Xero is one of the premier and widely used accounting software programs for small businesses, entrepreneurs, and enterprises to ensure effective bookkeeping. There are so many advantages and disadvantages with this software that a user must know before using it.
This automates tasks like billing, bookkeeping, tax filing, financial reporting, and so on. Moreover, a user can access this software from anywhere and anytime through mobile devices, tabs, and laptops.
Xero launched its Mobile App for Android and iOS, enabling users to generate bills and invoices using their devices. This cloud software also features multiple currencies and tax rates.
It is very impressive that Xero has more than 3.95 million subscribers and integrates with over 1000 third-party apps around the world. This is mostly widely used in the UK, New Zealand, Australia, and APAC countries.
If you are new, then you should know about Xero and how it became one of the most renowned online accounting and bookkeeping software. Here, you can understand the pros and cons of Xero Accounting Software that will help you to use this platform. Or else hire a Xero Expert from Teambuild Consultancy remotely to optimise your cost and increase efficiency.
Benefits of using Xero Accounting Software
Accessibility from Around the World
No matter where you are and what you do, if you have a good internet connection, then you can access Xero easily. Besides, it has a desktop version and mobile apps that will send notifications to your smartphone so that you can always be updated.
Simple Transactions
This will provide the accessibility to edit files instantly, including professional templates, data fields, and other necessities. If you will need more solutions, then you can add plugins to make the process easier.
Highly Secured
It has multiple approval processes, including two-factor authentication. This also restricts unauthorised employees from accessing financial accounts, inventory, and unexpected log-ins. Multiple layers of high-security measures will protect your data.
Sync Bank Accounts with Software
A beautiful feature of Xero is that you can sync up your bank accounts to the software. So that you can get all the updates, including bank statements, automatically on there, invoices can be tracked instantly along with payments, allowing you to keep track of money coming in and going out and reducing your bookkeeping workload.
Easy Collaboration
It makes the collaboration simple by centralising all information with your accountant. Though this tool is sophisticated, it will help you and your expert accountants collaborate on accounts and increase productivity and efficiency.
Updated Software
One of the biggest advancements of Xero is that it is always updating from time to time. No matter whether you are using it from the computer, mobile, tabs, or any other platform, you will get the updates timely. All the updates are free. Additionally, Xero always takes the customer’s feedback seriously and takes necessary steps accordingly.
Business Overview
Xero provides an overview of sales, purchases, individual transactions, statements, and balance sheets. It also provides you with a filter option so that you can see the specific information as per your requirements.
User-Friendly Interface
This software is widely used for its accessibility and user-friendliness features. Its beautiful design makes it simple for invoicing, expense tracking, bank reconciliation, and other necessary work. Experts can navigate the software effectively to save time and reduce errors.
Third-Party Apps Integration
Xero allows third-party applications, including CRM, E-commerce Platforms, Payroll systems, and so on. This integration capability allows you to create customised systems that will align with your requirements.
Secured Data Backup
Accounts and Finance data are always maintained with high security and sensitivity around the world. In Xero, you can get this data security and backup using advanced encryption and security updates. Besides, Xero’s cloud nature automatically backs up data to reduce the risk of data loss due to hardware or any other failure.
Cost Efficient
Xero’s subscription-based package is cost-efficient for all businesses. It also reduces the upfront cost and other associated maintenance fees like other traditional software. Xero’s cost-efficiency is found by comparing time, productivity, and efficiency.
Your Business Deserves the Best: The Case for Change
Segregation of Duties: A Must for Every Business Owner
While Xero’s cloud-based software is designed to streamline your bookkeeping processes, it falls short in certain critical areas. One such concern is the lack of segregation of duties – a critical feature for any small business owner managing their cash flow. Without this feature, you can’t restrict employees’ access to your sensitive financial records or transaction history. Worse still, there isn’t an avenue to review and correct edits made by others in real time.
This clear oversight could leave your business’s cash flow vulnerable and make your up-to-date bank transactions subject to errors. As a business owner, you deserve cloud-based software that gives you control over your cash flow, bank transactions, and, ultimately, peace of mind.
Customer Support: The Backbone of any Cloud-Based Service
It’s well-known that excellent customer service is crucial for any business. Unfortunately, Xero seems to be lagging in this regard. With replies to emails taking up to 48 hours and a noticeable absence of a customer support call line, the frustration among customers is palpable. As a business owner, you deserve a cloud-based system that acknowledges your concerns swiftly and efficiently.
Not suitable for big business
Whilst Xero may provide some unique tools beneficial to a small business owner, it fails to cater to larger corporations’ needs. For instance, a small business owner might manage without job separation; however, this can pose significant challenges for larger organisations.
Furthermore, the software has an absolute limit of 1,000 transactions per month. Businesses exceeding this limit are met with slow response times and delayed report generation.
Consequently, this could stifle your cash flow and halt your progress. As a larger business owner, you require cloud-based services that can effortlessly scale with your operation.
Don’t you deserve software that is attuned to your business’s unique needs and one that evolves with your growth? We believe you do.
Why Choose Teambuild Consultancy Experts?
Teambuild Consultancy is always working to place talented and expert resources remotely to optimise costs and increase productivity. Our experts will work dedicatedly with you five days a week, 8 hours a day. Besides, you will get relentless support and professional services from our remote experts.
In fact, Xero Accounting Software is a very integral tool for businesses, especially small businesses and entrepreneurs. This will automate all your services and make it easier to follow up and get real insights at a glance from this software. It will be a good investment for you to use Xero and hire a Remote Expert from Teambuild Consultancy to optimise your cost and increase efficiency.
