As a business owner, the more financial information you have access to, the better equipped you are, and Xero accounting services can streamline the way you run your business. Working with a Platinum Xero advisor like MJ Kane, means you have access to experts who utilise cloud technology and app integrations to make planning and decision-making easier than ever.
Xero Accounting Services offers Cloud-based access
Xero is a cloud-based accounting software that provides you and your accountant access to your finances at any time. Whether it’s to create invoices, track expenses, or check your cash flow, this can all be done from any device. This allows you access to information that you might otherwise need to travel to the office and eliminates the need to sift through paperwork.
If issues arise, your accountant can quickly jump into Xero and provide immediate support. With easy access to your financial data, accountants can provide you with up-to-date reports for informed decision making which makes the preparation of year end accounts a lot less daunting. They can also take a proactive approach to potential challenges, based on your current financial position.
Bank feeds and automation
Setting up a bank feed with Xero is straightforward and greatly simplifies both yours and your accountant’s tasks. This feature ensures both parties have up-to-date financial data and accurate records, so there is less room for error and no need for back-and-forth requests for information since it is all in the one place.
Once the bank feed is established, bank rules can be set up for expense categorising and receipts can be uploaded to each transaction, quickening the bookkeeping process and helping you avoid piles of paperwork. Xero accounting services include the setup of these expense categorising rules to take the work out of bookkeeping, to ultimately free up your time to focus on the day to day running of your business or the accountant’s time to focus on tax planning.
Real-time financial information and reports
One of the main advantages of Xero accounting services is the ability to create customisable reports. You and your accountant can generate various reports useful for analysing your financial information to date or for future forecasting and budgeting. These include balance sheets showing your current asset position and outstanding liabilities, profit and loss accounts illustrating how much profit you’ve made to date, or cash flow reports which can be used to generate cash flow forecasts.
Reports can be tailored to specific areas of your business, helping you identify strengths and areas needing more focus. They also facilitate tax planning and allow for more reliable estimates of future tax liabilities.
How we can help you with Xero accounting services
At MJ Kane, our Xero accounting services include setting up your Xero account and relevant app integrations to make sure the system works for you and providing essential training for you and your team to maximise the system’s efficiency. Our goal is to streamline your company’s finances, allowing you to focus on your business operations instead of financial complexities. We provide you with the reports you need for proactive planning and can offer advice on important business decisions, such as raising equity, optimal dividend payments, timing of pension contributions or loan affordability- all while considering your tax implications and tax flow.
Not only does this approach give you a clearer insight into your financial position at any time of the year, but it also reduces the paperwork and manual data entry, ultimately lowering your accountancy fees.
If you think that cloud accounting services or Xero accounting services could benefit you and your business, contact MJ Kane today. Speak with one of our certified advisors to see how we can help you achieve your financial goals. You may benefit from another software.
