Because your data file is online, you or your accountant can access the file from wherever you are (as long as you have internet access). Multiuser and multisite access to data file.As payments and deposits go through the bank account Xero matches these against invoices or Bills that you have processed through the software, for further processing efficiency. You can set up automatic coding rules to automate and speed up the processing of the transactions imported through the bank data feeds. This means huge time savings in data entry. Xero allows your bank statement transactions to be automatically imported into your accounting file on a daily basis. However the past few years has seen a seismic shift to Cloud accounting.įor those business owners not aware of Xero or similar online accounting solutions, I thought it would be helpful to outline a few of the benefits and answer some common questions.
Historically the most common business accounting software for small business was MYOB or Quicken. If youre in business, you should be aware of the changing nature of accounting software.
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