Is it time you transformed your bookkeeping? The days of the carrier bag stuffed with receipts and invoices should be over – though a few of us are still sticking to those traditional routes.
But giving the bookkeeper or accountant a file stuffed with pieces of paper is increasingly viewed as an outmoded way of working. And, with many more of today’s new businesses opting to go virtual from the outset, views about using cloud-based services to run an enterprise are changing.
There’s also a growing realisation that management and corporate information needs to be in real time, not merely historic. By knowing what is going on in your business now, it is much easier to plan for the future – and spot potential problems early. The traditional method of bookkeeping and accounting rarely gave such valuable information, as often it was only reporting after the event, preparing information from documents that were several months old.
At Timewise VA, we are big fans of modern bookkeeping methods, which help to keep our clients fully up to date with how their business is going. And we are also supporters of Xero, the cloud based accounting software, which allows us to carry out bookkeeping efficiently, and cost-effectively, for a wide variety of clients with all types of business.
Xero was originally developed and launched in New Zealand, and came to the UK in 2012. It has more than 100,000 British subscribers, and offers a cloud based solution with pay per month pricing, that helps companies with their cashflow. Xero covers bank and credit card feeds, invoicing, accounts payable, expense claims and management reporting.
As with many cloud based services that are accessed online, the software is constantly being upgraded and improved. At Xero, this means the software is already integrated with a range of accounting software packages, encouraging more and more accountants to take to it. Fashion businesses in the UK will be interested to know that one recent integration has linked Xero with i:LLEVEL, a software used by many in the fashion industry.
How could Xero help your business? You only have to ask, to receive an explanation of how Xero works and how we use it for bookkeeping. The system is simplicity itself to use, and works well in combination with other time saving systems that capture expenses, and allow you to allocated costs quickly and efficiently to projects or clients.
One big benefit of using a cloud based software system such as Xero, is that you no longer need to worry about cyber security or updating computer hardware and software. The system is always up to date, and there is no software to install that consumes hard drive space or processing power.
And with everything securely backed up by Xero, you can simply log in from wherever you are, and see how your company’s finances are progressing. That also means you can use your virtual assistant to update your bookkeeping, while you are on the road – further saving you time and trouble. What’s not to like?