How Xero is driving digital transformation for SMEs

Digital360 on 2 August 2017

Cloud-based services are a modern and efficient alternative to software for SMEs. Making the switch is fantastic for your company expenses budget – not to mention your business productivity.

These new online services promise to help SMEs in a process called digital transformation. But where do you even begin in selecting the right stack of services? It can take a little trial and error knowing which programs will offer your SME real benefits when it comes to digital transformation.

One of the best tools for SMEs to try is Xero. It's a leading bookkeeping and accounting program in Australia, available to SMEs. Here is an overview of Xero for SMEs: why it's becoming an essential tool for digital transformation and how it unlocks new business productivity.

What is Xero?

Xero is truly ahead of the business productivity game when it comes to bookkeeping and accounting. Its key feature is intuitive and simple design, prioritising the user's experience from start to finish. This means that you can ‘learn as you go’ when it comes to mastering the program.

Managing your books is tricky enough. Xero strives to make the process as simple as possible. Made with the business owner in mind, Xero’s interface is straightforward and jargon-free. This efficiency is what makes it perfect for SMEs.

Another key benefit of Xero is its integration with many other popular cloud-based services, such as Stripe, PayPal, G Suite and Shopify. This streamlines all your business needs from payroll, invoice management, inventory and more. It allows you to manage a number of your key processes without double handling across multiple services.

And with Xero, accounting has never been more versatile and mobile. The program’s mobile application means you can update your books on the go in real-time, no matter your device.

Should your business be using Xero?

If you’re ready to step up your accounting game, making the switch to Xero is an essential first step. It’s ideal for businesses who need to easily access their accounts at any time and from any place.

It’s a great program for those who outsource their work to freelancers and contractors, or whose accountants work remotely.

Xero keeps your books updated and centralised. This means you won’t find multiple versions of the same file floating around in different locations. This is especially important for busy, resource-limited SMEs who may not notice minor – but crucial – errors in their accounts.

Built to be user-friendly, the program truly goes above and beyond for SME owners. Xero is designed to help businesses learn the most efficient way to manage funds.

Unlike other programs, which are made for the accountant or bookkeeper, Xero makes accounting easy and accessible for everyone, including business owners and managers. However, as much as this is what makes Xero so great, it can be a setback too. Some seasoned bookkeepers may find making the switch to an entirely new program tricky at first.

Tips for boosting business productivity with Xero

No matter your industry or your goals, if you’re an SME using Xero, get ready to turn your business productivity up a notch. Here are some tips you can put to use from the get go:

  • Integrate with other services – Xero offers over 500 third-party apps to build from, allowing every business to customise how they use the platform. This streamlines your business processes, and keeps all your financial data and activity in one place.
  • Take advantage of helpful resources – The team behind Xero knows that switching accounting services is easier said than done. Because of this, they offer a number of ‘how to’ resources that show you just how you can take advantage of the program for your business needs.
  • Use Xero’s mobile app – As long as you have an internet connection, you can manage your accounts wherever you are. You can send and receive invoices, record your expenses, and review your bank transactions. Great for SMEs who need to bill clients on the road, such as tradesmen.

SME digital transformation and your business

If you want to boost your business productivity in more ways than one, why not get in touch with a digital advisory service? Your business will have access to leading digital expertise, as well as the most innovative SME software on the market. Digital transformation platforms, such as EngineRoom, offer your business a centralised hub to help manage all your business goals.

Looking to find out more about digital transformation services for SMEs? Speak to a digital advisory about your business needs today.