Bookkeeping provides a clear and logical way for businesses to keep a close check over their financial data to ensure everything is in order. Operations need to be adorned with concise and up-to-date financial reviews to stay on track with their business. However, most small and medium-sized companies do not have an in-house accounting department due to the high maintenance cost, and this is where CW and Xero chip in.
CW has implemented the Xero accounting software in both our bookkeeping and auditing services. With Xero, we deliberately highlight the importance of cloud-based accounting solutions in the highly digitalized world. One of the most significant advantages of Xero is that it presents a well-organized financial overview and report at the tip of your finger. Xero’s dashboard design allows owners to quickly see all the transactions, as well as all the creditors, debtors, and bank balances. This promotes fast and easy tracking of payments and minimizes bookkeeping errors. The OCR function provided by Hubdoc, which is a data capturing software, extracts, includes, and matches critical information from bills and receipts and upload to Xero right away with minimal manual data entry. This not only enables instant reconciliation with bank feeds but also reduces and eliminates manual working errors.
Accounting firms and businesses have employed Word and Excel workbooks to track expenses and incomings and generate audited financial statements. However, human data entry might be prone to errors. With Xero, all invoices, quotes, and payment services could be customized to your needs. Digitalization of the accounting process allows easy tracking as all documents are recorded and saved on the cloud system upon creation. By getting a clear overview of the accounts payable and cash flow, corporations would obtain quicker cash flows, minimize outstanding receivables, as well as perform instant payment settlements.
Another significant selling point of Xero is its multi-currency accounting function. With over 160 currencies available on the online system, Xero can convert international transactions instantaneously with just a click. Users could view rate change updates to see how the dynamic currency markets affect cash flows or profit. If you are working with foreign corporations, Xero will reduce your burden by generating reports in local or foreign currencies. It reduces the time needed to produce an accurate financial report in foreign currency and makes your work more efficient.
Finally, with an unlimited number of users per account, Xero makes it easier for enterprises to collaborate with our professional financial advisors. Business owners could simultaneously share and view financial and accounting reports, so they no longer have to wait for month-end to access the reports and KPI details. Besides, Xero would compare and calculate budgeted and actual amounts in real-time by using inputted formulas and generating accurate reports to demonstrate how well your business performs.