Managing finances is a crucial aspect of running a small business, and it can be a time-consuming and overwhelming task. This is where Xero, a cloud-based accounting software, is a game changer.
So what does ‘cloud-based’ mean? Simply put, the cloud is the internet. More specifically it refers to servers that are accessed over the internet, and the software and databases that run on these servers.
When something is ‘in the cloud’ it means it’s stored on internet servers instead of on your computer’s hard drive.
Here at Monteba, we have partnered with Xero and have been happily operating ‘in the cloud’ for quite some time, supporting our clients with the following benefits:
- Easy access and collaboration – you and your accounting and bookkeeping teams can access financial data from anywhere with an internet connection. This ease of access promotes collaboration between teams, enabling us to work together on bookkeeping tasks in real-time.
- Time-saving automation – a key benefit is the automation of repetitive tasks such as invoicing and bank reconciliation, reducing the amount of time spent on manual data entry.
- Real-time visibility – you can view the status of your finances at any time, without the need to wait for monthly or quarterly reports. This allows you as a business owner to make informed decisions, stay aware of your financial status, and be able to quickly identify areas needing attention.
- Efficient expense tracking – you can easily track your expenses and categorise them for better management. This will enable you to identify areas where you can cut costs and optimise your finances. Additionally, you can track employee expenses and reimbursements through Xero, making the process of expense management easier and more efficient.
- Integration with other business tools – Xero integrates with a wide range of third-party applications allowing you to tailor Xero to your specific needs and have a more streamlined and automated financial management system.
- Better cash flow management – Cash flow management is critical for the success of any business. Xero provides features such as payment reminders, automatic payment allocations, and online payment options, to help you manage your cash flow more efficiently.
Here at Monteba, Xero has streamlined our processes and given us the structure to increase our own efficiencies and pass these on to our clients.
If you have not yet made the leap to cloud-based accounting software, schedule a call and let Monteba Business Solutions help you make the move, lighten your workload and take your business to the next level.
With cloud-based accounting software like Xero, the sky’s the limit!