By Michelle Quince, Senior accountant at Hive Business
I hate change! There, I said it. It feels good to finally admit it to myself. Take “The Great British Bake Off” as an example. This was my favourite show of all time but then it changed! First, they move it to Channel 4, then there’s the news that Mel, Sue and Mary were sticking with the BBC and not making the move. Then they went one step too far… they moved Cake Week to Week 2. I will not be watching the show in future.
When things change, and most of the time they change for a good reason, I have to have a strong word with myself, swallow hard and move forward. To be honest, there are quite a few of us change-averse people around and, with the world changing at such a fast past, we are in danger of being left behind.
The world of accountancy is one such fast-paced moving world. Bookkeeping, in its traditional sense, is a thing of the past. You no longer need a big red cashbook or for someone to come in once a week to balance the books. Cloud-based accounting software, like Xero, enables those with very little financial experience to keep accurate financial records.
Essentially, Xero does the work for you. It automatically draws your business bank transactions into the system via bank feeds and, with a few clicks of the mouse, your transaction is recorded. The system is then able to produce a “Profit and Loss” or a “Balance Sheet” or any number of different reports to assist you in making business decisions and help you plan better for the future.
Xero is also very adaptable. Whether it be something relatively standard like keeping track of paying your suppliers or assessing the profitability of your different dental practices, Xero can handle it. And, as its cloud-based, it can be accessed via any internet-connected device – there’s even a dedicated app so you can input data and reconcile your bank whenever you have a spare minute. In addition, there are over 700 apps that connect directly to Xero, so there’s bound to be some time- saving efficiencies to be had by taking the leap.
I have been an advocate for traditional accounting packages for a long time now, but even I can see why Xero fits better in today’s world. There are so many reasons why you should make the switch to Xero – here are just four.
If you would like to find out more about how we can help you move to Xero and help your business embrace change, call us on 01872 300232 or email us at hello@hivebusiness.co.uk.
