As a business owner, you want to do what you love. Whether that means designing clothing or writing articles, you want to spend your day doing the things that bring you enjoyment. Unfortunately, if you want to run a business and have it be a success, you need to dip your toes in the not-so-fun world of business accounting.
Now maybe you are one of the rare birds who enjoys accounting. For you, this post is right up your alley. For others who dislike business accounting, don’t run off just yet. I found something that will make business accounting an enjoyable time in your day and not something that you run and hide from until the last day of the month.
Finding Business Software That Works
With more people jumping from traditional employment to entrepreneurial status, many companies have entered into the business accounting space. There are a lot of options out there and I know because I’ve been searching for one that is halfway decent for over 2 years now. All have nice features, but none are complete. That last sentence should be written in the past because I recently discovered Xero and it is the business accounting software that you need to try.
What is Xero?
Xero is an online accounting business software provider for small businesses. The company was founded in 2006 in New Zealand and has grown to just under 1 million users today. Forbes even ranks them as one of the most innovative companies out there.
There are a handful of things that makes Xero stand out from the crowd. I’ll highlight them here and go into more detail below. But if you don’t want to read, here is a great overview of Xero you can watch:
For those who want to read about the features of Xero, here you go:
- Clean user friendly interface
- Easily connect all accounts
- See real-time cash flow
- Full featured
Let’s start with the software. First off, the business is cloud based. This means you don’t have to install any piece of software. This also means that if you primarily use a desktop at home and a laptop on the road, you can access your Xero account anywhere. All you need is a connection to the internet.
This is one of the main reasons I like it. I keep so much stuff on my desktop and then when I am traveling, I have to remember that I can’t access certain things. I don’t have that issue with Xero.
From there, you have the interface. You know how on some websites, you are lost, not knowing what to do or how to do something? It is so frustrating! With Xero, the interface is clean. I can easily get around because everything is intuitive.
Next up is cash flow. Quick, if I were to ask you how much money you have in your business bank account right now, how much is coming in and how much is going out, what is your answer? Most likely it is “no idea”. Don’t feel bad, most solopreneurs would answer the same way. But with Xero they don’t. This is because all of your bank accounts and your PayPal account are shown together on one screen. This allows you to see everything you need to know at a glance.
Lastly, you have the ability to do everything your business needs to do through Xero. For example, you can:
- Complete Payroll
- Record Inventory
- Reconcile Bank Accounts
- Pay Bills
- Record Expense Claims For Taxes
- Create Quotes
- Customize Business Reports
- Accept Payments
- Create Purchase Orders
- Deal With Sales Taxes
- Manage Fixed Assets
As I told you, Xero is a one stop small business accounting machine. While you might think you don’t need all of these features, isn’t it nice to know that if the time comes and you do, you don’t have to find another option? You can just stick with the one company you enjoy and know works great.