Xero accounting software is being used around the world at an increasing rate and here in Alice Springs local businesses are also discovering the benefits of this easy to use, cloud based accounting solution.
At HAS, we have been delighted to assist some of our own clients switch over to Xero but in doing so have often encountered clients having similar questions to one another. Therefore, we’ve put together this Xero FAQ to assist others who may also be wondering the same things.
Q: Who is Xero suited to?
Xero is best for small to medium sized businesses that have relatively straight forward business processes. There are Xero products suited for businesses with only one employee right through to 20 and above.
Q: How is Xero different to traditional accounting programs?
Unlike many of its predecessors, Xero is a cloud based accounting solution meaning that rather than storing your information onto your PC or Mac hard drive, it is saved on a remote secure server. This means you can access Xero from any computer, tablet or Smartphone that has internet access.
Q: How secure will my information be on Xero?
Xero is highly secure and their security policies are modelled on those used by banks and credit unions. Xero use a 128 bit SSL encryption which may sound like gobbledygook but described another way, this is the same level of security used for internet banking within Australia. In addition to this the Xero servers are hosted on a tier-one provider that 24 hours a day, seven days a week monitor the servers and firewalls. Xero also back up regularly meaning that even if your computer is lost or stolen, your financial info isn’t.
Q: How much does Xero cost?
Unlike many other accounting programs, Xero has comparatively low costs. The exact cost will be based on your specific needs and number of employees but basic Xero accounts start at $29 per month and go up to $64 per month. However, there are also cheaper options available but you would need to speak with your accountant to determine this.
Q: Will I be locked into a contract?
No. With Xero you pay a monthly charge and there is no obligatory or contractual period. If you wish to leave at any time you can and you will be billed up until the day you remove your organisation.
Q: If one day I want to leave Xero, what happens to my information?
With Xero you have no need to purge any data. Historical data is always available to view, even if your subscription lapses. If you do need access to your data for any reason whatsoever after ceasing your subscription, send an email to firstname.lastname@example.org including the name of the organisation(s) you want the data for.
In the meantime there are a series of reports and other data you can export in order to obtain your own back-up copy. This will give you a snapshot of your account balances and a full detailed General Ledger history up to the time that you make the back-up. These can be exported to Excel and stored on your hard drive.
Q: Can HAS assist me with Xero?
Yes, as a Xero Gold Partner HAS are experienced and professionally trained in Xero. We can assist with everything from initial setup to completing your bookkeeping using Xero. If you have a Xero question, we will know the answer.