does xero accounting software meet an accountants needs

Alternatively, your accountant could do the bookkeeping for you, and you could use software such as Dext to capture and submit your invoices and receipts, making the bookkeeping process even smoother. Once the system is set up and you are fully trained, the use of software can make the bookkeeping process so much more efficient. Up-to-date management information which may be needed for lenders or suppliers who are offering credit, or for better business planning.

Keeping track of what you owe your suppliers.

Keeping track of what your customers owe you.

Raising your sales invoices for you and automatically entering them into the software.

The use of bookkeeping software can help your business in so many ways: This will require some businesses having to submit quarterly returns to HMRC, followed by an end of year statement and a final declaration. Bridging software can be used to submit VAT returns if you don’t use compatible software but records should still be kept in a digital format.Īt present, you can continue using your cashbook if you wish, but investigating the available software options now will prove beneficial ahead of the introduction of Making Tax Digital for Income Tax in April 2023. This requirement will be extended to all VAT-registered businesses unless they are exempt from April 2022. Certain records are also required to be kept in digital format if your taxable turnover is over £85,000.

The daily bank feed enables you to see all your transactions and allocate them to outstanding customer or supplier invoices.Under Making Tax Digital rules for VAT you are required to use compatible software such as QuickBooks or Xero to file your VAT returns.

Payment reminders can be sent automatically to chase payment for outstanding invoices.

Send invoices easily, set up automatic reminders and get paid online.

See what your business looks like in real-time and manage invoices, expenses and cashflow.

Invoices are easily created and emailed directly from Xero.

It is cloud based so you and your bookkeeper can use it without any need for sharing updates between you.

As long as you have broadband the accounts are always accessible.

12 Benefits of using Xero Accounting Software

Does xero accounting software meet an accountants needs