All You Need to Know about XERO

 

Looking for an advanced accounting and bookkeeping software for your business? Here’s why you should use Xero.

Manual bookkeeping on a notebook 

Many people still use Excel for bookkeeping services in Canada, but they quickly realize that they need something that is more geared towards their specific needs and uses.

Xero is an accounting software solution designed specifically for small to medium businesses. It has an easy-to-use and sleek interface.

So if you’re thinking about switching to Xero but aren’t sure if it’ll work for you, here are some tips that’ll help you make the decision:

1. It's a Cloud-Based System

With Xero, you don't need to email files back and forth and worry about sorting through multiple files of the same name with minor edits in each one.

Since, it’s a could-based software, the changes made to a file are saved instantly and can be accessed anywhere and on any device. This makes it easy for users as they don’t need to download proprietary software to access their records.

2. The Quick Glance Interface

The interface is designed so that business owners can instantly find the information they need without searching around too much.

The first page you see after logging in is the dashboard, which gives you essential information at a glance. Information such as your bank reconciliation status, who you owe money to, who owes you money, is all conveniently displayed and can be clicked on for further details.

You can also see all your sales and customer details, while the menu bar on top allows you to return to one of the main sections (projects, contacts, dashboards, etc., as needed).

Xero can be used on any device 

3. You Can Connect Your Bank to Xero

Xero has a list of banks that it can work with. After entering your bank details, you can view your balance and perform several transactions via Xero.

It also reconciles your bank statements, providing you confirmation of the processed payments, all the while summarizing your banking activity.

4. It Generates Reports For You

Xero uses all the information you've provided, and uses its AI functionality to generate reports such as the balance sheet, profit and loss, cash flow statements, and many more.

They help you determine how your business is performing, what works, and what needs to be changed.

Calculating profit and loss for the quarter 

5. Almost All Bookkeeping Services Work With It

As your business grows, you won't have enough time to process all the numbers yourself. However, if you've maintained all your details on Xero, it can be seamlessly transferred to an accounting or bookkeeping firm, and they can handle it from there.

For the best bookkeeping services in Canada, get in touch with Accounting Plus Financial Services. They are a Xero Gold Partner and provide bookkeeping services for small businesses in Toronto. They offer accounting and bookkeeping, taxes, and business advisory services. Contact them today for more details. They are based in Thornhill, Ontario.

 

 

 


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