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Top 10 reasons we recommend Xero for your business

Top 10 reasons we recommend Xero for your business
Monday, July 31, 2017

Why do we recommend your business uses Xero for its online accounting and bookkeeping? Simply, it’s the most powerful tool for accountants and their clients we’ve found.

As a business ourselves, we believe that well-run companies are always in the know about the money they’ve got coming in and going out. There are times you can use your company funds to expand and other times you need to hang on to cash to meet your bills – and it’s knowledge and attention to detail that gives company owners these types of valuable insights.

 

You need to make it as easy as possible for your clients to pay you and you should always be on top of staff wages and everything connected with payroll.

 

Your business is a living, breathing entity and what keeps it alive and healthy is a proactive, informed management team checking its vital signs every day. Panthera work with hundreds of businesses and we see the difference this online system makes to how customers handle both their company’s good and bad times

 

Here we list the ten most impressive features of Xero and why we believe it’s the best choice for your company.

 

10. Expense claims

 

Xero allows you to record expenses and receipts immediately meaning you can reimburse yourself and your employees for business-related costs.

 

By doing it straight away, you’re not having to try to remember what the receipt was for months  later like you did in the old days as you gathered everything together to send your accountants.

 

And because it’s a timely, accurate record of what the money was spent on, you may be able to claim the expenditure as a benefit in kind, saving money on both your personal and corporate taxes.

 

9. Bank reconciliation

 

Xero connects directly and securely to your bank account, downloading all the recorded transactions it finds.

 

You can customise the system so that invoices, bills, and purchases are correctly recorded and catergorised in the system. Whether your business only sells a few things at a high price or sells lots of things at a low price, Xero will reconcile all the transactions it finds seamlessly and quickly.

 

8. VAT online

 

Traditionally one of the most complicated and labour-intensive taxes to calculate, knowing how much money you need to find to pay your VAT bill is so much easier using an online accounting system like Xero.

 

There are multiple VAT schemes in existence and Xero produces accurate returns for all of them. In addition, you can see the size of your VAT bill at any time during the quarter using the system.

 

7. Payroll

 

Working out payroll manually is very difficult. Employing the services of an outside payroll company is quick and accurate but it can cost a lot of money.

 

Xero’s integrated payroll system makes everything a lot easier as you can do it from your office. And because it’s part of the Xero service, you don’t have to spend even more time typing in the numbers from the print-out produced by your outside payroll services provider into Xero – it’s all done automatically.

 

It lets you know how much tax and NI you need to pay on the 22nd of the following month, it’s fully Real Time Information-compatible and it handles HMRC submissions.

 

We’re also really impressed with the way it handles sick pay, maternity pay, and multiple pay rates.

 

6. Workplace pensions

 

Another huge change employers have had to deal with in the last 5 years is the introduction of compulsory workplace pensions. It’s added an extra 3% minimum to wage bills meaning that, in addition to National Insurance Employer’s Contributions, the tax on employment many company pay is now at least 16.8%.

 

Xero automatically assesses your workforce when you reach your staging date, it handles employee opt-outs, and has a built-in capability to produce letters and emails informing your staff of their enrolment or postponement.

 

5. Invoicing and quoting

 

Xero allows you send accurate, superb-looking invoices using one of their template designs or a custom one you make yourself. As soon as you’ve completed the work, you can send the invoice off straight away, even from your mobile phone.

 

The system handles recurring invoices, bulk invoicing, and past invoice replication. When it comes to actually getting paid, you can automate your invoice payment reminders and get paid faster. For example, set a reminder up 3 days before due, on due date, 7 days after due, and 21 days after due. You know your customers best so you can set the reminder system up to suit your business.

 

Sending out quotes becomes a lot easier too. You can do it from your desktop, laptop, tablet, or mobile. Once the quote reaches your customer, there’s even an “accept” button they can press so that you can get started working with them straight away.

 

4. Accept payments

 

More and more, payments are being made by credit, debit, or charge cards. Instead of having a separate and expensive merchant account, you can use your Xero service to accept card payments (including PayPal and Apple Pay). When payments come in, Xero reconciles them against the relevant invoice.

 

If a customer wants to pay you by card, let them. There’s a lot less hassle and leg work taking a customer’s card details than sending out a paper invoice, waiting for them to post a cheque back, and then taking the cheque to the bank and waiting days for it to clear.

 

3. Dashboard snapshots

 

Want a quick summary of how your business is going? The dashboard allows you to see what cash is due in and out each month based on the invoices and bills you’ve inputted to the system. You can see running balance updates and reconciliation information for each bank account and credit card account belonging to your business. The system lets you manage sales and expense budgets as a glance.

 

Better still, your dashboard is fully customisable meaning that every time you open the system, you see snapshots of the information most important to you.

 

2. Business performance dashboard

 

Going much deeper into your business than the dashboard snapshots, this feature charts, tracks, and graphs your company’s performance on key performance indicators like gross profit, net profit on net sales, and debt to equity.

 

Whenever you need to know the numbers that underpin your business, the business performance dashboard presents them enabling you to plan for growth, protect yourself in tougher times, and keep the ship as steady as possible.

 

1. Saves time and money

 

Xero saves time and money. It eliminates the need for separate payroll service provider and merchant services provider accounts. It keeps all your information in one unified system for easy recall and instant interpretation.

 

As a Xero Gold Partner, we can offer you preferential deals that you can’t get via Xero’s website to start using the system.

 

And because it’s something you keep updated every day, as your accountants, it’s faster and cheaper for us to do what you need us to do to satisfy the requirements of HMRC and Companies House.

 

If you’d like to talk to us about taking up Xero or if you’re using a different online system and would like to transfer to Xero, please call the team on 01235 768 561 or email enquiries@pantheraaccounting.co.uk.

 

What our clients say

For us, there is nothing better than a happy customer. Here are just a few that let us know how much we mean to them.

Pete Dungey

Simple, efficient and most importantly, hassle-free.

We found Panthera via our search for a Xero expert. We knew the software we wanted to use, and needed a forward-thinking accountancy partner who could get us up and running, and teach us the ropes moving forward. Tory and her team have always been on hand to answer our questions, and help us to grow as a business, particularly during periods of big change, such as becoming VAT registered. They are always on hand to alleviate any concerns and help to keep our records in order, which makes our year-end accounts an absolute breeze! Being based in Bristol, our relationship is entirely email based, alongside one consolidation meeting at year end - this keeps things simple, efficient and most importantly, hassle-free.

Pete Dungey Kaleido Grafik Limited
Anita van Eijndhoven

Talk Our Language

The support and service we receive from Panthera Accounting is very good. Everything from regular meetings, a prompt e mail response and the transition of our Xero software (which we find very pro active indeed) has and is all remarkably efficient. We find Panthera talk our language and make any process as painless and easy as possible.

Anita van Eijndhoven Quidne-IT
Ash & Tim Lane

Panthera brush aside the stereotype of the typical accountant

We got in touch with Panthera Accounting by way of a recommendation; we haven't looked anywhere else since. They are an extremely professional yet relaxed group of people. We were slightly daunted by the idea of accountants but Panthera brushed aside y the stereotypes. They are very understanding when answering any questions we may have. They are completely efficient, offer sound business advice, and are fantastically priced. We will continue to recommend them.

Ash & Tim Lane Starveacre Fencing
Jayne Johnson

An Asset to my Business!

The whole team at Panthera are great! Working with them has been a huge support to my growing business. They help me to understand the numbers I need to know. They give me technology solutions like Xero so that I can process things quickly and have access to my own figures. They are quick to reply, highly knowledgeable, nothing is too much trouble and as well as making sure that everything is compliant and on time, they are enthusiastic, professional and fun to work with.

Jayne Johnson Better People
John Baker

Absolute joy - they provide a first class service on every level

Working with Tory and the team at Panthera is an absolute joy - they provide a first class service on every level; from simple Xero issues through to more complicated tax enquiries, they’re always on-hand to help me get it right. I’m certainly not their biggest customer, but I’m always made to feel like their most important one.

John Baker BKR Solutions
John Castle

Professional and Friendly

I would like to say that Panthera Accounting have helped me with my business accounts for more than 4 years now. They have consistently offered an excellent competitively priced service that works both professionally and in such a friendly way that I would highly recommend them to everyone considering using their services.

John Castle Ilexanna Limited & Birch Castle Homes Limited
Jonathan Morrison

They are always there to answer queries and sort out issues

I had been with Mr Dunn for 20 years when upon his death Panthera took over the business. They now play a bigger part in the running of my business, they do all the stuff that has to be done but I don't like doing ie book keeping, VAT, wages, and returns. They are always there to answer queries and sort out issues and make sure all Tax deadlines are met. Their costs are fair, service is great and I have and would highly recommend them.

Jonathan Morrison Wallingford Builders
Pippa Scott

Professional, friendly and personal service.

Panthera Accounting have gone above and beyond the call of duty to guide and support our Company. They offer a professional, friendly and personal service that can take the stressful and sometimes frightening feelings out of running a business. They have guided us through the working of Xero and have offered “teaching sessions” on the day to day running of the accountancy package. Our only regret is that we didn’t join their team earlier.

Pippa Scott Scott's Commercial Services Limited
Sara Southey

Panthera puts the personal back in to accountancy!

Tory and her team have provided a friendly, approachable and helpful service from the start. They have delivered a quality service, above and beyond anything I could have expected. Panthera, with the help of the Xero package, have taken the stress, strain and confusion out of managing my company and personal accounts. I look forward to working with them for many years to come.

Sara Southey Bluestones Garden Design
Tracey Miller

Panthera are fantastic.

Panthera are fantastic. Always professional, going the extra mile for their clients and delivering superb service. I recommend them all the time to my clients.

Tracey Miller Bigger, Brighter, Bolder BBB

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