Running a small Irish business is not easy. From managing credit to rising prices, small businesses in Ireland have never been under more pressure. There are many online accounting tools available on the market, however, the software which we recommend to small businesses is XERO. This article sets out how Xero can help you with running your Irish business.
Why XERO?
Xero is one of the world’s leading cloud-based accounting software platforms and it’s suitable for small to medium-sized businesses. If you’re looking to embrace new technologies and use your accounting software to help run your business, Xero can help you do just that. Below are features that XERO offers to support Irish businesses with the running of a more effective business.
Automatic Bank Feeds : Businesses can connect their bank account to Xero, by setting up a bank feed your bank transactions flow into Xero automatically. The advantage here is that you have live access to your businesses financial performance. . One of the most helpful tools within XERO is its’ bank rules. Bank rules can be set to automatically reconcile transactions which means you won’t have to work your way through each transaction on a line by line basis. You can then run month end accounts to understand how your business is performing on a month to month basis. Access to this type of live information is crucial to understand if your business is profit making.
Accept Online Payments : By allowing customers to pay the way they wish, increases the likelihood of getting paid on time, and reduces the time spent chasing outstanding monies. Xero will manage online payments by credit card, debit card or direct debit straight from the customers Xero invoice. Xero provides your customers with multiple ways to pay. A pay now button can be added to all your invoices so customers can pay quickly and easily. This allows your business to safely accept credit card payments using trusted payment processing services.
Manage Cashflow : Xero can send automated reminders for outstanding invoices to your customers. This email reminder to customers, reminds them to pay their outstanding invoices and reminds them of the online payment methods available. There is also the option to customise messages from customer to customer. Chasing customers for funds is time consuming and tedious. Instead, XERO will do the heavy lifting for business owners, saving them time which can be spent elsewhere in their business. Cash is the life blood of any business, Xero can provide business owners with real-time oversight of their cash position.
Run your small business from anywhere : As XERO is cloud software you can access your organisations data from anywhere, the back of your van, when working from home or in your office. The data is the same wherever you are, which means you can do anything remotely you can in the office. To access XERO you simply need an internet connection. You can also use the XERO mobile app on your phone or tablet to perform a wide range of tasks including invoicing. As well as giving you more flexibility in where you can work, it means you can continue to work when you don’t have access to your computer. Your accountant can also collaborate with you easier by logging into your XERO account from their offices. This means your bookkeeping and accounts can be done on a quicker and more efficient basis.
What should you do next?
We are proud to be certified advisers. We offer online zoom and in person training to support you with setting up your business on XERO, we typically provide a follow up training session after you have been using XERO for a month to ensure that you are using the software effectively.
To book a training session on XERO please contact us by email to caroline@cctc.ie and we can get you started.