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September 30, 2016

Breathing life into your Xero accounting software

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Running your business finances effectively is easier than ever with the benefits of cloud accounting and Xero online accounting software.

Xero gives you a fast, easy-to-use system that brings you instant access to your accounts, real-time numbers and reporting, plus integration with a growing ecosystem of business apps to help you with every element of your business.

But, as with any Software as a Service (SaaS) solution, Xero won’t change your company’s fortunes on it’s own. It’s a business tool, not a magic wand. To get the very best from your Xero software, you need to work with an adviser who can add in the human elements of insight, innovation and experienced support and guidance.

In short, you need a business adviser who breathes real life into your Xero accounts.

Putting Xero to work

As an accounting platform, Xero gives your business an incredibly straightforward way to manage its bookkeeping and financial admin. But if you’re just using Xero to balance your books, you’re missing out on a huge number of benefits that could help the future direction of your company.

Let’s look at an example of this.

We have a client who doesn’t use Xero, and at present gets no detailed business information out of their current online system. There’s a very simple cash-flow dashboard, but that’s it.

There’s no detailed overview of profit and loss, no metrics and no key performance indicators (KPIs) – and we’ve mentioned before, tracking your KPIs is the best way to stay in control of your finances.

So this client needs more than just cash-flow information. In fact, she had some very specific questions she needed to answer, including:

  • What line of business was proving to be most profitable?
  • Whether she was making the right margin on what they do.
  • What’s products/services were working, and which weren’t.

At present, with her limited system, she has no way of quickly accessing this kind of information. The client knows what she needs, but has no way of knowing how to tell her bookkeeper to provide the breakdowns and reporting she’s after.

By moving her over to Xero, we can resolve this problem.

Stay in control with the Xero Dashboard

One of the key features of Xero is the Xero Dashboard – a one-pager overview of all the most important numbers and KPIs in your business. And when you have this dashboard set up and tailored to your metrics, you can quickly get a comfort factor on how your business is doing.

And this is where the input of a trusted business adviser begins to add real value.

By getting to know you and your business, your business adviser also begins to pinpoint the metrics and KPIs that matter most to your company. And by working together, your adviser can customise your Xero chart of accounts (the list of transaction codes you use) to track the really important numbers in the business.

Although Xero is designed to be simple to use, there’s a huge amount of reporting power under the bonnet, and with the expertise of an experienced bookkeeper or accountant you can start to remove the complexity and get the very best value from your Xero accounts and reporting.

Lighting the fire in your business

Ultimately, your Xero accounts are a collection of numbers – digital zeros and ones that record the transactions going on in your business.

Working with a business adviser helps to take those dry numbers and breath some life into them. And the key to this is a great working relationship with your adviser – someone who takes the time to understand your company and its core goals.

It’s this partnership that helps to light the fire within your business. Instead of fighting to ignite those flames alone, you have a trusted partner to fan the flames and keep the whole enterprise burning at an optimum heat.

And with Xero customised to your needs you get the best possible overview of the numbers that matter – helping you to keep that fire burning brightly.

  • Direct bank feeds – having a direct link to your business accounts means you always know your cash balances on a daily basis.
  • Cash flow – instead of just ‘seeing what’s in the bank’, Xero gives you a full breakdown of cash in and out, keeping you in control of cash flow.
  • Profit and loss – Xero gives you a full overview of your profit and loss (P&L), contrasted against prior months to track and measure your performance.
  • Project management – tagging your costs and expenses gives you a hugely helpful overview of project costs and budgets, boosting efficiencies.
Adding that human touch to your business advice

As Inspira, our core aim is always to get know you and your business inside out – and by doing so, tailor Xero to make it work effectively for all areas of the company.

By bringing you our uniquely personal approach to business advice, you’ll get you to fall in love with numbers again. And when there’s real love for those numbers, you’re more engaged with Xero and more engaged with your business as a whole.

A big part of this customisation process is knowing the core needs of your business and matching these to the ever-growing ecosystem of Xero apps and third-party business solutions.

We can help you integrate the most relevant apps into your Xero system to really streamline and make your business more efficient. Whether it’s a tool for stock control, automated credit control or an integrated cloud reporting solution, we’ll help you choose the right software and integrate it seamlessly with Xero.

And with a totally bespoke Xero system, you’ll really start to see the difference in your performance, productivity and profits.

Talk to us about tailoring your Xero system

Getting the best from Xero is about more than signing up for the software.

The key to breathing life into Xero is to work with a great business advisor who can help you light the fire within your business idea, and help to keep it alight and blazing a trail throughout your business journey.

Get in touch with us to arrange a chat and let’s start breathing some life into your Xero accounts.

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