You are a long time MYOB user. You loyally upgraded to MYOB AccountRight Live and patiently put up with the bugs, time delays and drop outs associated with the cloud based version.
You have heard from your business colleagues about this cool new kid in town called Xero (pronounced Zero). You are not sure why it is different to MYOB, and can’t imagine the stress and work involved in moving to Xero from MYOB. But you feel in this cloud based age there must be an easier, more intuitive way of bookkeeping for your business.
How is Xero different? Imagine an expense docket ‘posting’ itself into your bookkeeping system and then ‘matching’ itself to the payment you make from your bank. The image is imbedded in your accounting system, you can discard the original. This is not the future! It is possible now.
1. Xero is totally cloud based. There are two great advantages to this. The first is that you can access Xero on any internet enabled device – smart phone, tablet or computer. You can reconcile your bank on your phone and send your salespeople out in the field using their own internet devices. The second is that there is no such thing as installing an update. Updates (Xero claims about 3 per week) are invisibly pushed into the internet based software with no effort from you. All users are on the same version. No need to email your accounts at quarter or year end – all users can view data in real time.
2. Xero is interactive. Would you like to know when a customer has viewed your invoice? Or allow an employee to self serve a payslip or check leave balances? Or lodge a TFN declaration? Would you like Fx transactions turn green when the exchange rate is favourable or red when the Fx rate is unfavourable? All of this can be done with the Xero software.
3. Xero is part of an eco-system. It does not try to do all things for all businesses, instead it partners with other software providers called add on solutions to provide solutions to pain points such as e-commerce, inventory management, debt collection and others. Xero has over 400 add on solution providers to customize a perfect solution for your business.
4. Remember the expense docket posting itself in the introduction above? This is done by using an add on solution called Receipt Bank (one of the 400+ add on solutions available). The user can take a picture of a docket or forward an email attachment to Receipt Bank. The data is ‘scraped’ and key information such as supplier name, amount, date, tax amount are recorded. Receipt Bank integrates with Xero and pre-suggests a general ledger coding account. These GL accounts can be corrected, and Receipt Bank will remember the correction for the future. The invoice is then published (and image attached) into Xero and matched with the appropriate bank feed. No hand has touched a keyboard and your office is paperless!
5. Xero takes bank feeds to the next level. Imagine your bank transactions lighting up green when they find a match as a payment to a supplier, customer payment, or just because you have coded a particular transaction that way previously. Imagine yourself in the waiting room, with a doctor running late, and reconciling your bank on your smart phone.
6. Xero is affordable. From a price point, Xero and a collection of add on services will be well within the price range of most SME. Click here to see the suite of add on solutions we use here at CloudCounting and what these solutions cost. Many accountants will offer you a lower fee if you use Xero as BAS and year end accounts can be easily automated.
But … changing will involve so much time, cost and effort ….
Currently Xero is offering a FREE migration service if you are using MYOB. This is not a migration of your opening balances. The conversion service will bring over your detailed transactions for the last year (this means you can look up your bank transactions, and find transaction history, sales register, purchases register etc..). Your customers, suppliers and payroll information are also imported.
You will also find a local consultant to guide you through the migration process and if you choose a cloud specialist such as CloudCounting or a qualified bookkeeper, you will find the hourly rates or fixed fee far more affordable than using your accountant.
Most of the migrations we complete here at CloudCounting are done for a total cost of less than $1,000 which includes migration and two training sessions to get you on your feet.
We would love to help you move to Xero so please do give us a call on 04 266 CLOUD or book an appointment now by using the book now button at the top of this link (kindly provided by Timely, a Xero add on solution!).