- by Tony Richardson.
I attended the recent Xero conference in Brisbane recently. This was massive with 3,500 attendees and too large to host in NZ.
Xero started with Rod Drury asking Hamish Edwards, his accountant, why he could not get immediate information from the accounting system, rather than being historical. That quest for immediacy and seamless transfer of data led to the formation of Xero.
Using technology is a key to efficiency, better and more immediate information, while also keeping costs down. Xero is continuing to encourage that for small business around the world.
Cash flow is the major issue for small business and is the major reason why 50% of start-up businesses fail within 5 years. Xero is launching a short-term cash flow tool shortly to assist with decisions as simple as “can I make the payroll next Tuesday”?
Surveys have found that the most innovative, profitable and longer-lasting small businesses embrace cloud accounting technology, such as Xero, but also have more than 5 other apps [integrated add-ons] that link seamlessly. These enhance systems, management, and performance.
We shall discuss with clients how to get and maintain relevant up to date information so that decision-making is improved. This is the key to getting the benefits that Xero enables.
in the next month or so we plan to discuss with clients, ways to use relevant apps to enhance your business. This may not be 5, but usually 1 or 2 of the right ones will help dramatically.
At Capital Accounting we have embraced HubDoc to manage our inwards payables invoices to streamline the data entry process. We are now strong supporters.
For the right businesses, Xero Expenses [for expense claims] and Xero Projects are good options. Xero Expenses is good for business owners who pay costs out of their own pocket and then want to claim them later. The mobile app is a great option for taking a photo of a receipt and uploading on the run – and before it is lost.
iPayroll has a special offer to 16 October – no set-up cost to join. We are strong believers in using a payroll provider to handle all aspects of payroll to free up admin time, eliminate late filing, and get advice on payroll issues as well. We recommend iPayroll for all who pay staff or owners though the PAYE system.
These are just some of the many apps available.