Real-time Accounting for a Changing World
Technology Financial planning and accounting can make or break the growth of all small businesses. Learn how Xero technology changes the financial experience for small business owners.
How is Xero technology changing the financial experience for business owners?
Underpinning the growth and profit of all small businesses is effective financial planning and accounting. Xero is based on the principle that small businesses are highly sensitive to shifts in their balance sheet and cash flow. Their ability to monitor financial performance in real-time and plan ahead is crucial and, at its core, Xero is an easy-to-use but powerful online accounting system designed to help them do that. Xero provides a growing platform of connected solutions, including a healthy ecosystem of more than 600 app partners, that help small business owners and their advisors manage their accounting anywhere, anytime, and on mobile devices.
Xero places accountants and bookkeepers at the heart of their clients’ work. Using a single online ledger, the platform combines everything accountants and bookkeepers need to record client information in a beautiful way. Xero automates many basic functions, freeing up accountants and bookkeepers to focus more on decision-making by making their work easier and faster — allowing them to grow and potentially market themselves to a different industry. Cloud accounting has become the heart of small businesses globally, connecting them with digital services in real-time through one platform, rather than separate manual processes. Xero is well on its way to rewiring the small business economy as we know it, making accounting more efficient, more productive and more useful to Xero’s customers and the millions of businesses worldwide who have not yet accessed the cloud.
Why is the Xero platform different than any other accounting software?
Xero was born in the cloud. It’s this pure cloud-based model that enables us to remain agile, updating our offerings at will. This ability, combined with a willingness to adapt enables us to stay ahead of the curve. Xero has invested heavily in maintaining an open platform. Our open app ecosystem gives small businesses and their advisors the opportunity to select the technology that best suits their unique needs and requirements, as they grow instead of locking them into a ‘one size fits all’ approach.
What are some technology-based trends you are noticing in the industry?
Artificial intelligence (AI) and machine learning will transform accountancy and how business owners handle their finances. At Xero, we're working hard to automate the coding of up to 90 percent of transactions that customers typically face on a daily basis — and this is only the beginning. AI removes the time spent punching and coding transactions, enabling business owners to focus on growing their business. For accounting professionals, this means less time spent on data entry, enabling them to shift their focus to higher-value advisory services. At Xero, we’re well on our way to code-free accounting and we’re already making the lives of small business owners and their advisors much easier so they can focus on doing the things they love.