Xero – what are the benefits of moving to Cloud Accounting?

Xero is an online accounting software for small businesses that enables you to access your accounting essentials via the cloud, meaning you can make smart business decisions instantly.

Online accounting with Xero opens up a world of opportunities to increase efficiency, streamline the way you manage your business, and have instant access to your business details.

We have a dedicated Xero team here at Nunn Hayward.  On hand to help, should you decide to move to cloud accounting. 

Xero offers numerous features to aid in the running of your business. These include:

Automated Payroll – Pay your employees with HMRC-recognised software. Simplify your pay calculations, deductions and account updates.

VAT returns – Xero calculates VAT, prepares and files returns securely using software that’s compatible with HMRC systems.

Claim expenses – Xero offers features that allow your business to capture costs, submit, approve and reimburse claims, and view spending.

Invoices – Xero offers the ability for your business to invoice customers from your phone or desktop.

Inventory – Manage inventory and keep track of what’s in stock. Populate invoices and orders with details of items you buy and sell.

Bank reconciliation – Categorise your bank transactions each day using Xero suggested matches.

Accept online invoice payments and get paid up to twice as fast by connecting to Stripe, GoCardless and others.

Track projects – Quote, invoice and get paid for jobs. Xero also offers the ability to keep track of time, costs and project profitability.

At Nunn Hayward we offer Xero certified advisor training that is fully tailored to your business needs. As a starting point our trainers will take some time to get to know your business, its systems and processes. That way we can make sure the program is set up in the most suitable way for your firm. After discussing your requirements, our professional trainers will then focus on the areas that are most important to you. By the end of the session, we’ll make sure you’re happy with the system and answer any questions that you may have. Our toolkits and training are tailored to your needs and can cover all aspects of running your business using a cloud based accounting package, from invoicing to bank, receivables, remittance advice and uploading payment runs.

Xero offers online tutorials under a playlist on Youtube titled ‘Xero Firsts’ found here:

New laws aim to help small businesses to secure funding

Small businesses struggling to access invoice finance could be helped by the introduction of proposed new laws. The plans form part of the government’s ‘modern Industrial Strategy’.

Invoice financing is an advance against a future payment, under which businesses can approach a finance provider and assign them their right to be paid in exchange for around an initial 80% of the value of the invoices. This initial advance is received within a few days while the balancing 20% (less fees and charges) is paid when the customer settles the invoice.

Currently, small suppliers which are in a contract with a larger company may not be able to secure invoice finance, due to the terms of the contract. Small suppliers often find themselves in a situation where they do not have sufficient power to renegotiate their terms and conditions.

Under the plans, after 31 December 2018 such restrictions will have no effect (with certain exceptions), and small businesses will be able to go to their lending partner to secure the finance they need.

Commenting on the news, Small Business Minister Kelly Tolhurst said: ‘These new laws will give small businesses more access to the finance they need to succeed and will help ensure they have a level playing field from which to set fair contracts with the businesses they supply.’