Cloud Accounting for Small Businesses
We live in a world where technology has migrated from manually controlled setups to advanced, automated and efficiently designed software. Just one look around you, and you know how fast and accessible your life has become; courtesy to this little machine you’re holding right now.
Along with the everyday humdrum, technology has brought a new wave of automation into our businesses. One such example is for small business and start-ups. Earlier today, there was a countless hassle to manage corporate finances, keeping record of customer transactions and most importantly dealing with everyday purchases. Even a small business had tons of negative cashflow due to the cost and time disbursed on updating worn out software and maintaining backups. There was always a potential risk for losing all your finances in case of any catastrophe or machine damage.
Then, technology chipped in. The need for a platform that could facilitate all your demands. Xero, a cloud based accounting service available on both web and mobile lets you manage all your finances online. This application is completely free and introduces the concept of Cloud computing in dealing with day to day transactions. Especially when you have a small business, there’s a possibility of less budget investment hence you cannot afford to spend all money on overhead costs. Xero offers to create online invoices after each purchase made by the customer. They are quick, and can be paid online through credit card or PayPal. The Cloud keeps a record of all the previous invoices made and the purchase carried out in the database online, so you don’t have create a new invoice every time, therefore saves time and prevents any risk of losing confidential and historic data.
Online accounting means business owners are able to stay connected to their data and their accountants without any need to send data reports. Accounting software can integrate with a whole ecosystem of add-ons. It’s scalable, cost effective and easy to use. They will have complete authority of who they want to share their data with. This multi user access feature lets companies share data with others, thereby allowing greater chances of information flow and business expansion. But on the other hand, it limits access for each user and employee, hence providing a strong secure system that is reliable and maintains a level of privacy for each customer’s accounts.
I’m sure technology has never been this interesting. With your businesses growing every day, the amount of data and customer records grow too. If all them are stored on a local machine, the data is restricted to one place and it keeps moving along with your computer. The cloud technology secures all data backed up in one place where it can be accessed from any part of the world with just a simple login. Not just that, Xero, paired with a thousand other technology apps, offers a lot more features to keep your business updated to latest trends in market.
For instance DataDear, an application for connecting your data with the facilities offered in Excel. It takes your online accounting experience to a whole new level by allowing to work on Excel and retrieve and push data from Xero. Other than that, you can also build reports and do a yearly analysis of your purchase history.
Besides that, Xero offers a tons of other services where you can have a point of sale and inventory system, track your business’s overall performance, reconcile with banks, keep track of your customer’s payments and purchase, gather all contact history and lastly search data from the online database.
With the surging takeover of technology in our lives, Xero assures a similar breakthrough in businesses too. It’s completely reliable and will prove to be your lifelong support. With all the boring business functions, incorporated in one application, thus; life is being made easier.