As cloud-based technology has evolved, so has the choice of online accounting platforms aimed at the tech-savvy business owner. And, for our money, the cloud accounting solution that offers the best value for the small business market is Xero online accounting.
So, why is Xero our pick of the bunch?
There’s a whole range of reasons why Xero offers you more as a small business. But one of the key attributes of Xero is that it’s a ‘native cloud application’ (NCA). In other words, this is a software platform born out of cloud technology, and not a re-working of one of the older, less-flexible desktop accounting solutions from previous decades.
There are many arguments for why being cloud-native is an advantage, but the key thing for you, as a business owner, is that Xero gives you an easier, faster and more efficient way to self-service your own financial management.
How Xero was designed for your small business
Xero was conceived as a way to use the emerging advantages of cloud technology to produce an easy-to-use accounting solution for small business owners.
Founded by Rod Drury in Wellington, New Zealand, back in 2006, Xero’s now used in 180 different countries worldwide and arguably led the move away from traditional desktop-based accounting software towards a more modern, cloud-based approach to bookkeeping, financial management, and business reporting.
Unlike many ‘cloud accounting’ products, Xero was built from the ground up to be a cloud product. Other solutions, like QuickBooks, attempted to evolve their desktop software into cloud solutions, but the underlying architecture, processes and user interface were designed for the desktop age – with all the traditional limitations of this older technology.
Xero took a fresh look at the challenge of managing your small business financials and came up with a totally new, innovative way to provide a solution. And from day one, they’ve been developing their product with you – the busy, time-poor business owner – in mind.
The key benefits of cloud accounting
When Xero moved accounting to the cloud, the development team didn’t just replicate the old desktop accounting way of doing things in an online form. What Xero delivered was a totally original way of thinking about your financials – and a host of benefits that only a cloud product can provide.
Just a few of the key advantages include:
- 24/7 access to your financials – with a cloud product like Xero, you can access your financials from any internet device, whether it’s your cellphone, tablet or laptop. So wherever you are in the world, you always have access to your business numbers.
- A better way to collaborate – it’s not just you who has instant access: so does your CPA. So whenever you’ve got a question or a financial challenge, you and your advisors can both look at the same numbers, at the same time – making it far simpler to resolve your problem.
- Everything’s saved in the cloud – all your financial data, your scanned documents, and your receipts are backed up automatically in the cloud. There’s no need for any costly and time-consuming server back-ups.
- No updates and version problems – you log in to Xero online, not through a local application. So you’re always using the most current version of the software, and you get any new updates instantly.
- Integration with the Xero cloud ecosystem – Xero’s open integration means you can plug hundreds of different third-party business tools directly into your system – there’s more on this in our previous blog.
What Xero gives you is a totally mobile, real-time way to manage your own business financials. Whether you’re in the office, out on a customer visit, or running over your numbers at home, you’ve always got a transparent view of your business health –and that’s such a bonus for small businesses.
The simple user interface, the plain English terminology (no confusing CPA-speak here) and the powerful capabilities make Xero the go-to choice for any owner-manager who wants more control over their numbers.
For example, with the Xero app on your smartphone you can see all the transactions that have come in from your bank, and then match them immediately with the invoices and bills in Xero – from your phone, wherever you are. Here’s a short video that shows you just how easy this is to do:
We’re passionate about Xero
At Polay+Clark, we love the efficiencies and integration options that Xero and the cloud ecosystem offers our clients.
We’ve been around long enough to remember the old days of over-complicated desktop accounting software, costly product updates and never-ending data back-ups. And Xero removes all these inefficiencies in one quick strike.
More importantly, Xero helps us to work with you and your management team far more effectively than ever before. We’re all on the same page with your financials and can use our years of CPA experience to help you overcome any challenges as quickly as possible.
If your small business is looking for a fast, easy-to-use way to keep your financials on track, look no further: Xero is the answer to your prayers. It’s not perfect for everyone (if you’re on the S&P 500 Index, maybe you want to look elsewhere), but for ambitious, owner-managed small businesses Xero really does take some beating.
Get in contact with the team and let us show you just how much time, effort and energy a Xero system could save you.