How to switch from excel to cloud accounting
Most SME owners begin managing their accounts in excel spreadsheets, when transactions are minimal and manual tracking of information is feasible. Over time, as their business operations expand and the volume of transactions grow, most of them begin to realize that their time is better spent growing their businesses and generating more revenue instead of performing manual accounting duties. However, they are reluctant to invest in sophisticated software as they do not require a lot of the functions that the market is offering. In this blog post, we explore Xero Cashbook and Xero Ledger, two simplified versions of Xero’s standard cloud accounting software that can help SME owners reclaim their time and grow their businesses.
What is Xero Ledger and Xero Cashbook?
Xero Ledger (US$3/month) is ideal for newly-incorporated companies or small businesses with minimal business operations who are only required to meet annual ACRA and IRAS filing deadlines. It allows users to import bank statements into the system and code the transactions to be recorded in the accounts. Xero Cashbook (US$12/month) is similar to Xero Ledger; additionally, daily bank feeds are available.
Both plans are available exclusively to accountants under the Xero partner program and cover the basics:
Reconcile transactions fast
Manage fixed assets
Produce financial statements
Monitor budgets and performance with monthly reports
Store files in Xero with everything backed up
Read more here.
Advantages of switching to cloud accounting
Reclaim your time to grow your business
Automate accounting tasks and improve employee productivity and efficiency
Streamline workflow with imported bank statements and automated daily bank feeds
Reduce manual error and increase data integrity of your financial reporting process
Speak to your accountant
We are proud to be a Xero partner who can help you transit seamlessly from excel to cloud accounting with Xero Ledger and Xero Cashbook. Schedule a free 30-minute consultation with us to discover how you can outsource your accounting function to us and reclaim your time.
