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Xero Accountant Advisor
You are making use of Xero to help you stay on top of your small business bookkeeping. Or thinking about doing so soon. Somewhere you’ve seen mentioned that you might also want to work with an advisor, either a Xero Accountant Advisor and a Xero Bookkeeping Advisor. But do you? And what’s the difference?
The difference between a Xero Accountant Advisor and a Xero Bookkeeping Advisor firm is important to understand. The majority of the business owners we interact with are unaware of the distinction or even what a Xero Advisor can do for them on the whole. Some people have never used Xero yet and have heard it can be useful.
Whatever your status, as experienced Xero Accountant Advisors, Pearl Lemon Accountants can help you get the most out of this innovative cloud based accounting software and help you take better control of your business finances in general, leaving you free to concentrate on what you do best – building your business.
But why us, as accountants, rather than a bookkeeper?
The key difference is the level of advice and expertise. Bookkeepers are great at day to day accounting, but, to be frank, so is Xero. A Xero accountant advisor adds extra levels of expertise, advice and guidance that help businesses grow, rather than just ticking along.
What is Xero Anyway?
As we mentioned, lots of small to medium size business owners have vaguely heard of Xero but are not quite sure what it is, what it does and how it might be of use to them.
Xero is accounting software for small businesses that is fully cloud-based.
It allows you to link the program to a live bank feed and execute bookkeeping activities such as invoicing and payroll.
Xero supports both cash-based and accrual accounting systems, making it ideal for businesses following UK GAAP or IFRS. It’s flexible enough to grow with a firm from its founding as a sole proprietorship all the way through its expansion to a medium sized business, especially if you also work with a Xero accountant advisor like Pearl Lemon Accountants.
What are the Benefits of Choosing Xero?
As Xero Accountant Advisors we have found that there are lots of benefits to businesses who choose Xero to power their day to day accounting, but some of the most important include:
1. With cloud accounting, there's no need to keep files on your computer
Everything is, of course, stored in the cloud when using cloud computing. As a result, you don’t have to worry about files taking up a lot of space on your computer because they’re all safely stored on the cloud.
This also implies that if your computer is lost, stolen, or damaged, you can still use the cloud to access all of your accounts.
2. You can manage your accounts from anywhere
Because your data isn’t saved on your computer, you can manage your accounts from any location and on any device. Wherever you are, you’ll always have secure access to your business accounts.
3. It is secure and safe
One of the most common concerns about cloud computing is its security. Yes, Xero cloud accounting software is secure, to put it simply. Why? Because Xero securely stores and encrypts data using industry-standard data encryption. Physical security is also high on the servers where your data is stored.
The company’s reputation hinges on whether or not they can ensure that your data is adequately protected, just like any other cloud accounting software. As a result, maintaining the greatest level of security to protect its clients is in Xero’s best interests.
4. You'll be able to get free product updates
Another advantage of cloud accounting is that you can use the most recent and up-to-date versions of Xero. Xero is a subscription-based service rather than a product that can be downloaded from a disc or the internet. This means you’ll always have the most recent version as long as you’re a subscriber to the service. In contrast to a downloaded copy, which requires payment each time a new version is issued.
5. It facilitates teamwork
The days of physical copies and faxes are long gone. Xero facilitates communication between businesses and their bookkeeper, accountant, or financial advisor. Because Xero is cloud-based, real-time updates are possible. As a result, you and others can look at the same information from different locations at the same time.
You always have control over who has access to Xero and what they can do in Xero, so security is a factor here as well.
6. You can upgrade as needed to meet your company's requirements
Xero offers three subscription tiers, allowing you to select the plan that best meets your needs and budget. You can start with the Starter package, but as your company develops and advances, you may need to upgrade to the Standard or Premium package. This provides you the power and flexibility to choose the service that best meets your needs.
7. It's simple to use
Xero is developed with the user in mind and is compatible with both Windows and Mac operating systems. A key selling feature is the current user interface, and the way things are laid out and organized is efficient and ergonomic. While it may take some time to get used to, one of the reasons Xero accountant advisors like us exist is to help you learn how to make the most of it.
Why Work With a Xero Accountant Advisor?
You may be wondering why, if Xero makes doing the books easy for a small to medium sized business you would also need to work with a Xero Account Advisor. What can we do for you that you can’t do yourself if it’s such a great product?
Xero is great for basic day to day bookkeeping, for recording invoices when they are paid, tracking expenses and making sure your employees when and if you have them get paid on time. As Xero accountant advisors we love working with business clients who make use of.
However, it’s still just a software. A useful one, but it just can’t do what an accountant can do.
One of the biggest worries many business owners have is ensuring that they are on the right side of HMRC. Few things can derail the running of a small business faster than a run in with the taxman.
So, many businesses do turn to a professional accountant to help them with their tax returns. However, as your Xero accountant advisor the Pearl Lemon Accountants team will be able to provide you with a lot more than that, including all the following:
- Reduce your tax bill
- Save your money by avoiding fines, interest, and audits.
- Identify and eliminate wasteful expenditures in your company.
- Offer advice and guidance on big financial moves, like becoming an LLC, or renting or buying business equipment or office space.
- Help you take advantage of financial opportunities you may not have been aware of, including grants and tax credits like R&D
- Assist you in evaluating and improving your company’s financial performance
We’ll free you up to focus on the business, which is where you’ll have the most impact. We’ll also allow you to spend more time with your family and friends, which is a fantastic benefit of making good business decisions.
Ready to learn more about how, as your Xero accountant advisor Pearl Lemon Accountant can help you?
Contact us today and let’s talk about it.