How much did you spend on your latest equipment upgrade? How much did you disburse on the office upgrade? To keep track of these financial transactions, you’d understand the importance of a bookkeeper, or shall I say, a professional Xero bookkeeper.
A bookkeeper is no longer a luxury for your business but a requisite. To manage your business effectively, save yourself from tax penalties, and avoid unwanted cash crunch situations at any juncture of your operation, you’d know what’s going on at the fundamental financial level. Not only it helps you make wise financial decisions but it also tracks your cash flow accurately.
Staying unaware of your business expenses acts as a hurdle, thus preventing your business from reaching its full potential. Hence, it’s high time you partner with an experienced Xero bookkeeper and use their expertise in levelling up your financial game.
What is Xero bookkeeper?
If you’re a small or medium-sized business owner, Xero is what you’d be looking forward to. It’s currently the best cloud-based accounting software that’s also apt for your bookkeeping needs. Its products are based on the Software as a Service (SaaS) model. Currently, Xero is operating in over 180 countries.
Top Five advantages of bookkeeping in Cloud-based Xero in 2021 | Xero bookkeeper
Cloud-bookkeeping has become a welcome change for the accounting industry. This is because it has automated manual tasks, thus leaving more time to spend on what matters.
Let’s jump in and explore some of its game-changing advantages.
Cloud bookkeeping and automation go hand-in-hand. In the past, the accountants and bookkeepers spent hours entering financial transactions data from paper bank statements. Today, however, this scenario has completely changed with cloud accounting solutions like Xero.
Due to this, businesses can support more clients in less time through automation brought in by cloud-based software like Xero.
It opens the doors for real-time financial reporting
The financial success of any business depends upon how efficiently it manages its cash flow. Earlier, accountants & bookkeepers used to conduct day-to-day operations through guesswork.
This lack of timely access to key financial information is what either makes or breaks a company. However, cloud-based software has changed this. They provide businesses with auto-updated and real-time information about the financial health of their company. In other words, business owners again take the driver’s seat.
In a nutshell, a Xero bookkeeping will let you know where the money is going and where it’s coming from, 24 hours a day and seven days a week at your fingertips.
It has streamlined business-client collaboration
Cloud lets business owners and their clients access every minute piece of information anytime and from anywhere. Be it while on the go, at home, or in the office.
Moreover, all documents stay secure in the cloud and are accessible from anywhere. Hence, cloud-based accounting software like Xero improves business-client collaboration.
Cloud-based software keeps on improving
The biggest positive of every cloud-based software is that its updates happen on the fly and costs nothing to the business. Thus, as the cloud software updates and improves, it likewise enhances your bookkeeping & accounting experience and results.
Manually backing up is a pain! However, this isn’t the case with cloud platforms where every backup is automatic. In the best of cases, it happens as part of your accounting and bookkeeping workflow.
So, this is why the majority of the SMBs are striding towards cloud-based software such as Xero.
What does a Xero-certified bookkeeper do?
A Xero bookkeeper is an asset for your company. Their main responsibilities involve recording and processing your financial transactions, payroll, return statements, among others. Their day-to-day tasks may also include maintaining accounts for the entire organisation referred to as the general ledger.
Besides, the following are the other key tasks a bookkeeper can help your business with.
Preparation & lodgement of business activity statements (BAS)
According to the Australian Taxation Office (ATO), if your business has registered for GST, you must lodge a business activity statement (BAS).
It’ll help you report & pay your:
- Pay As You Go (PAYG) instalments,
- PAYG withholding tax, and
- Other business taxes.
Xero bookkeepers helps in your expense tracking
Expense tracking is vital for your business to ensure you’re getting what you paid for. Hence, the bookkeeper will assist you by recording & reconciling every purchase order and receipt of delivery.
Besides, the Xero bookkeeper will regulate who’s spending how much and observe any non-useful or excess expenditure.
A bookkeeper assists in payroll processing
This is the primary task every business finds difficult dealing with. Payroll processing involves checking the employee’s timesheets, reimbursements, and payroll tax and keeping accurate employee records, including their account details.
Hence, having a Xero-certified bookkeeper can take this burden off your shoulder besides ensuring high accuracy throughout the process.
The bookkeeper helps with financial reporting
To improve your business’s financial health, you’d have all the information regarding its profit & loss, balance sheets, budgets, and cash flow. The bookkeeper will provide you with precisely this. Besides, you’ll get to know what areas need improvement(s) and which areas are performing well and could be taken to the next level.
So, these are the top benefits of a professional Xero bookkeeper and the values they add to your business operations.
The final takeaway
Bookkeeping and accounting are the key business processes that define the growth and success of your business. If you’re looking to outsource them, Outbooks is your right partner.
We provide a multitude of Xero bookkeeping and accounting services to empower your business, such as data entry, account receivable & payable, account management, and much more.
Contact us today to book your free trial, and you focus on the work that matters to you, and we’ll take care of the rest!
Let’s connect on +61 451320102