business finances

How Does Xero Help My Small Business?

If you are running a small to medium business in 2023, you understand how important it is to keep on top of your business finances. Chances are, you have just stepped out of January feeling exhausted trying to keep on top of it all.

Making sure that you are in control of what is coming in and going out of your business account is the difference between your company making money and going into the red. It is a laborious job when all you want to do is grow your business from the front lines.

Of course, there is the option of using software to handle your accounting, but you probably discovered that many accounting software packages have a steep learning curve and seem overly expensive towards your business. What can your small business do to handle its finances without shelling out a lot of much-needed money?

The Solution

Let’s discuss Xero accounting software as an alternative, and talk about why you should be using it for your small business.

If your business wants to take on the accounting task in-house, then Xero is a cloud-based accounting software made specifically for the small business sector. It is also a much better choice than other expensive accounting software options. Xero performs bookkeeping functions like invoicing and payroll and allows you to connect the program to a live bank feed. Xero allows for cash-based and accrual accounting systems, making this perfect for businesses adhering to UK GAAP and IFRS.

You require at least two months or more of reconciled transactions in XERO before you see the financial metrics displayed in a meaningful way. These metrics include business profitability and the average time your customers take to pay you.

To ensure that the information on your dashboard is current, you will need to reconcile your bank transactions regularly.

Benefits

The biggest benefit of Xero software is that you are gifted a clear financial overview of your business through a unique dashboard display, allowing you to see how much money is coming in and going out.

Xero’s dashboard provides quick links to the crucial parts of your business accounts and a snapshot of overall expenses, bank balances, creditors and debtors. Xero helps to track your payments and avoid errors in bookkeeping. Xero also allows you to customise your information to your liking by arranging the different cards for a more personalised experience.

Training

Even the most technically challenged business owner can find help with Xero, with bookkeeping services offering full training on how to use the software for their business model.

Contact the team at Pebbles Bookkeeping today for help with Xero software training and bookkeeping services in Manchester.

Don't just take our word for it...

Sarah Rekia, Site Welfare

“In bringing Pebbles onboard, it has made me wonder why we decided to try and do our own bookkeeping at all. Pebbles came in and sorted 18 months worth of mess we had unwittingly created, and we cannot be more grateful. I wish I had been told about them years ago and I hope every business out there struggling would give them a call to fully see the benefits they are missing out on.”

Steve Tanswell, Manchester Facades

I changed book-keepers around a year ago because of a disagreement.  I employed Diane of Pebbles and having been with the same firm for 10 years, I was amazed by how easy working with Diane was.  Not only did the change save me money but also saved me time.  Utilising new technologies (to me) have massively improved the amount of money I can claim back in VAT and has made the whole process speedier and well as easier.  Even when Diane is chasing me for information she does in a friendly professional manner.  I’m thrilled to be working with her and would recommend her to anyone.

TecCre8 Ltd

“We began to relinquish our bookkeeping tasks to Pebbles Bookkeeping in September 2020, following our meeting with Diane Huxley to discuss our requirements. We signed up with Diane immediately. We have all built a quick rapport with Diane and it’s good to know that we have her support and expertise at the other end of the phone.

Pebbles Bookkeeping is a perfect fit for our company and liaises seamlessly with our accountant. It is our pleasure to work alongside them.”

Steve Price, BWP Inspire

“We have now been working alongside you with various clients. In some cases, we have introduced you to our clients and in other cases you have worked as part of our team. Every time we have brought you in you have done a great job. We now see you as an extended part of our team. You have proved to be professional, flexible and above all competent in getting the work done. We would not have any hesitation in recommending you again, and we look forward to working with you more in the future.”

Robert Flinn, Director, The Drawing Room

“Pebbles have provided professional and personal approach to all our accounts needs from processing invoices to management accounts. Based in-house they have become a valuable asset to the business and have given us a more strategic and analytical approach to our finances.”