Hi Guys,
Just thought I’d summarise for you the benefits of Xero as the latest in online accounting software technology …
Whilst second generation software has been useful in the past this software generally has required a relatively complex level of understanding of accounting and thus has generally been targeted at accountants as opposed to business operators without an accounting background or the time to focus on administrative tasks.
So, given recent developments with the internet you will understand that recently my preference has changed to online web-based applications (such as Xero) as I see this is where the future is leading us. This makes sense, since it is cheaper for supplier companies and allows a greater number of web based users access to the same data file (unlike PC based applications).
Xero is a third generation (internet based) software which has recently been developed by Sam Morgan & Rod Drury and allows you to download transactions faster than second generation software packages. Xero is a Kiwi developed software which is branching into Australia & the UK. It is listed on the NZ stock exchange and has offices in the Old BNZ Building in Custom House Quay. Xero is a recognised partner with the New Zealand Institute of Chartered Accountants.
Key advantages of third generation software such as Xero are: -
- It’s Web based as opposed to PC based, which means you the business owner and client have the freedom to control your records (not exclusively your accountant or bookkeeper);
- If you have a number of staff or users accessing the accounting records they can do so from their own computer(s) at any given time from anywhere on the internet without the need for multiple copies;
- Xero has a number of graphical representations which many PC based accounting software programs do not;
- When you’re in the heat of servicing customers or doing other things, the last thing you want to be doing is wasting time looking up time consuming “help” textbooks or calling your accountant when you’re stuck with a problem on your books.
Xero provides quick online “how to” training videos of around 2 min max on the use of the software. A time saving feature many PC based accounting software programs do not have.
- Your accountant can also update and guide you on the same data file should you have any questions;
- Bank Feeds are automatically imported into Xero from your Bank’s Website and the details memorized (saving you time);
- There are not multiple upgrades which you have to subscribe to each year as you do with PC based programs;
- Many PC based accounting packages have no security limits protecting the integrity of your business financial information which in my experience as an accountant for small to medium sized business owners has resulted in many hours rectifying common errors in basics such as bank reconciliations or classification of business expenses. Xero has this capacity and so saves you the business owner many $$ of wasted accountants’ fees which you would otherwise have paid had you engaged an accountant using a PC based software; and finally but most importantly …
- Bank Reconciliations and customer invoicing is a breeze!
The last advantage is of particular benefit to clients in that it has been my experience that one of the reasons accounting fees can sky rocket is due to the fact that the bank has not been accurately reconciled. Clients have even reported that they have had increased cash flow through more frequent invoicing!!
There are several alternative pricing packages depending upon whether you are GST registered, a non-profit organisation or simply wish to maintain a cashbook ranging from NZD10 plus GST per month through to NZD49 plus GST per month.
You have the option of a basic cashbook through to a full suite including accounts receivable, accounts payable, inventory or departmental tracking. If you would like to know more about Xero, or would like to purchase your own package don’t hesitate to email me on david@tax.co.nz.
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