7 ways to enrich your business with Xero accounting software

In this blog we’ll walk you through the key advantages to going digital, some of the traps found with accounting software and common misconceptions to be aware of. Based on these points, this article explains why Xero is the accounting software we recommend.​

Accurate accounting is vital for the health of every business - we all know this. However, manually entering spreadsheets and crunching numbers takes time - time that could be spent as billable hours working for clients, or enjoying some time off. It’s no surprise many business owners are turning to software to handle their finances - after all, very few business owners are accountants themselves.​

Ultimately, time is money, and using accounting software can save you both. Firstly, you don’t need to hire an in-house bookkeeper or spend hours locked away organising invoices. Cloud-based softwares also free up computer space, making things easier on your resources. Many companies offer free versions of their software, with even more offering low-cost subscription plans.​

Accounting software platforms will often provide their services both on desktop and mobile platforms, meaning your information is available anytime, anyplace. This provides not only flexibility but reliability to your workflow. For instance, if you use Xero for your accounting software, we have a range of services to review your files.​

Xero offers encryption in their accounting software, which is vital in ensuring your information stays safe and in the right hands (especially in this modern age). Your finances are important, and the top accounting software companies know this. You can rest easy knowing your information isn’t going anywhere - no matter the circumstance, you’ll be able to pick up right where you left off.​

Transparency is a strong foundation for good business, and accounting software makes this even easier. Digital documents are not only legible and easy to send, but integrations with other platforms and services will enable you to communicate with your clients and accountant smoothly and efficiently.​

We’ve all been there. Mistakes can prove costly in the long run, especially when gone unnoticed or worse, repeated. Make human error and calculators a thing of the past - Xero ensures their accounting software services are not only consistent, but accurate, allowing you to focus on what you set out to do with your business.​

Storing and filing physical paper copies can be a tedious task. Xero, and other quality accounting software services, are highly customisable - meaning you can quickly access key metrics and data instantly. This saves you storage space, improves efficiency and workflow, and benefits your decision-making process.​

A great feature accounting software companies offer is the ability to scale up the software along with your business. With several plans and services on offer, accounting can be as complex or as simple as you’d like it to be, depending on your needs and ambitions.​

One of the common myths regarding accounting software is that only large, complex businesses need one. The high level of customisation available ensures the software works for you, rather than the other way around. You can easily audit your business expense receipts, automate bills or send an invoice all within the same platform, simplifying one of the more complex components of your business.​

Another reason business owners avoid subscribing to software is the cost. When trying to minimise operational costs, why would you pay for something when you can do it yourself, for free? The answer lies in the long term result. With the time and resources you’ll save with software, along with the optimisation of your finances, accounting software can arguably pay for itself - all while saving you stress.​

While there are many accounting software offerings out there, beware some of the pitfalls that may come with them. From hidden fees to a lack of crucial features, it’s the classic case of you get what you pay for. Some accounting software companies could make it difficult to transfer your data to another company, so make sure to read the fine print or handing over payment information.​

Lastly, it’s important to remember you don’t need to be an accounting whiz to understand accounting software. After all, the whole point of the software is to make life easier, and streamline an otherwise tedious process. The interfaces are designed for both business owners and accountants, so you’ll be able to file your tax return without the jargon. .​

With so many companies offering similar services, it’s hard to know which accounting software could suit you best. Our pick of the bunch is Xero. A household name in the world of accounting, Xero is user-friendly, cloud based and designed for small businesses. With plans starting from $29 a month, along with a free trial, the services are easily accessible and keep your costs at a minimum.​

With over 3.5 million subscribers in 180 countries, and integration with over 1,000 third party applications, Xero is a global pioneer in accounting software. Since 2006 the company has been helping businesses both large and small, offering a variety of subscription plans and add-ons. Beany can help set you up with the right plan that works for you, as we know this software intuitively.​

In terms of results, the numbers speak for themselves. In Australia and New Zealand, an estimated 67% of small businesses have already made the move to accounting software. In the Australian market, Xero holds 47% of the market share, with their popularity growing year on year. Forbes has previously ranked them #1 in their top 100 list of the world’s most innovative companies.​

Beany accountants, bookmakers and support staff are trained and certified in Xero, as we believe it’s the most powerful accounting software on the market - so much so that our own software platform is built around it. Trusting both Beany and Xero to handle your accounting will leave you free to focus on what matters most - your business.​

There are many brands offering different forms of software, from programs requiring a one-time payment to cloud based, subscription platforms - it can be tough to make a decision. It’s best to identify exactly what you’re after and how accounting software can improve the quality of life for your business.​

While we recommend Xero as your accounting software, we understand they all have their strengths and price points. Whether you’re looking to bill a client or manage the payroll of 50 employees, Beany can help pick the software that’s best for you.​

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant would. ​​

We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Get started for free today.​