Running a small business is extremely liberating, but it can also be very challenging with a seemingly endless to-do list. From staff rostering, to paying wages, to managing cash flow and marketing, there is never a moment to spare.
As accountants and bookkeepers, it is up to us as trusted advisors to provide expert advice on how our small business clients can work more efficiently. With Xero, your clients have the power to deal with issues immediately - as they arise - as opposed to reflecting on the problems at year-end once the accounts have been completed. This gives you more opportunity to step in and help your clients throughout the year.
Working on a single ledger in the cloud means both you and your client can access this information anytime, anywhere, on any device. No more sharing files and creating duplicate versions of accounts; giving you the power to help your clients make more informed and accurate business decisions with confidence.
For small businesses, managing cash flow can be a nightmare. With the Xero mobile app, clients have instant access to their data so they can keep an eye on their bank balance and reconcile their bank accounts on the go, at work, or even over coffee. This means they no longer have to be chained to their desk and can reduce those late nights and weekends --- especially when it comes to tax time. Here’s why Xero will be your retail clients’ best friend.
Bank Reconciliation
With bank rules, Xero will code bank transactions automatically according to the criteria that are set up, meaning you and your clients don’t have to manually code every transaction – just click the “OK” button to confirm.
Not everyone reconciles their accounts on a daily basis. For business owners that choose not to reconcile regularly and leave their bank reconciliation until tax time, cash coding is perfect for coding transactions in bulk. Sort by payee, reference, description or amount to reconcile everything with a few clicks.
Xero remembers how similar bank transactions were previously coded – meaning smarter, faster reconciling. It is easy to turn off the suggestion feature by scrolling to the bottom of the bank rec page and unchecking “suggest previous entries.” Especially useful for our “click happy” clients.
People and Payroll
Managing and paying staff is a large part of running a successful retail business. With Xero Payroll and Xero Me – Xero’s employee timesheet app - managing staff payroll, leave and superannuation is breeze. Small businesses can be more efficient and make fewer errors, as the general ledger is updated automatically with Xero Payroll. Employers can collaborate easily with employees through Xero Me – where they can view pay stubs, submit time sheets and even apply for time off.
Compliance
With daily bank feeds flowing into Xero, clients can keep reporting accurate and up-to-date as they go. This means running the sales tax report is quick and easy – with fewer errors to be fixed at year-end you’ll save tons of time.
Day to Day Admin
Money in the bank doesn’t necessarily equate to profit. With Xero Reporting, business information is available in real time to help clients make those important business decisions.
Paying bills is a necessary part of running your small business. With Xero, clients can schedule and batch up payments to suppliers. A graph of bills helps decide which ones need to be paid and when. Suppliers can send their invoices directly into Xero, reducing the double or sometimes triple-handling of invoices and bills.
Smart Lists are an advanced search over the existing customer base, using Xero as the search engine. This search lets clients generate highly targeted lists that can then be used to sell to, chase for payment and gather information about basically anything.
App Marketplace
Xero has a comprehensive ecosystem. Our App Marketplace has more than 500 seamlessly integrated apps – connecting your retail clients with leading retail business software. Everyone can have access to accurate up-to-date information without duplicating data entry.
Some of the great apps in the marketplace for the retail vertical include:
Vend – Know how sales are tracking with intuitive point-of-sale and inventory software that retailers love. Integrate Vend and Xero to automate painful tasks and gain insights into your business’ performance in real time.
BigCommerce – Add an online store to the mix and build a successful online business and grow sales. Automatically sync sales and customer data with Xero.
Deputy – Keep track of time with all-in-one employee scheduling, time and attendance and communication software. It integrates easily with Xero to generate invoices from time worked.
Square – The POS software that’s simple, powerful, and free. Square is the point of sale that takes care of digital receipts, inventory, and sales reports and provides valuable analytics and feedback—so you can focus on your customers.
Xero is easy to use and intuitive, so your clients can hit the ground running and you can be confident knowing they can cope with the challenges of running a retail business.
Amanda Aguillard Xero Ambassador
Amanda Aguillard decided to become a CPA when she was 16 and never looked back. She started Aguillard Accounting LLC in 2012, committed to running a cloud-based practice from anywhere in the world. Aguillard Accounting is a Xero Gold Partner and Cloud Integrator, Vend Certified Advisor, Clio Certified Consultant and Deputy Certified Advisor, amongst others, and Amanda is a Xero Ambassador and regularly teaches the Xero Partner Certification course. While she holds a Masters Degree in Taxation from the University of Denver, she would much rather craft and implement ecosystems for retailers, law firms and creatives. She spends any spare time cooking for her two kids and reading historical fiction.