As part of Xero Awards Asia 2021, Chartsworth is proud to be the Finalist for the Singapore Emerging Partner of the Year category. This category recognises a Xero accounting or bookkeeping partner who has shown commitment to leading the way with Xero, achieving significant success along the way.
Here at Chartsworth, we use Xero exclusively for all our clients. We are not just any firm that provides Xero as part of our accounting services. Rather, we build our expertise in Xero to deliver only the best solutions for clients across various industries such as medical practices and e-commerce businesses of any kind. Even if you’re an entrepreneur, you can stand to gain from leveraging cloud accounting services and moving beyond desktop accounting. Continue reading to learn more about Xero and what it means to have an accounting service provider to power your business.
Xero is one of the most widely utilised cloud-based accounting systems out there, giving companies the tools and flexibility to manage their finances. What started as a small company in New Zealand has exploded and grown into one of software’s biggest disruptors since the introduction of SaaS (Software as a Service) and now listed on the Australian Securities Exchange.
Where data is easily accessible from any device with an internet connection, Xero is a highly efficient platform that can be a great fit for businesses looking to automate your receivables, eliminate the double entry of transactions and more.
To get started, your trusted accounting service provider will help you activate your account and provide Xero with information about your business. From there, you can easily sync your bank accounts as well as import existing contacts and other data. Depending on your chosen accounting package, you can also enjoy the following Xero features:
Xero saves time because it stores all your documents online and you will no longer have to use Excel spreadsheets. Data is also more accurate because everyone has access to the same information. You can avoid mistakes – from having multiple versions of the same document – and have a clear record of any changes.
Cloud accounting also makes collaboration simple with unlimited user access. Especially with more work-from-home arrangements in the modern workplace, companies can do more with software solutions like Xero and continue working simultaneously with remote team members via this platform.
In today’s economy, it’s crucial to be able to quickly generate financial reports. As a business owner, you need accurate financial reports such as profit and loss, balance sheets and income statements at any time. This will help you make better decisions about your company. Xero allows you to monitor your cash flow and get a clear overview of your business finances. You also have the option of creating a custom report where you can change the columns and add formulas or groupings as you wish.
Furthermore, Xero reports are extremely useful when you are required to prepare your statements of accounts and other documents for tax filing.
Additionally, it’s easy to get confused when you start doing business internationally and work with foreign currencies. When you’re handling different currencies, it can be hard to make sure your numbers are a correct match. While Xero gives you an overview of your business transactions at a glance, it can also be used for a lot more than just tracking expenses. It’s a great tool to create automated currency conversion calculations. In fact, Xero can convert transactions in over 160 currencies so you can tap into foreign markets and expand your business at ease.
While you may subscribe to Xero directly, it’s important to remember that accountants still play an integral role in ensuring compliance with financial regulations. An accounting service provider like Chartsworth can add tremendous value by helping you maximise the software’s capabilities.
If you are currently using other types of software and find it difficult to manage, we can also help you migrate to Xero and support you with your accounting needs. Our team at Chartsworth has assisted many companies who continue to benefit from having up-to-date transaction data to make well-informed decisions. As the Finalist of Xero Awards Asia 2021, rest assured that you have the support you need to upgrade to Xero. Get in touch with us to learn more about our accounting services today.