Advantages of Xero Accounting in Singapore

Accounting is not easy, as it takes the right knowledge and skill set to ace an accountant’s job. But as industries are becoming more competitive and leading more expectations to meet, getting things done should be easier than ever. That is why providing corporate solutions, like accounting and taxation, is done using online cloud accounting software nowadays.

Traditionally, spreadsheets were used to tabulate business accounts, expenses, and more. While a few companies are still using them, a more advanced method can pull off almost everything in one go. Many businesses have been using Xero accounting in Singapore. It is a game-changer and will significantly impact handling business finances.

What Is Xero Accounting Software?

Xero is an online cloud accounting software that is accessible through the internet. Instead of installing it physically on a computer, you can access Xero on the cloud. The software’s origin can be traced back to New Zealand in 2006. Today, Xero is a big player in the cloud accounting market, leading in New Zealand, Australia, and the United Kingdom. All in all, there are more than 2 million users of Xero.

Benefits of Xero Accounting Software to Users

The benefits of Xero accounting software to businesses are undeniable. Because it is cloud-based, Xero efficiently supports users to be organised amidst carrying out essential bookkeeping functions and other accounting activities.

Find out more about the software’s benefits in the list below.

    1. It Stores Files in the Cloud

Things can get cramped up in an office with paperwork and documents. But this can be different for a business that uses accounting software like Xero. Since it is cloud-based, everything is stored online.

    1. It Is Accessible Anywhere

The benefits of Xero accounting in Singapore are not limited to cloud-based storage. One of the best things about this tool is it is accessible anywhere as long as you have internet coverage and a device.

    1. It Is Safe and Secure

It is hard to get someone on board with cloud computing because of an information breach. They need to realise that it is safer since data are securely stored online and encrypted using industry-standard encryption. Other than that, there is also a high level of physical security for the servers.

    1. It Has Free Product Updates

The business industry is ever-changing, and Xero ensures to adapt to these changes. That is why users enjoy the software’s latest version all the time through free product updates. As a subscription service, users are no longer required to download from a disc or the internet.

    1. It Makes Collaboration Easy

Collaboration between a business’s bookkeeper, accountant, or financial adviser is easier with Xero accounting software. Hard copies and faxes are no longer required when everything is right at your fingertips.

    1. It Allows Upgrade When Needed

With the different levels of subscriptions to choose from, businesses can select the one that suits them most. They can upgrade the subscription as the needs and requirements evolve.

    1. It Is User-Friendly

The modern user interface is a major selling of Xero accounting software. The way things are arranged and organised is user-friendly and ergonomic. For first-time users, online courses are available to get familiar with how the software works.

    1. It Takes Care of Invoices and Quotes

Businesses can send invoices or quotes to clients and create customised templates as desired. In return, clients can pay directly from those invoices or quotes. This method is a lot faster compared to the traditional hard copy.

    1. It Has an Array of Add-Ons

Creating an entirely customised experience in Xero is easy with a massive variety of add-on applications. Get these from the Xero Marketplace and leverage the benefits.

    1. It Makes Conversion Easy

Besides sending invoices or quotes, it is easy to pay and receive bills in different currencies with Xero. It means that converting exchange rates is more convenient than ever.

    1. It Takes Care of Payroll

When it comes to taking care of payrolls, Xero never disappoints. You can even integrate it with a payroll partner. Employees can also access their payroll through a portal, allowing them to lodge timesheets, view payslips and income statements, and apply for leave.

    1. It Offers Easy Report Customisation

While there are plenty of ready-made reports in Xero, you can freely customise reports according to your needs. It doesn’t matter when you need these reports because they are easy to make when necessary.

Be On Top of Your Business’s Accounting Needs with ContactOne

Using Xero accounting software, you can also link bank accounts for automatic updates and streamline accounts payable. There is no denying that Xero has an endless list of benefits businesses in the Singapore business hub can take advantage of.

If you want to learn more about this accounting software, ContactOne can help you. Let’s catch up on these numbers: +65 6333 0633 or +65 8666 3633. You may also explore our website; exciting things await you there.