Xero is excellent for small businesses. It is an application to do your account which enable fulfilling most accounting tasks required for your small businesses. It is built on a true double-entry accounting framework. It allows business owners to track and manages sales, purchases, inventory and payroll by creating records for customers, suppliers, employees and allowing user to generate invoices, purchase orders and quotations. On top of that, Xero helps manage fixed assets of the business.
Xero is in integrated with DBS, OCBC, UOB and HSBC banks and business owners performing all their banks business transactions effortlessly into Xero every day. We trust that more such integrations should happen in time to come. It is truly a chore to integrate accounts and finances from many various sources on a daily basis. Technology today should resolve this issue and Xero is taking steps up in working with other banks.
Xero is also available as a mobile app and can be downloaded in any mobile platform. This is really an accounting system on the go. It truly was a chore to have to remember to tabulate accounts at the end of every day. Xero makes it possible to update your business’ financial situation on the go.
The company offers a 30-day free trial and after that, they offer three pricing levels. Starter (USD$20 per month) has monthly limits of five invoices and quotes, five bills, and bank transactions reconciliations, but payroll and multi-currency are not supported. Standard (USD$30 per month) adds unlimited invoices, quotes, and bank transaction reconciliations, payroll for up to five people, and bills. Premium (USD$40 per month) is the only version to offer multiple currency support. It also provides payroll for up to 10 employees.
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
Yours Sincerely,
The editorial team at Acra Filing Agent
For more useful articles and videos, visit the ACRA Filing Agent Useful Articles Page.
If you would like to submit a question or would like us to do an article on certain topics, please email us at [email protected]