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  • Writer's pictureMatthew Dudek

XERO and the Future of Bookkeeping

The last 5 -10 years have seen the change of pace rapidly increasing in all aspects of our lives and most importantly in our working world. These days we don’t depend on the fax or Australia post to deliver our contracts, invoices and other documents, we receive them instantly through email or some other form of online access. For Accountants, Bookkeepers, Business owners and Office Managers this has led to a number of changes to the way we manage our accounting and financial systems. The dependence on the old style ledger books, wage records and cash books has diminished to almost zero while the influx of computerised software options has increased. MYOB, Reckon and Sassoo to name a few provided several versions of accounting software that enabled the bookkeeping function to be completed in a more timely manner and meant that reports could be run simply at the press of a button, provided that the data entry into the accounting software was completed. Access to financial reports and other data was possibly by viewing the data file that had been created and even exporting the data into excel or other spreadsheet programs for further data analysis.. The Organisation’s data file was readily and easily transportable and so could be emailed or saved onto a USB stick or other disk storage formats and given to other members of the organisation or viewed on a different computer. This was a great improvement from the old ways but caused issues in itself which if not managed systematically could result in significant errors and time lost. What I am referring to here is the issue of version control. Version control was imperative in order to avoid the wrong data file being updated or the latest data file becoming corrupted or lost in transit without an up to date backup to take its place. All this is easily managed with a good system in place, but it didn’t stop the myriad of possibilities and many organisations experienced lost time at some time or other due to similar types of issues. It was the advent of CLOUD Technology which has managed to provide a solution to many of the past issues of access to updated data files, version control and all of its associated problems. Having software and company information stored in the cloud means that it is accessible at any time, anywhere there is an internet signal and on any device (ipad, laptop, desktop mobile phone). This is where XERO came into its own. XERO was one of the first companies to take advantage of the Cloud possibilities and in 2011 in Australia, they released their fully cloud based accounting software which served to revolutionise and shape the future of Bookkeeping. This was because XERO, unlike other software packages stored all financial data in the cloud in a single unified ledger, enabling users to work in the same set of books regardless of location or operating system. XERO Accounting software is beautiful in its simplicity. It can be accessed anywhere and at any time from any device. It is fluid in form as the software is constantly being updated via bank feedswith financial data even though you are not engaged in data entry to the Organisations data file. What a change from the days of sitting for hours entering transactions and matching them up to bank statements. This reduction of time spent on data entry is in itself one of the major differences between the bookkeeping of the future and what we have known in the past. When a business makes the move from a desk based accounting software package to the Cloud based XERO Accounting Software then they are making a decision to save themselves and their staff valuable time and that equates to a more efficient and profitable business. This means that instead of wasting time on low value tasks such as data entry, more time can be spent analysing the data, improving the cashflow and reviewing the profitability and financial position of the business. Learn more about how XERO Accounting software can save you time while driving your business forward into the future. The BAS Agency Training is currently running a series of courses that assist Bookkeepers, Office Managers and Business Owners and teach how to set up a business using XERO and managing the accounting processes for a full financial cycle. This includes daily and weekly tasks as well as Payroll, GST and Financial Reporting. Register now to learn more about how XERO can assist you to Work less and Make More……. REGISTER NOW for our next two day course: A year in the life of a business using XERO January 19th -20th, 2016 The course is held in Perth CBD and the cost is only $660 which includes all course materials, refreshments and lunch.

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