Why all SMEs should engage with a Xero accounting firm

Accounting is an indispensable part of every company regardless of its size. In SMEs this kind of job is often done by their owners themselves. However, engaging with accounting in a beneficial way, demands knowledge, effort and time. Bad handling of accounting methods can end up to poor financial management which at its worst can result in bankruptcy. Handing these job tasks to an accounting firm has proven to be very advantageous for SMEs. Especially, if the outsourcing is done to a Xero accounting firm. Xero is today one of the best cloud-based accounting software globally and related accounting firms provide a wide spectrum of services such as bookkeeping, invoicing, and payroll processing.

So why choose a Xero accounting firm?

The answer is pretty simple. To minimise the risk of ignorance and errors, of being overloaded and of keeping track of deadlines while being sure you are keeping up with the updates in legislation and scaling up your business. But let’s be more specific: 

  1. Money saving

Having accounting Xero as a part of an SME, allows owner/s to gain access to valuable professional knowledge, crucial for the financial development of the business. Such a choice offers them the privilege of having a realistic and updated view of the company’s financial condition, ensuring no taxation overdue or other payments while having on top a tailor made consultancy according to SMEs special needs. The same goes for integrating new features on Xero software to make it even more functional and suited to their needs. 

  1. Time saving

The complex accounting processes take a great toll of time. And if a great amount of time is dedicated to financial management it will be missed from other important activities such as customer service, HR management, handling procurements etc. When someone is a professional, having the most efficient and totally integrated system in his hands (the Xero software), large amount of time is released for other key business activities.

  1. X-raying company’s performance

Accounting Xero can provide you with multiple statements, reports or other kind of measurements that reflect the company’s financial condition and provide useful information for the owner/s. Such data allows a concrete analysis of the financial viability of their company along with the identification of any “dark” areas that need correction and interference. In addition, the ability to produce and offer financial foresights or create budgets can provide insight on the company’s cost-revenue analysis and help the owner/s reallocate resources correspondingly.

  1. Better decision making

Last but not least, outsourcing accounting activities to a Xero accounting firm enhances better decision making. Why is that? Well, it is pretty obvious. When having time and money saved, having developed economies of scale, having access to specialised knowledge and protection over errors and ignorance, while simultaneously having available a centralised financial imprint of the company, a stressless and better decision making for the company’s growth and viability can be achieved.