If you run a small business or a start-up, you’re probably cautious about where you invest your money. You want to put your money into products or services that will provide you with a tangible return on your investment.
Subscribing to cloud accounting software might be one of the decisions you’re wavering over. If you’re on the fence about whether or not cloud accounting is a good use of your money, we’ll explore some of the ways in which software like Xero can help your business.
The monthly subscription isn’t expensive when you consider the value Xero delivers.
How Xero saves you time
As a small business owner, one of your most precious commodities is time. You probably didn’t start a business dreaming of entering data into spreadsheets or preparing clunky invoices.
Using cloud accounting software will free up your time for the things you enjoy most about your business. Xero provides you with templates to create invoices swiftly and easily from your phone or laptop.
You can save customer details and regularly invoiced items to avoid entering the same information multiple times and having created your pain-free invoice, you can send it to your client straight from your phone or computer with a template email.
With the simplicity of this invoicing system, you might find you don’t need to employ somebody to handle it for you, saving you money as well as time.
With less time spent on the mechanics of invoicing, you can focus on your business strategy and growth. This simple switch to accounting software could be the reason you double your revenue in a year, as you spend your time more strategically.
Clarify your finances
With all your incoming and outgoing payments collated in one system, you’ll see the financial state of your business at a glance. You’ll have clarity in the overall picture, so you can see where you might need to delay payment of a bill or follow up with a late-paying customer.
It’s all connected to your bank to give you a near real-time reflection of your financial state. Shortly after a customer pays an invoice, your dashboard will update.
Enhance your cashflow with speedier payments
Small businesses tend to operate under tight margins, especially in the first few years. Getting customers to pay promptly is often critical to keeping the business going.
With cloud accounting, you can connect an online payment provider to your account, which enables you to add a “pay now” button to your invoices.
This is a convenient way for your customers to pay promptly, and you can expect to see a rise in customers paying immediately. You’ll reduce your stress over late payments and minimise difficult conversations with customers.
The core Xero software can very easily be set up to send out automatic chaser emails, too, for late payers which are proven to speed up payment.
With a cloud accounting system like Xero, you can set up users with specified access levels to login and check your finances.
We manage your finances through cloud software. This saves a lot of backwards and forwards in emails and phone calls collating the information for your accounts, VAT or any other financial compliance.
How we can help
If you’d like to discuss your accounting practices with us, please do give us a call. We can help you find some simple solutions and talk to you further about how cloud accounting software works.