A Guide to Xero for SMEs: Why you should switch your accounting software today!

Xero is an accounting system designed for small and medium sized enterprises (SMEs). It connects your SME with trusted advisors, who provide you with instant visibility on your current financial position, and can help you grow your business 

Who uses Xero?

Xero is used mainly by SME owners and accountants. If you are a small business owner who uses outsourced accounting, then pairing it up with Xero will give a huge boost to your growth.

Pennyhills’ Founder at Xero HQ

What are the features of Xero?

The features of Xero include financial reporting, cash flow management, bank reconciliations, processing payments, and payroll.

Why should you use Xero?

How to use Xero 

Xero’s main hub is accessible online and can be used to manage staff as well as client data.

 Its ‘Practice Manager’ tool is used for managing jobs, assigning tasks, and tracking time. Xero can also be integrated with external systems aside from being connected to bank accounts to provide automated transaction feeds. 

To keep everything organised, Xero logs each action you make and formulates each transaction’s history. You can add your bookkeeper or accountant through email and assign them advisor permission.

Since more and more people have access to learning it, it has become quite easy for business owners to readily find outsourced accountants who can help them manage the accounting software. 

How much does it cost?

Xero offers three pricing plans:

There is no limit on the number of users. You can also implement restrictions on specific users, for example, you can allow junior employees to pay bills without  seeing the company’s complete financial picture.

What are the benefits of Xero’s customisable features?

To the untrained eye, a profits and loss statement or an expenses spreadsheet can be hard to decipher, especially for those that aren’t great with numbers. Rather than getting bogged down in details and trying to get to the bottom of an intimidating document, Xero’s customisable reports and dashboards tell a story visually, and can help in a number of other different ways:

Why you should switch to Xero today

In a nutshell, Xero is an online accounting system designed to simplify business tasks such as paying bills, managing expenses, creating invoices, and much more. With all these features, Xero truly has made accounting much easier for SMEs.

We’re gold certified partners on the platform: so we really do know what we’re talking about. To find out how Pennyhills can help you switch to Xero, get in touch.


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