Startups and SMEs have countless things to consider when trying to get their startups off the ground. On top of this, cash is often spread thin. This makes it extremely difficult to keep track of finances or to hire a professional accountant.
At a time where everything’s up in the air, it’s easy for new founders to sweep numbers under the rug and neglect tax reports until the last minute. But in order to stay on top of your cashflow, keeping track of your financial records is crucial.
Introducing the startup’s holy grail – cloud accounting software.
Paving the way in cloud accounting software is accounting platform, Xero.
Xero utilised this tech innovation to develop a game-changing cloud accounting solution, specifically designed to relieve time and effort for startups.
The way Xero works is revolutionising accounting. It uses real-time insights and automated data-entries to allow users to undertake otherwise menial tasks in a matter of seconds. Its easy-to-use interface is backed by AI to allow accounting tasks to become totally seamless.
As of 2020, Xero hosts 2 million users, with its community set to undergo huge growth. At the heart of this community are startup and SME founders.
Let’s talk more about how Xero can directly benefit them.
1. You’ll save a lot of time.
This part we really can’t stress enough. With Xero, gone are the days of sitting down for hours on end manually completing reports. You can let Xero’s AI automation complete data entries and forecasts instantly, and then be notified when the job’s done – freeing up more time for founders to focus on scaling their business.
It’s a fantastic way to keep up momentum and move forwards into the next phase of growth. If you want to maximize productivity, using Xero is a no-brainer.
2. You can optimise your cashflow.
It’s certain that staying well-informed on your cashflow will reap financial benefits. Xero uses real time data and clear reports to illustrate your inflows and outflows, helping you to budget in a proactive way and identify areas where spending may need to be altered.
Xero’s online invoicing also helps you access funds quickly and easily, as money coming in will appear in your account straight away. What’s more, automated reminders mean that you don’t have to waste time chasing up on payments. These features make it easier to get your hands on the capital needed to continue advancing your business.
Another way Xero can help improve your startup’s financial health is by reducing the risk of mistakes in your accounting. We all know that even the best employees make mistakes, but entering the wrong figures or misplacing a few invoices can skew your bookkeeping and give you an inaccurate portrayal of your finances – which may lead to costly consequences.
Xero’s technology eliminates the risk of human error so you can be sure your funds are being processed accurately.
3. Xero makes Accounting totally flexible.
Flexibility is a huge appeal of the cloud technology used by Xero. It’s succeeded in modernising accounting by giving users remote access to their finances wherever they are, from almost any device.
For SMEs with multiple employees that need on-demand access to their accounts, Xero makes collaboration easy. More than one user can login to Xero and work from the same data in real time.
No more sending files via email. No more excessive printing.
We believe that Xero is the smart choice for modern accounting. For startup founders with an ever-growing to-do list, Xero relieves strain and streamlines bookkeeping with its trusted cloud technology.
Jump Accounting is an all-round accounting service designed to help startups build and scale their business. Jump Accounting provides its clients with a Xero account, on top of many other benefits, to provide founders with the best possible resources for business growth.
Find out more about how Jump Accounting adds value that other accountants don’t.