Xero is a cloud-based accounting software package used by >2 million subscribers worldwide. Whilst it is not a farming specific software, the ability to create business specific codes that match your accounts make it adaptable to any business. The use of tracking categories within the software allows you to track performance by enterprise or by holding, for example.
Xero is MTD compliant and has a bank feed facility, which updates automatically on a daily basis. There is an option to take a picture of your receipts when you are on the go and upload them to Xero so you need not be hunting for receipts when your VAT return is due! VAT return submissions are sent to HMRC via Xero at the press of a button!
We have great experience in using Xero and I have trained around 60 farmers in how to use the software. If you would like training or perhaps just a refresher course, we can come out and help you with this.
We can access your Xero from the office, without you needing to send us backups, and can give pro-active advice as required. It makes it easier for us to generate up to date ‘actual versus budget’ statistics which can prompt any changes required on a timely basis, when they are most useful to you.
Xero and budgeting
There are useful budget reports integrated into Xero, which allow you to compare variances both in numerical and percentage terms at the click of a button.
The initial budget can also be used as a monthly cash flow forecast to assist with ongoing financial control. We can create budgets for the farm as a whole, specific enterprises or for strategic projects to help manage the business whilst providing a baseline to measure performance against.
May 2020More News