A fresh start

Logging the daily transactions, balancing the books and coming up with financial statements are pretty straightforward roles, but this job often entails:

1. Inaccurate, untimely and missing information
2. Extra work from manual data entry tools
3. Unorganised data due to a lack of standardisation or guidelines in the organisation
4. Ambiguous responsibility from overlapping work or segregation of duties

So many organisations live with these problems because it will take too much effort to fix. Besides, some problems are beyond what an individual employee can fix – Systemic problems require systemic solutions. 

Modern accounting for Small-Medium Enterprises (SMEs) is no exception. SMEs facing ongoing difficulties can now find reassurance in better software tools to put in place good accounting practices. An accounting system like Xero enables SMEs to capture, track and assess their financial health, in ways where they overcome existing hurdles that have been hindered with.

Restore balance

Can’t keep accounts up to date? Missing and misplaced transactions? Manually sifting through bank statements to match transactions is time consuming and not a productive way to spend the day?

Connect all your bank accounts securely to Xero so you can reconcile your transactions in one place and keep track of money coming in and out of your business.

The best part of this is that the reconciliation happens automatically, AND it gets better with your usage. Xero makes use of machine learning to enhance  the accuracy of its reconciliation recommendations. To fully utilise this ability, our accountants set up the chart of accounts that makes sense for our clients’ businesses. This further reduces the likelihood of errors and unbalanced records at the end of each month or year.

Centralise quotes

When sales teams, consultants and even the boss are issuing quotes, verbal or otherwise, it quickly becomes difficult to track payment dates and quotation status.

Fortunately, with Xero, assigned users can input and access a common database of clients and issue quotes that is approved and visible by the finance department. Being a cloud solution, users can access and issue them on the go. Xero also provides customisable templates that simplify the process of creating professional and consistent quotes. 

This way, businesses save time, look professional, and increase their chances of winning new business.

Be cash positive

A good dashboard can help any orgnisation orientate themselves and make good financial decisions. But many organisations don’t have one and therefore cant’ account for all their cashflow. This is a problem especially for growing businesses because decision makers need to have collective financial understand of their organisation to make good decisions. 

When we implement Xero for our customers, we design it to facilitate providing information and insights that will inform their decisions; Having a platform displays bills to be paid and money owed allows the boss to build good relationships with suppliers, or short-term cash flow projection feature, aides the marketing department in budgeting for the upcoming month.

Paid on time, always

SMEs often struggle with payment collection for a range of reasons. This is where automation and standardisation shines. 

We help businesses to set reasonable payment terms, automated follow ups and reminders, and also convenient method of payments. These features improves your organisation’s collection process, reduces confusion and delays, and shows clients and vendors that you have a professionally ran operation.

Well secured

The financial health of the company is sensitive data and businesses need to have a secured service from external breeches.

Xero uses data encryption to protect information. The platform enforces strong user authentication and offers two-factor authentication for added security. Regular security audits and a dedicated team of experts further enhance data protection.

Unlimited potential

The Xero App Store offers users new ways to integrate their accounting system with apps they are already using, or discover new apps that can add to their productivity. Popular apps such as Shopify, Float, and Airsquare allows your business to have a seamless real time flow of information across departments.

Empower your team & yourself

Xero offers a wealth of resources on Xero Central. Xero Central is also Xero’s support hub. It provides a wide range of articles, videos, and frequently asked questions (FAQs) that cover various aspects of using Xero. You can find step-by-step guides, troubleshooting tips, and learn about best practices.

These resources helps teams to get started and get the most of using Xero.

Learn more

We’re only as good as the tools we use. When it comes to accounting for SMEs, Xero stands out as a powerful ally. 

At Singapore Corporate Services, we’ve helped many companies identify growth area and implement solutions that elevated their organisations. If you’re ready for a fresh start, we’re ready to help you too.

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