In today’s hectic marketplace, new business start-ups and established, hard working companies could be forgiven for feeling somewhat bewildered when it comes to selecting the best computerised accounting system. It is not that the plethora of technical detail is beyond the appreciation of business owners or anyone with an entrepreneurial streak. Rather, busy professionals often find that it is extremely time-consuming.
With numerous software vendors and a plethora of advertisements for feature-packed computerised accounting systems, how can the diligent freelancer, sole trader, partnership or small company find sufficient time to plough through so much information and be sure of finding the best solution? Factors to consider include cash flow, VAT, taxation. Then, as the organisation grows, there is an expanding payroll to administer with PAYE (pay as you earn) income tax and NICs (National Insurance contributions) – both from the employer and the employee perspective.
The right accounting system and backup service can make a big difference. Understandably, small and medium-sized enterprises (SMEs) want to be efficient, to see what is going on financially and – above all – to ensure periodic returns and payments to HMRC (Her Majesty’s Revenue and Customs) are submitted on time. Proper record keeping is important in order to meet legal requirements and, if necessary, to deal swiftly with any subsequent questions from the taxman. A straightforward yet powerful and efficient accounting system also benefits businesses with timely cash flow projections, in order to monitor liquidity and maintain solvency.
The advantages of cloud based solutions
Xero offers small businesses, partnerships and traders the advantage of networked accounting software. There are also no fiddly on-site data backups to arrange with potentially catastrophic consequences if overlooked; backups are now automated. Over the past ten years, Xero accountant cloud-based solutions has grown rapidly to become a serious alternative to QuickBooks. Cloud computing has surged in business popularity; it enables sharing and collaboration as well as the mobile use of data including at multiple sites.
As a robust cloud-based solution, Xero boasts all the usual accounting functionality to reconcile statements, record receipts, raise invoices and control expense claims. Other useful features include unlimited users, payroll and connectivity to online banking. Written by experts and tested to ensure compliance with the latest professional guidelines and taxation requirements, Xero accounting software is designed to meet the needs of modern SMEs, including the ability to monitor cash flow, invoicing and billing in real time.
Winner of prestigious awards
Based in New Zealand, Xero’s developers have twice been nominated by Forbes as the top company for innovative growth.
Customer service is available via web chat and the software house now has offices worldwide – including in the UK and the USA.
Finally, in addition to a standard thirty-day free trial, limited companies that use One Abacus accounting services will also receive Xero free of charge. This offer is ideal for freelancers, contractors and SMEs.