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28.09.2020

SME strategic business planning with Xero

Using Xero will allow you to take back control of your finances, free up your precious time and allow you to plan more strategically.

What is Xero

Xero is an accounting software which allows you to better manage your business and increase efficiency, with cloud-based software, accessible from anywhere. You can also collaborate on the software with your accountant in real-time, reducing the time spent on financial planning meetings and allowing you to focus your time on running your business.

 

Why Xero is valuable to SME’s

When you have a small business, your time is precious and you don’t want to be wasting it chasing invoices. Xero does this automatically for you, making sure you get paid faster, so that you can spend more time making the choices which matter. It also streamlines and simplifies staff management, holidays, payroll, financial reporting and more, whilst putting all this data at your fingertips in real-time. Xero is the innovative, interactive and integrated way to manage your business.

 

3 reasons why you should start using Xero for strategic planning

1. More accurate tracking of your transactions

With Xero, you can see an up to date and accurate view of your current finances, with a direct connection to your bank. You can send out invoices directly from the Xero app, which can be paid by customers with the tap of a button.

You can view an accurate report of money moving in and out and see exactly where you might be losing money, and where there is potential to be making more. This accurate and easy to digest data means you can make more informed decisions for your business, which is invaluable to SME’s.

2. See cashflow updates on a daily basis

Working from a spreadsheet is complicated, outdated and makes finding key information challenging. Xero automatically generates easy to read charts, so you can quickly identify trends in your financial activities.

Access the Xero dashboard through the app on your device and have the key information for your business all in one place. By not only having access to the data, but being able to quickly spot trends, you can make informed and quick decisions.

3. Get smart financial reports

Make use of Xero’s easy to use, smart financial reporting tools. They allow you to create, view and share interactive reports in real-time. You can tailor your reports easily to display what matters for your business, so you can find the key information to share with your financial advisor.

As the software is cloud-based, your advisor can also generate and publish reports through Xero on your behalf. This further cuts down the time you spend on reporting, as well as allowing you to easily communicate with your advisor, by having real-time interaction on the reports themselves.

Xero allows you to compare reports by whichever factors you wish, so you can generate overviews of your company’s progress within time parameters set by you. You can also set custom formulas to compare variances in specific elements of your reports.

 

Financial planning services from Tim Taylor & Co

At Tim Taylor & Co, we are Silver certified partners with Xero. We have years of experience in helping our clients implement this software into their business for better financial planning.

We support our clients by utilising Xero to monitor your progress and accurately forecast business’ growth. Business budget planning helps to futureproof your business and we can help you set up Xero to get accurate reports, detailing the key performance indicators which matter most to you.

We will help you to set short-term and long-term goals, keeping you thinking strategically about your business and plan for growth. Having a supporting hand with your finances provides an extra safety net for your business, as well as allowing you more time to spend on the important day to day tasks.

 

Take a look at our financial planning services in more detail, by clicking here.