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FRIDAY FEATURE: 5 reasons why your business is better with Xero

If you own a dental or medical practice, your business and personal goals probably include something along the lines of making more profit, having more time at home with the family, and enjoying an early retirement. Read in this week’s Friday Feature how you can achieve these by implementing intuitive financial software to your business.

The views expressed in this article are specifically those of Lansdell & Rose Accountants.

How Xero can benefit your business

Xero is a cloud accounting software package that can make a significant difference to your business.

  • By keeping a close track of your financial position you can make better, prompter decisions.
  • When you make better decisions you can save costs and fine-tune operations at the right time.
  • A business with fine-tuned operations ultimately means more profit.

It may sound strange that software can play a key part in achieving your life goals. However, with valuable information at your fingertips you can be in control.

5 reasons why your business is better with Xero

(1) Time Saving

Using intuitive accounting software means that you reduce the amount of manual input required by you. Xero knows the nature of certain payments so it can auto-allocate to the correct accounts heading. It knows to match invoices and payments of the same name and amount. The easy bank reconciliation also means you have little to tie-up come the month end, and Xero offers free automatic backups, so you don’t have to do manually.

This will give you hours of spare time each month to focus on your business, or spend time relaxing. 

(2) Accuracy

Because of the reconciliation features of Xero, it means you can feel reassured that your accounts are accurate. Each month, the bank balance on Xero will be confirmed against your bank balance on your bank statement. This demonstrates that you haven’t missed any opportunity to claim tax relief.

Saving tax means more money in your pocket, at the end of the day.

(3) Credit control

Keeping on top of your debtors is vital to a smooth running business. Using the Xero app you can view a list of anyone that owes you money and call them with just one click. This makes your credit control a slick operation.

Less money owed to you means better cash flow for your business. 

(4) Dashboard and reports

The Xero dashboard is an easy way to view your business performance and shows valuable metrics such as how much money you have in your bank and profit for the year to date.

There are also a host of useful reports that you can print or view, enabling you to dig a bit deeper into your business performance. This makes is possible to uncover reasons for perhaps peaks and troughs in your business activity, so you can make operational changes or focus on different marketing ideas at certain times of the year.

Having up-to-date information available to you means you can make educated decisions to continually drive your business forward. 

(5) Collaboration

It is always useful to have expert advice from professionals. Xero enables your accountant and other chosen nominees to access your account remotely.

Not only is this useful if you get stuck with a practical task. It is also highly valuable when needing business or tax advice.

Tapping into expertise from your network of professionals, can help accelerate the growth of your business. 

By clicking the link above you will depart from the regulatory site of Dental & Medical Financial Services. Dental & Medical Financial Services is not responsible for the accuracy of the information contained within the linked site.

Read other tax features by Lansdell & Rose: 

Add your children as shareholders and save tax
How to invest tax efficiently in a new business
Are you keeping the right records?

Dental & Medical Financial Services work alongside many healthcare specialists to give you access to the best advice.

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