Want Your Business To Make More Money? Get Xero!

I have lost count of the number of SME business owners who think they can save a few dollars by not buying a financial system such as Quickbooks, Xero or MYOB. Do yourself a favour, buy a system such as this. I will almost guarantee it will save you more than it costs in one year.

Why?

Business Financial Management, as we all know this starts with bookkeeping. If you don’t do your bookkeeping on a system you really have very little choice but to manage your business finances manually. By doing things manually you are leaving yourself wide open to the chance of human error.

Spreadsheets Are Just As Bad

Using a spreadsheet is only slightly better (and sometimes worse) than manual business financial management. Spreadsheets by nature are only as good as the person who designs and/ or uses them. Most people are not Bill Gates (expert programmers) and therefor the excel spreadsheets will not be self checking or fool proof.

Benefits More Than Cost

As an example, I recently compiled a set of financial statements for a client with a small part time business. The business only turned over low five digits and everything was recorded on a spreadsheet. What I discovered in the process of preparing their year end financial statements was my client failed to record properly was their own invoices they were billing their clients. The end result, by saving a few hundred dollars on not buying a financial system they had lost several thousand dollars because they had not invoiced several of their clients for work done.

If you have a professional business financial management system such as Xero you can rest easier knowing your system is correct (assuming you keep your records up to date and reconcile your bank account regularly). So rather than guessing whether or not your reports are correct, all you have to worry about is actually managing your business!