Accounting and bookkeeping are amongst the tasks in a business that many people do not like or try their best to avoid. Unfortunately they are very important parts of every business and tasks that should not be avoided. When your books and accounts are up to date it makes life a lot easier when it comes to lodging your BAS, lodging your tax return and being able to see how you are tracking month to month with your income and expenses. One of the best ways to ensure that you are up to date with these tasks is by having a good bookkeeping and accounting program. A specialised program will help to keep it all in order, provide you with the information you need and also keep it all in one organised place.
Which programs are there?
There are many different accounting and bookkeeping programs available these days. Many are cloud based which means you can access them through your login details on any device and not have to download the program first. One that we recommend in Xero. Xero has many different functionalities and can make your business life ten times easier when it comes to the accounts and book keeping side of things.
Is Xero cloud based?
Xero is a cloud based program which means you do not need to download it onto your device in order to use it. This means that you can access your account across many different devices at any time. You can also organise log ins for your accountant or book keeper so that they can also remotely access your details without having to be within your office.
Can it link to my bank account?
Xero links to many different banking brands meaning that you can set it up so that your bank statements are automatically fed into Xero on a daily basis, meaning no transactions are missed and they are all entered in the correct order with the same transaction details that show on your bank statement.
Can I reconcile my accounts?
With the bank feeds being automatic it makes reconciling your accounts a lot simpler. You are able to set up rules during your reconciliations so that certain transactions when they appear will be reconciled the certain areas without you having to manually input the details each time. This saves you a lot of time and sanity if you have hundreds of transactions coming through each day.
Can I process payroll with Xero?
Xero has payroll capabilities within their different package types. You are able to set up a full payroll system including employee profiles so that they can enter in time sheets each week. You are able to set up the templates for pay slips with the different pay rates already added meaning less chance of error when completing their pay slips and calculations. Superannuation details can also be added in.
Can I run reports?
Xero has a number of different reports available for you to run when ever you need them. You can run reports to see how you are tracking on income and expenses, payroll reports and you can run your quarterly BAS statements straight from Xero. The reports can be downloaded in different formats so that they can either be edited or kept as a PDF.
It is easy to use?
Xero is a very easy to use program. There are many different functions available and most you can teach yourself quite simply. There are many tutorials on the Xero website for how to use the program as well. There are certified Xero bookkeepers and accountants that have undertaken training on the system as well, who can complete your bookkeeping for you or assist you in learning the program.
If you do not yet have an accounting program for your business, Xero is definitely one to consider. Because of the popularity of Xero, many bookkeepers and accountants are now becoming trained in the program meaning that when you do engage the assistance of them, they will have the knowledge of the program and be able to sort out any issues there may be with your books. We recommend Xero based on experience and success with the program.
