Previously I posted about on why the cloud matters for your small business. From time to time, I will post on different innovative cloud solutions that are designed for small businesses. Most of these solutions are products that we support, use and love. This spotlight post is for Xero, a cloud accounting solution.
Xero is the leading cloud accounting Software as a Service (SaaS). Xero is native to the cloud, so there is no physical software to buy and no programs to host. What makes Xero a great cloud accounting program is that it works real time for all users connected to system (including accountants). There are no files to send between company and accountant since the program is entirely cloud based. Any user that logs in to Xero will have the most up-to-date financial information available at their fingertips, which can be customized to their preference on the dashboard screen. Xero works with most bank accounts to auto import in all transactions as they occur and it has a slick reconciliation system that makes reconciling and coding cash transactions easy. Xero is simple enough for anyone to jump on and grasp what is going on, but complex enough to handle complex transactions and accounting activity.
What I like most about Xero is its ability to morph into a Platform as a Service (PaaS) with the numerous third-party add-on integrations. A company can add-on their CRM system, point of sale system, payroll system, etc. and have it talk directly with Xero and record transactions based on what goes on in the third party system. Also, Xero integrates with other cloud based solutions, which can fully allow a company to put its entire back office systems in the cloud. The ability to fully integrate multiple systems with Xero makes for a more efficient and effective cloud accounting solution.
Xero also has an app for iOS and Android that gives you a snapshot of your dashboard and allows you to create invoices or upload receipts for expenses on the go. Xero will capture the necessary information off the receipt and create a payable for the transaction. The receipt will stick with the transaction inside Xero so you have all your support for the transaction in the cloud. This is especially nice if you are doing business on the go.
Overall, I highly recommend Xero for all small businesses. It is a highly functional cloud accounting software with a great user interface and simple usability. If you are interested in converting your current accounting software to Xero or want more information, feel free to contact me and I will be glad to help you out.