Everything you need to know about Xero bookkeeping

You can’t underestimate the importance of carefully maintaining your company financial records. By partnering with Xero as our preferred bookkeeping software provider, we have managed to ensure that we stay on top of each of our clients’ financial affairs.

How Sublime uses Xero to assist with bookkeeping

Cloud (online) accounting is revolutionising the way we serve our clients. Using Xero and other cloud-based products means we can respond to each unique client need. Not only does the software help us to carry out the more mundane – but vitally important – bookkeeping tasks, it also enables us to provide our clients with the key management information they need, allowing us to work collaboratively with them in real time and consequently assist them in understanding their ‘numbers’ and making key decisions when they need to be made.

By partnering with Xero, we can also provide our clients with access to Xero’s add-on community who provide a range of software and apps which link in with Xero, and provide additional functionality beyond the more basic requirements of Xero, when the industry or business requires it. Typically we will use Xero’s add-ons to get our clients to prepare their sales invoices.

When your job is easier, it makes our job easier.

Providing us with your business records regularly, we can continue to offer the exceptional service that we promise. This could include tasks such as calculating company tax liabilities throughout the year, and preparing monthly accounts to keep you up-to-date with your financial position.

Online accounting liberates you from the burden of having to keep receipts to record expenses, or retain duplicate invoices for accurate record keeping. All this paperwork can be captured in real time, managed online and retained for reporting. All of this significantly reduces administration on your part saving you valuable time to help you run your business or spend more time with the family.

How you can use Xero bookkeeping to assist with your business

Whilst we are very happy to support our clients with their bookkeeping requirements, we acknowledge that some clients may want to prepare their books ‘in-house’. Xero’s key features can of course assist them too. With every aspect of your company’s finances managed under one roof in real time, you can also access up-to-date reports at any point throughout the year. These can also be customised, meaning Xero displays the calculations that we make in a manner that meets your needs.

Late payment is a common threat to many small businesses, but Xero’s online invoicing feature makes it quick and easy for your clients to pay, and a remittance is automatically logged once received. Xero also has an automated reminder system, so it means no more worrying about chasing those late payers!

In addition, you can manage purchase orders and fixed assets calculations, as well as integrating small business payroll software. Bank accounts can be linked to the software which means bank transactions are imported on a daily basis and can be automatically uploaded and categorised. For example, using categories in this manner means were you to set aside a certain amount each month for advertising, Xero could identify this transaction and record it as a business expense. We would later verify this, giving you a more accurate view of your finances throughout the month.

What our clients love about Xero

Xero is more than just your typical bookkeeping software. With the numerous add-ons available it can be flexible enough to meet most small business needs. We love it because it makes our job a lot easier, but it also provides numerous benefits for our clients.

Using Xero bookkeeping means our clients can have a really clear picture of their financial position anytime they want. It also provides the ability to:

• manage cash flow and therefore assist in forecasting finances
• Keep tabs on unpaid invoices and bills – helping with cash flow forecasting.
• Budgets
• 24 hour access to their accounting records (with a working internet connection) – can raise invoices to customers from the beach!
• In-house collaboration with restricted access
• Ability to provide quotes to their customers
• Ability to collaborate with their accountants in real-time – yes really!

Supplementing our accounting and industry expertise with Xero’s comprehensive yet easy-to-use software has enabled us to provide a service that can meet the requirements of any small business. To find out more, call us on 0330 053 8100.