency options and different tax rates, Xero’s interface can be overwhelming for general users, but you can always ask for help from professionals.
If there is anyone you want to help utilise Xero for your business, it is going to be a Xero Certified Advisor. While Xero is designed to provide complete assistants for all your accounting needs, you do not want to mess around with your financial reports including tax and assets. At 360 Accounting Services, founded by a Xero Certified Advisor and Partner, you can focus on developing your business, knowing that your accounting department is in good hands. Call us on 1300 360 749 or contact us to book an appointment.