Reasons Why Small Businesses Prefer Xero Accounting Software

 Staying on top of your finances is essential for small businesses to optimally allocate their resources and keep themselves away from any legal troubles. Online accounting software is a significant breakthrough in small business accounting and efficiently helps cater to their needs. It enables them to maintain control over the financial step and take appropriate decisions for the future. Xero accounting UK helps these firms handle their books without spending unnecessary time and money learning and employing a system. 

 

So what is Xero accounting software? 

 

Xero accounting is a cloud-based software that manages invoices and payroll and connects with the live bank feed for automatically updating the statements. It is suitable for every small business practicing UK GAAP or IFRS standards. 

 

Why do small businesses prefer Xero? 

 
 

• Comprehensive dashboard: 

Xero accounting provides a snapshot of performance measures in a dashboard style to enable businesses to determine their financial position in a single glance. It uses the latest reconciled accounts to display meaningful financial insights. It gives a link to the most crucial business accounts and enables a snapshot of the bank, creditors, and debtors' balances. 

 

It also facilitates as a business advisory tool by showing the profitability and tracking time and expenses for various activities. It enables customization to add a personal touch to the dashboard and see what you need. 

 
 

• Anywhere anytime access: 

Since Xero accounting is a cloud-based application, small businesses can operate it from anywhere at any time. You do not have to stick to one computer for all the accounting data. Instead, you can use personal devices like laptops, computers, tablets, mobiles, etc., to access your files. There are no minimum installation and maintenance charges for Xero. You only have to pay monthly package fees to avail of the services of the software. You can grant permission to only approved candidates to see or make changes in the accounting files. It enables reflecting real-time additions. 

 
 

• Managing invoices: 

Xero accounting enables you to create custom invoices using templates without any hassle. It makes invoicing- from creation to sending, a quick and straightforward process. It saves considerable time by creating a replica and recurring invoices. Also, it makes bulk invoicing efficient and prompts quick payments. You can also use it on mobile and handle multi-currency invoices. 

 
 

• Tracking accounts payable: 

 

Xero accounting enables businesses to ditch paperwork and record invoices online. It uses OCR technology to extract necessary information from the received invoices. However, you may need to review this information since there are errors. It allows setting up automated reminders to alert the upcoming due dates for payments. Also, you can batch pay suppliers and replicate bills to save time. 

 

Tips and Tricks to Achieve Proficiency in Quickbooks

Quickbooks accounting services are prominent accounting software that is extremely popular among small, medium, and large enterprises. It has numerous features that automate and expedite manual processes. It is a straightforward yet complex software to use if you do not have prior knowledge.And if a firm wants to get the most out of it, it must have a few tricks up its sleeve to improve its accounting experience and boost its performance.  

 

Some of these tips and tricks include: 

 

• Avail of free tutorials: 

 

As a new Quickbooks accounting services user, you might get frustrated with the not-so-easy-to-understand user interface. Therefore, your first step to learning Quickbooks begin with taking free video and written tutorials available online. It will give you basic information on how to use the different aspects of the software.  

 

• Printing and signing checks: 

 

Quickbooks accounting services has a check printing feature wherein you can directly write checks from the "Banking" tab at home or office. Also, you can pre-sign it by uploading your signature to Quickbooks. It helps save time.  

 

• Handle duplicate names: 

 

While marketing accounting services, you can merge the two accounts if you set up one vendor under two different names. Go to the customer or vendor center and change one account's character to match the other. A toolbox will appear asking to merge, and you can click 'Yes' to complete it.  

 

• Know the keyboard shortcuts: 

 

Time is of utmost significance for a business, and they try to save it wherever possible. Some Quickbooks accounting services keyboard shortcuts for Mac and Windows that can help you speed up your process are: 

 

Ctrl + A = Chart of accounts window 

Ctrl + D = Delete invoices, checks, transactions from a list 

Ctrl + H = History of transactions 

Ctrl + I = Invoice creation window 

Ctrl + J = Customer support 

Ctrl + M = Memorize transaction 

Ctrl + W = Write checks window 

 

• Do not rush the setup process:  

 

While implementing the new system, do not rush stuff by filling in half inaccurate or incomplete information. Take your time and complete information to ensure further invoice, billing, and payment processes do not suffer. Double-checking the names, addresses, and tax numbers allows the identification of discrepancies.