Xero - "The Apple of Accounting"

18-Feb-2014

The arrival of cloud-based accounting systems has busted open a space long dominated by MYOB, but choosing the provider which best suits your business comes down to more than price.

The five main accounting software providers for small business in the Australian market are:

MYOB
Xero 
Quickbooks
Reckon
Saasu

Choosing an accounting system is a very vital yet often a baffling decision for new businesses.  The jaw-dropping performance of Xero shares has not helped in making this decision easy.  It reflects the fundamental change that cloud-based accounting and bookkeeping is making to the way we do business. 

Xero has been dubbed the ‘‘Apple of accounting’’ by heavyweight investment bank Credit Suisse. It was founded by Rod Drury, a well-known serial entrepreneur in New Zealand who won the early backing of accounting software professionals such as MYOB founder Craig Winkler (also a large shareholder in Xero).

In the last 2-3 years the team at Simeoni have seen a considerable increase in customer numbers who have switched over to cloud accounting from MYOB and other software providers. More specifically, they switched to Xero and reported to be more than satisfied with the product due to several reasons: the time they saved in data entry activities, ease of access, low-priced subscription, reduction in server costs and the noticeable features listed as follows:

Dashboard: Instant view of all your bank balances, recent sales and upcoming bills.
Mobile: Invoicing, expenses and cash-flow tracking on the go.
Inventory: Track stock movements and make invoicing even easier with Inventory Items.
Purchase orders: Creating email custom purchase orders and copy to bills for payment.
Expense claims: Personal expenses handling- just review and approved receipts.
Free online support: Unlimited, around the clock email support and detailed online help centre.
Multi-currency: Reconcile foreign currency accounts. Gains & losses are calculated for you.
Payroll: Automatic super payments & tax tables, employee portal, full leave management. 
Contacts: See your most important customers & suppliers to follow up right away.
Files: Attach files and source documents to financial data in Xero.
Financial reporting: Instant, up-to-date reporting with quick links to all the original transactions.
Pay bills: Manage your spending and make bill payments in bulk to creditors.
Fixed asset depreciation: Easily update fixed assets & depreciation schedules for accurate reporting.
Security

The investor interest in the company’s shares has surged following a big rise in customer numbers in Australia, which now equal those in New Zealand, even though its product has only been available here a comparatively short period of time.

Simeoni are partners with both MYOB and Xero.  We are experts in assisting our clients from various industries to switch over to a range of efficient new systems and products based on their needs so there is a smooth transition and minimum disruption to their business. To find out more on how we can assist please contact Paul Simeoni or Rish Adlakha on 9370 0400. 

Contact us now to see how our accounting experts can help.

References

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