A quick review of Xero’s website will have you nodding – yes, please! Simplifying the invoicing process, automatically importing bank statements, reconciling bank accounts with a single click – and it’s all online so you can access it anywhere, anytime, and your bookkeeper, accountant or advisor can log in to answer questions, check how things are going or prepare your monthly or annual accounts.
It sounds too good to be true, but it’s not. There is, of course, more to the story. Like any quality service, Xero is not free, but the advantages far outweigh the cost. Speeding up your administrative processes means you have more time for doing business or growing the business. Having good financial records improves access to finance because financial institutions expect it. Being organised improves customer management and keeps the money coming in.
Businesses which have already migrated their financial recording to Xero will tell you that they now understand where their hard-earned money is going, and they can now identify areas of over-spending and make the necessary adjustments to keep control of their costs. They can see at a glance who owes money to the business and send a reminder on the spot – or even automate a reminder.
At year-end, your accountant only needs to do a simple review of the transactions before finalising the accounts since all the information has already been recorded. For advisors, Xero is a dream come true. In Fiji, BLP has seven quality-approved advisors who are able to assist with Xero implementation and support. One of these advisors, Stuart Gow of Resort Support Fiji, had these words to say:
“Xero has been revolutionary for small and medium-sized enterprises (SMEs) in Fiji as a financial management solution. As a business management consultant, I have seen firsthand how Xero has helped my clients save time and money, improve their cash flow, and make better business decisions.
“Compared to the other ‘big’ accounting software solutions, which take weeks to install and teach, Xero is simple and intuitive to learn, normally taking us only an afternoon to get clients up and running.
“One of the biggest benefits of Xero is that it is cloud-based, which means businesses can access their financial data from anywhere with an internet connection, especially on our mobile phones.
“The simplicity of the dashboard and the ease of taking photos to enter much of the accounts data is a game-changer. All it takes is one demo over a cup of coffee, and clients immediately want Xero as their bookkeeping solution!
For Mohammed Faizal of Compliant Accounting & Business Solutions Pte and BLP advisor, one of the major benefits of Xero is that it is cloud-based so that you can access your records from anywhere. Along with extensive integrations, you can connect with your bank and have real-time data available daily for easy reconciliations. He also notes you can upload invoices and receipts, which avoids the problem of losing information when the ink fades on the POS receipts, a common problem in the Pacific climate.
Napolioni Batimala of Qavio Consulting has noticed a reluctance among some clients to make payments online, but Xero’s payment processes are very low-risk. As the advisor, being able to jump online and look at the accounts and offer advice on the spot is a great benefit of using Xero. Napolioni believes the key to getting the most out of Xero is discipline, and by that, he means getting into the habit of updating and inputting records regularly. He understands that adopting a new system is a matter of changing your mindset, and he urges business owners who are already using Xero to share their experience with others.
Search for an advisor on the BLP Portal below and ask for the BLP subsidy to cover a percentage of the migration fee.
https://businesslinkpacific.com/search?country=FJ&service=digital_solutions&page=1