Cloud Accounting with Xero

A. Xero adheres to strict guidance and regulation when it comes to protecting your information and uses multiple layers of security to keep your data safe. In addition to encryption and daily backups, the system uses multi-factor authentication (MFA), which combines digital methods of identity confirmation in such a way as to prevent unauthorised access to your account – even if another person knows your password. For your accountant to gain access, they must be invited by you.

A. Yes. Instead of manually reconciling your bank accounts or spending time keying the information from your bank into a separate piece of software, Xero connects seamlessly with your bank and creates an automatic feed. This means that all your transactions are collected from your bank on a daily basis and are automatically loaded into your Xero account. The advantage of this is that an accurate picture of the financial position of your business is always available to view.

A. The range of integration available with Xero means that you can connect your account with online payment facilities such as Stripe and GoCardless, allowing customers to pay you more easily, using cards or direct debits. This means you can create your invoice in Xero, add a ‘Pay Now’ button to it, and email it directly to the customer for them to view online. They then simply hit the ‘Pay Now’ button to pay the bill.

A. Xero can connect with HMRC through the government system, Making Tax Digital. This allows you to keep digital records for your VAT returns, so that you can complete your VAT submissions faster online. Using this system, you can view your VAT return due dates, details, and history. You can also correct any errors before submission, and submit to HMRC directly from your Xero account.