9 Reasons Why Xero Is the Best Accounting Software for Small Businesses

Are you looking for the best accounting software for your small business? If so, you should definitely consider Xero. While there is other accounting software out there, notably MYOB, Quickbooks, and Reckon, when it comes to value for money, Xero is hard to beat. But, offering excellent value for money isn’t the only reason to choose Xero. If you’re a small business, you can take advantage of many benefits.

Grow Advisory Group are experts in MYOB, Quickbooks and Reckon, but it’s Xero that we excel. Our scope of knowledge with the accounting software and the fact that we are within the top 2% of accounting practices worldwide that use it is evidence of this. Hence, we are a trustworthy source to explain why Xero is the best accounting software for small businesses.

Continue reading to discover the many reasons why Xero is the best accounting software in Australia for small businesses. But before that, let’s look at what Xero is and take a brief look at its key features.

What is Xero, and what are its key features

Xero is cloud-based accounting software that provides bookkeeping, invoicing, payroll and more. It is an easy-to-use interface and can help you save time and money while staying compliant with your tax obligations.

Xero has all the features you would expect from an accounting system such as bank reconciliations, expense tracking and reporting but also includes some innovative tools like SmartAlerts, which automatically send reminders when specific actions or transactions need attention. The app also integrates with QuickBooks, so you will never have duplicate data entry again! And if you don’t want to spend hours fiddling with settings? No problem!

How Xero can help small businesses save time and money

Xero is easy to use

Xero has an easy-to-use interface, so you can get up and running without the need for expensive training, seminars or consultants. Even if you’re not familiar with accounting software, you’ll be able to get up and running with Xero quickly.

Xero has an intuitive design so that anyone can use it; all you have to do is log in and start using the system.

The system features a clean design with a simple navigation pane on the left-hand side of your screen, which makes it easy to jump from one section to another. This makes it easy for you to focus on your accounting and bookkeeping without having to worry about the nitty-gritty.

Xero is ready to use out-of-the-box

As mentioned, you can get up and running with Xero accounting software quickly – within minutes, as it’s already set up for you. Just sign in, and all of your data will be there waiting for you. There are no adjustments or changes required before it can be used (unless you want to make some).

Xero offers a variety of integrations

One of Xero’s best features is its ability to integrate with other accounting systems, apps and tools so you can automate tasks such as data entry or file sharing between multiple people.

One example of a great Xero integration for small businesses is ServiceM8. If you’re a service-based business like a plumber or electrician, you’re probably aware of ServiceM8. Xero and ServiceM8 work together to let you keep track of your field service business from start to finish, including invoicing and paying the bill.

If you need help integrating ServiceM8 or another app, Grow Advisory Group can also help. Simply give us a call on 07 5599 5700 to get started.

Click here to learn more about our ServiceM8 integration service.

Xero is affordable

Xero accounting software has a wide range of pricing options, so you can find one that fits your budget. Small businesses especially will find the pricing options beneficial.

For example, their most popular plan, the Standard plan, is just $54 per month and includes all your bookkeeping necessities, including sending invoices and quotes, entering bills, reconciling bank transactions, payroll for two people and capturing bills and receipts with Hubdoc. It also offers bulk reconciling of transactions and a short-term cash flow and business snapshot that will help your small business stay on track.

Xero is flexible

Xero accounting software has no lock-in contracts and can be taken to other accountants as required. It also supports multiple users at different levels so everyone in your business can access their own information. Again, using the Standard plan as an example, you can cancel with just one month’s notice and upgrade the payroll options from 2 to as many as 50 people.

Xero also offers an array of optional add-ons, including the ability to submit and manage expenses on the go, track projects and jobs, see future cash flow, check the financial health of your small business and track metrics. All these add-ons can be pivotal in the success of a small business.

Xero is reliable

Xero accounting software is backed by global cloud infrastructure, so you can access your account anywhere, anytime. It is also backed by a strong team of developers who are constantly working to improve the platform.

There are also various levels of support to suit all businesses, from free email support to the option of having a Xero expert on hand if needed.

Xero is secure

Security is one of Xero’s top priorities, so you can rest easy knowing that your business data is protected using Amazon Web Services (AWS) servers – recognised as one of the best cloud infrastructures in the world. The accounting software is also offered with Fraud Protection, which protects you against identity theft, fraudulent transactions and phishing scams.

Xero’s Security team regularly analyses security systems, event logs, notifications, and alerts from all systems to identify and handle risks.

Xero is also ISO/IEC 27001:2013 certified, the world’s most well-recognised information security management system (ISMS) standard and payment Card Industry Data Security Standard (PCI DSS) compliant. Lastly, a Service Organization Control (SOC 2) report about the Trust Services Criteria for Security, Availability, and Confidentiality from an independent auditor’s examination is available.

Xero saves time

Time is money when it comes to administration, so Xero accounting software has created many features to speed up the process.

You may save time by duplicating your previous invoices, making any required changes to the amount or description, and mailing them. But bank feeds are Xero’s biggest time-saving feature! On a daily basis, Xero communicates with thousands of banks to securely import bank statement lines into your Xero account.

The accounting software also has a built-in email platform that allows you to send and receive emails directly from the system. This makes routing invoices via email an efficient task, saving time from having to print out paper copies.

Xero is easy to implement

You can effectively get started with Xero in under one hour, as there’s no need for installation or set-up. And if you do want to give it a go, Xero has an extensive network of partners and resellers around the world who can help you get up and running fast.

Grow Advisory Group is one such partner. Simply get in touch with our team, and we’ll arrange a time to discuss your Xero accounting software needs and our service options.

Xero has a mobile app

Xero also provides a mobile app for iOS and Android devices, which means you can access the accounting software and all your financial information from anywhere, anytime. This is great if you’re on the run.

How to get started with Xero

As mentioned above, Xero accounting software is very easy to implement and can be done in very little time by simply signing up on their website. However, if you would like professional assistance getting set up on Xero, perhaps moving from MYOB to Xero or from QuickBooks to Xero, then Grow Advisory Group can help.

As mentioned, we’re in the top 2% of companies using Xero accounting software around the world and are well-versed in all things Xero. So whether you need help getting started or support using Xero, we can help. Simply contact our team, and we’ll arrange a time to discuss your Xero needs and our service options.

Conclusion

Xero accounting software is designed to help you manage your business finances and grow your business while making it easier for you to stay on top of things from anywhere in the world. It’s an easy-to-use cloud accounting platform built specifically for small businesses and accountants. They offer the best-in-the-class accounting software with a fully customisable dashboard, time-tracking tools and a smart bank feed that does all the hard work for you.

So if you’re looking for easy-to-use, affordable, and reliable accounting software, Xero is the right choice for your small business. Still unsure if Xero is for you? Then we urge you to read our posts, ‘How to Choose the Right Accounting Software for Your Business‘ and ‘Which Accounting Software Is Best for Small Business?‘.

If you require assistance getting up and running with Xero, don’t hesitate to contact Grow Advisory Group at 07 5599 5700. We look forward to helping you reduce your bookkeeping duties with Xero.

Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.