Why Xero accounting support packages can help your small business
At MSP Secretaries, we pride ourselves on providing best-in-class expert services. That’s why we use Xero accounting support – one of the best accounting tools on the market – to enable the smooth running of our client operations.
Founded in New Zealand in 2006, Xero is a digital accounting software as a service (SaaS) tool, created for small businesses. Xero enables us to move away from hard books, to digitally manage our clients’ accountancy support in an orderly and collaborative way.
Previously we had struggled with clunky, legacy systems with outdated interfaces, and needed to keep our data and our systems away from the potential hazards of individual PCs. Xero accounting support packages provided the perfect solution.
Xero’s flexible cloud native engine, fully customizable hub, and beautiful data visualisation provides our clients with centralised API integrations and transactions in 160 currencies, all in one payroll management tool, enabling us to provide expert accounting support to small businesses across the UK.
What are the key features of Xero accounting support packages?
- Cloud based application
Gone are the days of endless updates. Unlike other accountancy software, Xero is cloud-native and boasts the benefits of a serverless system. Xero can be accessed from anywhere, at any time, creating increased accessibility and enhanced collaboration capabilities, without needing to download an app.
- Intuitive interface
The look and feel of software plays an important role in the user experience. The Xero dashboard is an intuitive and fully customisable hub, with drag-and drop building features. Users can see what is most important to their business, within seconds of opening Xero. A simple layout that prioritises key KPIs, allows for smoother onboarding, and with add-ons available on the Xero Marketplace to further customise dashboard functionality.
- Online payroll
Payroll is a big part of what we do at MSP Secretaries, and we strongly rely on the capabilities of our accountancy software. Xero’s online payroll processing is a core feature, with the ability to easily access and share payroll data via its native portal. Employers can calculate wages and tax, and pay employees in a few short clicks. Employees can also request time off within the portal, to make leave tracking easier and more accurate. If you’re working with a third party accountant, simply invite them to your dashboard to grant them access.
<h2>Pros and cons of Xero accounting support packages
There are many other features of Xero. Some are unique, and others are a benchmark of all good accountancy software. Nothing is perfect though – so we’ve made sure to include areas for improvement.
The pros
- Quick quotes – Xero users can create quotes at the touch of a button, and instant bills by converting a quote into an invoice, and sharing it via email. Users can also track the status of invoices within their dashboard
- Online invoicing – Xero brings invoicing to one central place. Invoices are created in-browser, and automatically saved as a draft to prevent data loss. Invoice numbers and dates are also automatically populated, streamlining the process and minimising input mistakes
- Direct feeds – Connect your business’ bank account directly to your Xero hub. Data streams are automatically pulled through to show your balances. Transactions are made securely and cash flow is easily monitored and analysed
- Online file storage and reporting – Crucial documentation for all businesses – such as balance sheets and income statements – are created as reports in minutes, with simple and secure storing and sharing capabilities. Xero’s report builder also enables intuitive filtering and customising of reports
- Xero support – While not part of the core service offering, Xero’s customer support is a notable benefit, providing support documentation for common issues or system glitches and a full range of support and training channels including email, live chat and support tickets for more complex issues
The cons
- Cost – For many companies, adoption costs are the major drawback of a service or product. Xero has a tiered payment structure, and some of the additional features can be costly. However, the tiered payment structure does create flexible options to suit a range of budgets and meet the needs of budgets of all sizes
- Configuring auto-posting and integrations – Xero integrates with other systems to centralise accounting processes. It also automatically generates a daily report of all transactions and features. These features can be complex to set up and if not configured correctly by an experienced accountant, can report inaccurately
- User permissions – Xero does not currently allow for duty segmentation, or restriction of user permissions, which may be a problem for businesses who have a team of employees accessing Xero. Outsourcing accountancy is an option if financial privacy is a priority
Accountancy packages from MSP Secretaries
We use Xero accounting software for all our accountancy and payroll tasks, for clients and internally. If you’re feeling out of your depth with your company’s finances, or your needs have outgrown what you can manage in house, MSP Organisation offers a complete range of payroll (MSP Payroll) and accountancy services (MSP Chalkdell).
Whether you need the full time functionality of an expert team, monthly support with your payroll processing, or some extra assistance with your books at the end of the financial year, we have packages tailored to the unique needs of your business, regardless of size or industry.