Xero – FAQ’s
We’ve put together 10 of the most asked questions to give you more information about Xero and all it has to offer.
Q1. How much will Xero cost?
A. As Xero Platinum Partners we standardise the use of Xero by including a subscription in many of our accountancy packages. We have packages designed for all sizes of businesses, catering from start-up through to high growth. Please get in touch for further information regarding our packages.
Q2. How secure is my data?
A. Xero uses some of the highest levels of data encryption on its platform, along with several additional security measures such as two factor authentication to protect your business information.
Xero is certified as compliant with ISO/IEC 27001:2013 which is globally recognized as the premier information security management system standard.
Q3. What are the benefits of using Xero?
A. There are many benefits to using Xero. Here are just some of the things you can get out of Xero:
- Time saving capabilities – Xero helps to create endless efficiencies by reducing the amount of time you spend manually inputting your business finances.
- Anytime, Anywhere – By downloading the Xero app on your smart phone it allows you to track your finances on the go. With Xero you’re in control.
- Efficiency – Having your real time financial figures at your fingertips, available anywhere in the world helps to create educated decisions.
- Instant financial reporting – With Xero you are guaranteed fast and updated results upon log-in. Every transaction made, every profit and loss and other information is instantly updated onto your private account.
- Navigation made easy – All the information you will need about your business finances can be found in the new organisation menu. The menu is clearly displayed and gives you access to files, organisation details, invoices, and bank accounts.
Q4. How easy is Xero to setup?
A. Xero couldn’t be easier to set up. All you’ll need to do is provide us with information such as your name, company name, phone number, email address and bank details. All our accountants are highly trained in Xero and ready to help guide you through the set-up. If you wish to set-up on your own, Xero provide online tools in ‘Xero Central’ to help you get started.
Q5. Do I still need to keep paper copies of my records?
A. No, by using Xero all your records will be stored digitally. Receipts can also be stored on Xero using Dext; Dext is a simple way to easily store your expenses without having to save paper receipts. All records and expenses should be kept organised and up to date within the cloud. HMRC are more than happy to accept scanned and digital copies of paperwork – including scanned receipts and invoices.
Q6. Do you offer Xero demonstrations?
A. Yes. Our Xero trained accountants offer ‘An Intro to Xero’ seminar. If you would like to know more about Xero and how to get started, then come along to our free seminar to discover the key features of Xero and how it could help run your business finances. Click here to learn more.
Q7. Can I integrate Xero with other business apps?
A. Yes. Xero integrates with 1000+ apps, allowing data to flow seamlessly from Xero to third party apps. The Xero App Store makes it easy to navigate the ecosystem and find the right apps for your business needs.
Q8. Do I have to use Xero?
A. Using Xero is a choice. However, MTD has been extended from April 2022 and now captures ALL VAT registered businesses, this extension of the MTD regulations will hit approx. 1 million businesses from April 2022. This means all VAT-registered businesses will be required to keep digital VAT records and send returns using MTD compatible software.
There is a large choice of MTD compatible software on the market. In most circumstances we recommend Xero. We have partnered with Xero since 2013 and have helped many clients transfer onto the software, providing set-up and training support.
Q9. If I am on another accounting package that isn’t MTD compliant, how hard is it to transfer to Xero?
A. Moving to Xero couldn’t be easier. We offer a range of options for helping to transfer from one accounting system to another. We can transfer up to two years’ worth of transactions, so you can pick up where you left off. Your data will be encrypted for maximum security and protected by a firewall. Get in touch to make your transition to Xero as seamless as possible.
Q10. What do I need to access Xero?
A. Xero is a fully cloud-based system. You can access it from an internet enabled phone, tablet or desktop/laptop computer, and multiple users can work on it simultaneously.
At Ad Valorem we are always keen to answer your queries and questions. If you have a question that you can’t find the answer to, or have any follow up questions, please don’t hesitate to contact us on:
(E) firstname.lastname@example.org or (T) 01908 219100 (W) advaloremgroup.uk