We asked our founding partner, Rory Finegan, why he recommends Xero accounting software. In this short video, Rory outlines the three key benefits of Xero for SME accounting. (We’ve also included a transcript below for reference.)
1) Xero is cloud-based
Xero is a fabulous bit of software. It’s an accounting system, and it’s part of a new breed of accounting systems, so it’s doing things in a different way.The first thing I’d say that’s different about it is that it’s a cloud-based system. So, in the past (or, until now) most accounting systems were on a server or on a PC. So, the bookkeeper has access, but nobody else does – so you can’t see what’s going on in your business. Xero is cloud-based, so the business owner can see what’s going on, the accountant, the bookkeeper, your salespeople – whoever you want to give access to. There’s no limit. So, people can see what’s going on in their business and that’s huge. That whole accessibility just opens up the accounting to everything else.
2) Xero integrates easily
The second thing, I’d say, it’s very easy to integrate Xero with other systems. In the past, a lot of accounting systems were stand-alone and they wouldn’t integrate – they were very protective about the data and Xero has found ways to integrate itself, it’s a very open system so you can integrate with the online banking, you can integrate it with your e-commerce, your Point of Sale, your stock… so it’s part of a suite of system that all integrate seamlessly. And that’s what everyone wants now, they don’t want manual input or uploading or downloading data. They want one set of systems with one point of entry for information – and good information coming out – and Xero sits very well within that.
3) Xero is easy to use
The last thing I’d say about Xero is that people actually like using its. It’s cheap – it costs €20/month on average. It doesn’t require any training – a bit like the Apple iPhone when it came out, it didn’t need an instruction manual, people were able to intuitively just pick it up and Xero’s the same. And very quickly they get to the position where they’re saying: actually, I love using this! This works! They’re not afraid of it, it’s not intimidating like the old accounting systems were. So, there are a few reasons that make Xero very, very different, and if you’re an SME with turnover up to €10 million/year, Xero is a very good option. We think it is far ahead of the pack and certainly worth looking at.