WHAT IS XERO: A SIMPLE INTRODUCTION

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If you have recently started up as a new company, or are looking for ways to better the processes in your small business, you may or may not be familiar with the software ‘Xero’. Xero is a leading accounting software used within start-up businesses and SMEs in the UK.

What is Xero?

Xero is an online bookkeeping system which allows you to automate a range of daily tasks, from bookkeeping to payroll, granting you back the time to focus on your other duties. For a fee of around £20 a month, plus VAT, Xero allows accountants and bookkeepers to work together on the same set of figures, ensuring you meet all of your tax responsibilities. The accounting software can be run on a laptop or mobile, and is recognised by HMRC, making it compatible with Making Tax Digital requirements.

What is Xero used for?

As well as being able to monitor the successes of your company in real-time, Xero is an effective way for businesses to manage their cash flow, invoice payments, and calculate accurate projections. With Xero, you can…

  • Calculate and file VAT returns online with security
  • Determine tax payment, utilise auto-enrolment to calculate pension contributions, and generate payslips
  • Customise invoices and set automatic payment reminders
  • Reconcile bank transactions and stay on top of your outgoings
  • Generate and claim paperless expense claims

What are the advantages of Xero?

There are several advantages which have made Xero popular and successful. The standout feature for many is the ability to make money whilst you save money. Generating invoices is simple and time efficient, whilst you can automatically accept incoming payment transactions. The simplicity of the software, whether you opt to use it on a desktop, iOS or Android makes it easy to use and reduces stress. Being accessible via the cloud also means that you can access your business’s data at any time, from anywhere.

Is Xero secure and reliable?

Being recognised by HMRC, Xero is a software that is entirely relied upon by countless businesses every day. Your business’s information and figures are backed up on a daily basis, ensuring that your data remains secure and encrypted at all times. Plus, as a part of your subscription, you can benefit from a customer support team who are on hand 24 hours a day, 7 days a week. This is perfect for your peace of mind.

Here at Adams Accountancy, our team of professionals are on hand to offer support and advice to ensure that you are running your SME seamlessly. Get in touch with us by calling 01322 250 001 or sending us an email at info@adams-accountancy.co.uk.

March302023