Benefits of moving your accounting function to a cloud-based system such as Xero
Now more than ever, we can see the importance of Cloud-based software, which has become indispensable to businesses that have embraced it. Xero is our preferred accounting solution for businesses and outsourcing clients. It has everything our clients need - invoicing, bank reconciliation, reporting, contacts, plus everything you need to run an efficient business online – from anywhere. By combining this industry-leading software with HLB Ireland's business expertise, companies can access more significant support and information to build business resilience and agility.
Solutions by Xero and other providers offer businesses an 'all in one' resource with all the features and functionality of desktop-based software. This reduces the need for expensive and cumbersome hardware that eats up space, becoming increasingly precious as the workplace evolves. All you require is an email and a password to access the system from anywhere at any time. Increased layers of security also ensures risks are mitigated, and data is protected. For teams that are displaced, or for individuals who have moved to quasi-office/remote-working hours, a service like Xero opens up a world of opportunities to stay connected and, importantly, stay on top of things.
Work where and when you want to
Another benefit of the cloud-based service is that data can be easily stored and shared electronically without paper or physical records. While the process is not fully automated and requires oversight, the days of relying on hands-on support for reviewing and inputting data are numbered. Business owners can reclaim valuable admin time and enjoy having real-time access to accurate financial data, quite literally, at the click of a button. Similarly, enhanced connectivity ensures integration with third-party platforms is seamless, effective, and secure.
Effortless cash flow management
Effective cash flow management is one of the critical hallmarks of any successful business. It is hugely important to have simple access to up-to-date information at all times in order to facilitate transactions and budget better; this allows you to keep on top of cash flow better. Cloud Accounting services give users easy access to the information they need to plan and navigate unexpected or nasty surprises.
Xero Cashbook offers the first step towards the automation required for effective cash flow management. Bank transactions can be uploaded from your bank to Xero, reducing manual input and ensuring accurate, reliable data is available in Xero automatically.
Clean, accurate data
Seamless connectivity to banks and add-on apps means the data flows in, giving you real-time information, ensuring you're business is on track. It's data oversight and approval rather than data entry, which means less time and fewer errors. Users can also benefit from accurate reporting, including detailed automated profit and loss reports and balance sheet reports – ultimately informing businesses about their financial performance, transactions, assets, and liabilities. Having this level of accurate information available in real-time enables business owners to make intelligent business decisions swiftly.
HLB Ireland is now a Xero silver partner. If you are reviewing your processes or would like to learn more about Cloud Accounting technology, Outsourcing, and how it may benefit your business, please contact our team to arrange an introductory call or meeting. We would be happy to hear from you.