Xero Accounting Software – Make Life Easy!
A well established internet based player in the accounting software market has emerged to challenge MYOB and QuickBooks as the accounting software of choice for small to medium size enterprises. The guys that built MYOB many years ago, sold MYOB and went on to build Xero taking Cloud computing to another level.
This package has all the functionality you expect in a modern accounting system, including daily automated bank feeds, Payroll, invoicing, debtors, creditors, GST, expense claims, fixed assets and multi-currency.
Features include:
• Online accounting - See your cash flow in real-time, login anytime, anywhere in the world.
• Financial reporting - Up-to-date reporting with quick links to all the original transactions.
• Payroll - Do pay runs and track wage expenses or connect with your payroll system.
• Pay bills - Manage your spending and make bill payments in bulk to creditors.
• Free online support.
• Bank reconciliation - Automatically import and code your bank transactions.
• Invoicing - Create and send invoices automatically and get paid online.
• Inventory -Track stock movements and make invoicing even easier with inventory items.
• Multi-currency - Reconcile foreign currency accounts. Gains and losses are calculated automatically. Converts 160 currencies!
Xero provides comprehensive reporting which includes management reports, reconciliations and annual reports with full drill-through capability. The software is designed to make it easier for the accountant and the business to manage and work with together. Everyone can work on the same data at the same time by simply using a modern web browser and internet connection. Xero also reduces the dependency on in-house servers.
There is only one version of the software that can be accessed anywhere, anytime. Xero looks after all the enhancements and upgrades so you don't have to worry about installing disks or IT.
All data is hosted in a secure enterprise grade data centre. Xero manages the data, ensuring it is always available and backed up, so you don't have to worry. This will reduce the server hardware required in your office and help lower your own IT costs.
As Xero is an online application and bank statements are automatically imported into Xero daily so accounts are kept accurate and up-to-date. Xero have relationships with all the main banks in Australia and throughout the world to facilitate this.
Xero integrates with a wide variety of complementary software providers so Xero can work with specialised software in areas such as:
• job costing
• payroll
• CRM
• eCommerce
• project management
• time tracking
• sales automation software
HWC already has set-up several clients using Xero. We have so far found the software to work well and to have many desirable features. The ability to work online without the need for backup copies of data files or adjustment journals is a real plus. The ability to receive bank account transactions directly into Xero and the integration with our own systems are major pluses for our clients because it makes the whole process more efficient and cost effective. The list of third party software providers offering integrated solutions with Xero is impressive.
Example:
HWC looks after a business in Indonesia. To do this we use Xero to download a Rupiah bank account in Bali, a $US bank account in Bali and an $AUD account in Australia. Xero converts all Rupiah and $AUD transactions to $AUD currency at the exchange rate as at the reporting date and we report to the client, in this case, in $AUD. We could immediately change the report to any one of 160 other currencies if required. HWC advisers and the client can look or work on the Xero data file at any time, and at the same time, if need be, from anywhere in the world!
Uses:
If you have multiple business sites, data entry sites, sites in other countries or partnerships in other locations and you want to be more efficient and facilitate central access or manage internal controls from head office for example then this is the product for you.
It looks clear that the future of business accounting software may be in the clouds!
Call your HWC adviser on 07 5580 8877 to discuss the cost and access benefits you can achieve through Xero!
Email for an appointment hwc@hwcaccountants.com.au.
See our web site for more information www.hwcaccountants.com.au!
Kind regards
Tony Wilson CPA FAICD
