Singapore is a hub for businesses because, in the city, it is easy to find premises, register a business, recruit a workforce and get help from government agencies. If you own a successful business in Singapore, you will know how important it is to keep track of your financial data.
With multiple payments and financial operations, your business is a storehouse of finance-related information. To stay updated with clear and concise data, you need a cloud-based accounting system. Enters Xero.
To know in detail about the advantages of availing of Xero accounting in Singapore, feel free to read on.
1. A Lucid Financial Overview
Providing you with a clear overview of your company’s financial status is amongst the key benefits of Xero. With its dashboard display feature, you can get a complete idea about the money coming in and going out. The display offers quick links to the most significant parts of your accounts besides giving you a snapshot of your total expenditure, debtors & creditors and bank balances. The display, thus, permits you to track payments and conduct reconciliation of bookkeeping mistakes.
2. Accessible From All Places, At All Times
Regardless of which part of Singapore you are currently present in, the cloud-based software allows you to work from anywhere, using any device and whenever you want. It is accessible from your smart handheld device, and you do not have to install any software or resort to IT maintenance. Just buy the monthly package, enter your username and password, and start using the smooth-running accounting system. Add or alter any information you need to and include that in the user’s list; other users can also view it.
3. Effortless Invoice Creation, Tracking and Management
Gone are the days when companies in Singapore used Excel sheets for keeping track of all expenses and incomes and then made invoices in a different Word document. Your business can use Xero accounting in Singapore to customise the invoices, besides creating and tracking them quickly and efficiently. A few clicks and you have the invoice ready on your mobile device or computer to be emailed to your client instantly. If you are wondering how to track payments, the answer is, invoices automatically get saved when you create them. Additionally, your clients can click and make payments as soon as they check your email. You can, thus, enjoy quick cash flow, lesser outstanding receivables and immediate customer payment reconciliation in your Xero register.
With its several graph options and diagrams, Xero eases the management of outstanding sales invoices.
4. Daily Automatic Bank Feeds
A great feature of Xero is that you can link it to your bank account and create a bank feed that imports your bank statements to Xero without any hassle. Due to daily bank feeds, you can immediately track sales invoices, both paid and unpaid, to match payments against the purchases you have made. As a result, your bookkeeping cost and time decrease to a great extent.
5. Free Product Updates
Xero releases a new product update every week, and they get installed as soon as you log in. No need to wait for a download; install a new version and restart your computer.
6. More Users
Finally, you can also share financial information with colleagues and advisors without worrying about the number of users in your account. You do not have to pay additional charges for adding users.If you have not started using this cloud-based accounting system for your business in Singapore already, subscribe to Xero with an accounting service provider without delay.