Throughout the past 12 weeks businesses have had to adapt their way of working to become more flexible and agile in order to operate in the current climate. Businesses have had to rely on remote and flexible working to keep active and open during this time of economic uncertainty and reduced operation.
It’s important during these unprecedented times for businesses to know and understand their financial position, in order to help manage cashflow and have the flexibility to make quick business decisions based on real-time information. Cloud accounting is one of the best ways to stay on top of your numbers!
Cloud accounting simply means keeping your business finances online. Our preferred cloud accounting system is Xero. Xero makes it easy for business owners to keep on top of their book-keeping, providing the ability to see up to date financial figures anywhere in the world using the app or via your online login.
Its features allow you to feed your bank transactions into the system and upload purchase invoices by taking a photo, reducing the amount of time inputting information and automatically keeping up to date. Xero has over 800 connected apps, which can be linked to the software to streamlining tasks and create further efficiencies such as entering purchase invoices, managing stock or extracting sales data from your website.
What are the benefits of using Xero?
Xero offers multiple benefits but our top three are:
- Saving time – automation of bank feeds & reduced manual entry!
- Clear visibility – access to your “real-time” financial position anywhere in the world via the app.
- Getting paid faster – online invoice payment options.
Things to consider when looking to move to Xero.
If you are looking to move your accounts onto Xero there are a few things to consider to make the process easier. The easiest time to change over is at the end of your financial year, so that your previous tax year has been closed off and you can start fresh when using Xero.
There are a couple of options if you find yourself wanting to bring transactional data across from your current accounting system. It is also possible to transfer systems during your financial year and we have assisted many clients with a data transfer. As we are a Xero Platinum Partner, with all of our accountants being Xero certified, we are confident in completing this task.
Thinking of using Xero?
Don’t take our word for it! We have seen cloud accounting change many of our client’s businesses…
‘Having moved to Ad Valorem just over 6 months ago we saw improvements immediately in our accounting processes, with everything being reviewed and then streamlined. With the use of software such as Expandly and Receipt Bank this has helped save us substantial man hours. The prompt advice on all queries has also allowed us to assess the impact of business decisions quickly. Ad Valorem are the most forward-thinking Accounting Practice we have dealt with!’ Tony Jassal – TRME Sports Ltd
Get in touch to find out how we can change your business.
(E) enquiries@advaloremgroup.uk (T) 01908 219100
