How Accounting Software Can Help New Businesses

Business expansion leads to more complex financial data. When business accounts are handled in spreadsheets, they become confusing, time-consuming, and error-prone. Growing businesses require scalable accounting solutions. Business owners must think beyond spreadsheet accounting when it comes to adapting to complex financial data.

However, it is possible to solve this problem with accounting software. You need accounting software if you want your business to succeed. Depending on the program, it can help you produce expert invoices, keep track of payments received and sent, identify and pursue past-due accounts receivables, streamline tax management, and run reports that assess your business’s financial health and forecast your future.

It can aid entrepreneurs in tracking their receivables and payables, analyzing profit, and filing tax returns. Small firms frequently don’t require significant customizations to use generic accounting software.

Here are a few ways how it can help:

Billing and Invoicing

Invoicing is an essential business process; billing is vital as this is the only way money enters. Paper-based invoice management is laborious. When you have ordered, creating invoices for every purchase is impractical. Keeping track of everything and sending a notification to your client for payment will only be possible with automated tools.

Online Payments

After making a bill for your client, the next step is to receive payment from them. This process can be very challenging if an appropriate payment method isn’t provided to the client.

In order to make your customer pay quickly, you need to combine your accounting software. Payment gateways work well as they update your accounting system when the payment is received and keep track of your expenses by updating them. For this, you can start with basic accounting software for small business.

Expense Tracking

You should know where all your cash is going in order to have control of your cash flow. With the help of business accounting software for small businesses, you can easily track and categorize spending to keep track of your finances. Likewise, you can also use accounting software to upload cost receipts, read them, and automatically enter data from scanned receipts.

Timesheet

Some of the top accounting software in Dubai allows you to maintain timesheets. This means you can bill clients based on your time spent on a project using the app’s timesheets section. Timesheets help you in managing time by keeping a check on tasks and managing billing. Accounting software enables you to prevent overcharging or undercharging your clients by keeping track of the time spent on tasks.

Tax Compliance

A sound accounting system helps you manage your tax, along with everything else. An accounting system can calculate the tax well when the company is dealing with different tax rates. It also provides you with a summary of tax records in order to keep you updated with all the documents.

Report Generation

When you are an owner, you should assess your company’s progress and keep a close eye on it. Accounting reports can help you understand your company’s financial trends and growth patterns. Inputting data and formulas into a spreadsheet is easy. When you create reports in spreadsheets, you must manually combine data and enter formulas for each report. Your time is saved because accounting software generates reports automatically.

Cash flow analysis and management tools are built into accounting software. Profit and loss statements and balance sheets give you a better understanding of your company’s financial situation, draw conclusions, and make wise decisions that will help you lead your company successfully.

Final Words

Maintaining accurate records of your financial data is essential for business growth. It is necessary to find a method that can overcome the limitations of conventional spreadsheets to maintain accurate accounts. By reducing paperwork and protecting data from loss, accounting apps simplify handling expense receipts. So, if you want to make your business progress. In that case, consider investing in good accounting software like that offered by Profits Plus Accountants – the best Accounting software solutions in UAE.

11 Features of Xero Accounting Software You Should Know About

Xero accounting software has impressed everyone with its unique, scalable, and easy-to-use features that can be accessed from any internet-connected device. This online software has become an essential business gizmo and is undoubtedly the leader in every way to keep your business growing.

It lets you keep a close track of payments, business operations, and accurate yet concise financial information, which is much easier to comprehend. Correctly set up the Xero dashboard offers a precise snapshot of your business’s financial standing.

11 Best Features of Xero Online Accounting Software

Yes, you can find many alternatives, but Xero has something extraordinary to offer with its extensive accounts management tools. To name a few, here are Xero’s best features, making it the most critical part of your accounting.

1۔ Integrate Add-ons

One of the striking features of Xero is its ability to let other powerful pieces of software (3rd party developers) add functionality with quick and seamless integration. It has the most advanced “application programming interface (API),” which combines add-ons to make your business systems more productive and highly efficient.

Each add-on connected to an online accounting software comes with a different yet valuable purpose for the sake of better management of finances. It is equipped with more than 800 third-party software integrations۔

2۔ Free-of-cost Updates

Xero accounting system receives software updates regularly to keep all functions cutting-edge. Luckily, downloading the latest version is free worldwide for all users.

How to upgrade your Xero subscription? Well, you don’t have to! As soon as the new feature is released, the update is installed whenever you are logged in to your account. It improves project administration and better collaboration.

3۔ Direct Bank Feeds

Reconciling bank accounts every month can be frustrating, tedious, and time-consuming. You can put away your problems by replacing traditional desktop accounting software with Xero!

Xero bank reconciliation has a feature (included in all plans) that enables you to link your bank accounts directly with your Xero account, bringing in all data and importing your bank statements at the end of every business day to keep everyone updated with banking activities. It reduces bookkeeping time and banking errors updates financial data and induces greater accuracy by providing daily feed automatically.

4۔ Cloud-Based

Xero is online software that saves and updates information in the cloud, letting you access it from any part of the globe and any internet-enabled device. The easiest way to access vital business metrics in real time!

Multiple users can access or edit information and projects simultaneously, giving a better chance at collaboration. You have the authority to restrict access of particular employees to confidential data for safety purposes.

Now, you don’t have to use USBs for repositioning or sharing data with your accountant – kiss goodbye to alignment journals. Give your trusted business consultant or accountant the login details; they will make all the vital entries to keep your finances straight.

5۔ Quick Quotes

Xero has a remarkable feature of providing quotes rapidly and accurately by offering quick inventory setup and updating pricing information timely. In addition, the software updates your system according to the client’s activity (acceptance or refusal to quote). If the customer leaves comments, you will be notified to maintain a trouble-free follow-up process.

Upon project completion, the original quote can simply be turned into an online invoice guaranteeing faster disbursements.

6۔ Multi-Currency

Xero Premium Plan multi-currency feature allows you to receive bills, make or accept payments, provide quotes, forward invoices, and place orders in more than 160 currencies to support international trade with excellent flexibility. You can also set a default currency for a particular client to save the hassle. Xero currency conversion is worth the appreciation!

Moreover, it has a feature where it converts foreign currency automatically into local dollars (money you spend or receive). Xero conversion keeps updating foreign exchange rates.

7۔ Online Invoicing – Xero Custom Invoice

Xero Accounting Software has many inspiring features, but fast and straightforward “online invoicing” has been the best. It lets you receive payments up to 35% faster in comparison to bank transfers. This feature allows you to:

Create professional invoices online.
Send invoices to customers through email, even in bulk.
Set an automatic payment reminder.
Replicate invoices.
Send invoices in multi-currency and forward customer account statements (with payment add-ons).
Make customised templates with the company’s logo or business information.
Track invoices.
Forward recurring invoices automatically.
Create and send credit notes to consumers (with payment add-ons).
Receive payment directly from the customers from your invoice.

Manage the entire payment process from one place, even via mobile phones!

8۔ Add Files

You can upload files online and attach them to particular invoices or almost any transaction because Xero produces a PDF of each invoice, expense, and journal entry. Integrate any add-on, such as Invitbox, and save the time that can be wasted in searching through your filing cabinet.

Xero attaches a file to invoices – it is easier to keep track of any manuscript this way.

9۔ Paying Bills

This feature is one of the most resourceful as it has various amazing features installed within. Xero system saves every bill inside the cloud, letting you access it when needed.

Due bills for payment– giving a quick summary of bills while observing and sending alerts for unpaid bills.
Schedule payments– make scheduling payments for bills easier.
Hubdoc integration– assisting you in collecting critical data from every receipt.
Repeat and replicate bills– helping you save time by duplicating the old bills and editing the amount automatically.
Xero batch payments – letting you pay in bulk simultaneously.
Money back– valuable for reimbursing money to clients directly.
Records bills online– offering a chance to go paperless completely.

With innovative O.C.R. technology, the Xero finance system extracts essential data that may be names, amounts, or dates.

10۔ Customised Dashboard

You can personalise the columns, blocks of text, formulas, and drag-and-drop accounts according to your business needs. You have access to more than 55 accounting reports that can be customised to get the desired updates. It lets you view and share data regarding sales, inventory, cash flow statements, and balance sheets.

Xero has another classic feature of ‘Journal Report’ that solves your research issues.

11۔ Payroll & Pensions

Xero has mastered the skills of processing payrolls and pensions. Add payroll to Xero and rest on your seat.

This feature gives every member an “employee portal” for letting them view group certificates, access receipts, submit time sheets, and apply for leave. It keeps payroll and pension activities under balance with efficient management and constantly modifying the required aspects of payroll assistance.

Xero – Business & Accounting Software

We all agree on how important it is to keep accounting information safe, updated, and accurate. Xero helps you maintain all sensitive and confidential data online while implementing various security procedures.

Profits Plus tax consultants always use Xero cloud accounting software to allow companies to bring accounting automation to save time and money. Rest assured, we give you real-time assistance with Xero, the best VAT-compliant accounting software in the UAE, to train your admin or secretarial resource. Our British accountants, with over 20 years of experience, will ensure every piece of information is 100% correct.

Accounting Software – Process your data faster now

With advancing times we have newer problems to deal with. An accounting software might just be the answer to it.

The solution to your accounting problems

Having accounting software can help solve many of your problems. The traditional role of an accountant is now changing. While previously an accountant handled all operations in the accounting department now with advancements majorly they have to overlook the results of accounting software and make sure that all values add up and are in a continuous flow with everything.

You don’t just have to keep your books in good shape but it’s also important to make sure they are in the correct shape. Having software can help lower down the burden of smaller tasks and can instead help to focus on more core functions.

3 reasons why you need accounting softwares.

Protects the security of your information:

Accounting softwares help keep your private information secure. It protects your data from becoming public domain and helps keep all your information confidential and within the business organization.

Ease of use and improved business performance.

These softwares are user friendly and like many other technology software’s that are being developed they do not require the user to have extensive skill in computers to use it. It makes it easier for accountants to process and overview of the results produced by these softwares.

With these softwares also comes greater accountability to deliver.

Business schedules and cost-effectiveness

The cost structures of accountants vary differently and differ from hour to hour on various firms. Having an accounting software helps you continue with your accounting procedures and you can enlist the help of accounting firms to hire accountants to overview the results of the software.

While human beings have a limit to which they can work, accounting softwares can run 24/7. There’s simply no limit to it. So if you have a pending deadline that requires your accounting results to be available then an accounting software is your way to go