Whether you’re running a small cafe business, a clothing online shop, or large retail enterprise, you wouldn’t disagree when we say that ultimately, your goal is to grow and make your business succeed. And when you speak about growing your business, people tend to say the same things or give the same advice. These are some of the things that always come into mind: enough startup and running capital, minimizing costs, constant monitoring, and keeping up with the latest technology, among others.
But do you know that you can do all those and by using a cloud accounting software such as Xero? This is the exact reason why more and more business owners are now leaving the paper-frenzy traditional accounting solutions and are now switching to an online or cloud accounting service. With just a good internet connection and web browser, almost all your business processes are easily taken care of. It is indeed a digital revolution that enables business owners to be more hands-on in growing their business.
So, do you want to know what exactly we are talking about? Do you want to learn how you’ll be able to grow your business by using Xero? Here are just 5 of the best ways you can do that:
Lower overhead and operational costs
By minimizing these costs, we are not talking about the “traditional” measures such as letting go of some of your staff, compromising ingredient or material quality, opting for ‘cheaper’ suppliers, or the like. By this, we mean, you should take a look at the expenses you don’t normally look at because they are considered as the “non-controllable” costs. By using a cloud-based accounting software like Xero, you can actually save tons of money on many fronts. Think about saving on software licensing, server maintenance, paper and admin materials, and even meeting or conference expenses, among many others. By embracing virtual technology and letting go of traditional business processes, you can indeed cut down on those once uncontrollable and now unnecessary expenses.
Speed up backroom and admin processes
If you are that type of business owner who does almost all the work like accounting, purchasing, invoicing, admin and payroll work, you can say that time is really scarce. Plus, you would agree that there are lots of times when you can’t seem to place your focus on some problem matters because you often have a lot on your plate. Now with Xero’s integrated apps, you will be able to stay on top of those daily tasks as well as the unexpected business problems. Because Xero will help you do all those tasks in just a few minutes or seconds, you have more time in your hands than you could ever imagine. Instead of doing these tasks that normally slow you down, you can now really concentrate on how you’re going to make your business improve and succeed. This cloud accounting software will even let you create a custom workflow (depending on the nature of your business) so all day-to-day and other regular tasks are done more quickly and efficiently.
Be hands-on, 24/7, anywhere you are in the world
Let’s face it. Most of the problems that arise in your business happen whenever you’re not around. And so no matter how much you want to be a superman or superwoman in juggling your business, family, and personal life, you are just not able to – you’re just human. Xero is giving you the perfect solution for that. By using this cloud computing software, you will be able to monitor and control everything that’s happening with your business regardless of where you are. With just your laptop, tablet, or even mobile phone, you are able to perform your functions efficiently. Plus, you will be able to solve unexpected scenarios easily because you can now access all your financial and confidential information even if you’re not physically in your store, restaurant, or office.
Compensate your staff well
You are making the biggest mistake when you disagree with the saying, your staff/employees can make or break your business. So hear this: always remember that behind a successful business is a team of highly motivated employees. So what better way to motivate them? Pay them well. With Xero, handling your manpower is a breeze. Like what we have mentioned earlier, Xero is integrated with more than 600 apps to help you with invoicing, purchasing, inventory checking, filing, time tracking, and more. Because of that, your employees would find it easier to juggle tasks and focus more on providing quality service. By being able to track each of their performances well, it’s now easier (and more accurate) for you to find out who to reward for a job well done. Also, by using Xero’s bank connection, payroll and HR functions, there’s no employee who would complain about inaccurate and late salary. Your business will indeed prosper when you have happy and inspired employees.
Track your growth regularly
More often than not, business owners who fail to succeed have one thing in common: they tend to forget or neglect the essential metrics. By not checking and analysing the vital business metrics (e.g. profit and loss analysis, ROI, etc.), you won’t be able to work on your business’ areas of improvement. Now with Xero, you can easily do that. Preparing financial reports is fast and simple. You can get a complete and up-to-date report on how your business is performing. Remember, it isn’t enough that you have money in your bank account. Measuring your business’ performance and growth is much more than that. Hence, it is vital that you compare reports from previous weeks, months, or years, to know if you’re progressing and to know what you must do about it. Xero helps you do all that.
In a nutshell, by using a cloud-based accounting software such as Xero, you’ve got more time in your hands to focus on the things that matter more. And because of that, you will now be able to focus on the growth of your business and really work on your company’s long-term success. So if you’re still using a classic hardfile or desktop-based accounting system, think about all the things we’ve discussed here and really consider switching to Xero.
There are more ways to further improve and grow your business using Xero accounting software. Want to know more? Shoot us an email or simply speak with our friendly operators now!