When it comes to the accounting software, there is a wide variety of choices to choose from. You have popular and long-standing ones like MYOB from Asian Business Software Solutions and Ez Acc from UBS Alliance. However such accounting software is losing their edge as they do not bring new elements or features in the accounting software industry. All the important information that you need from the software ends up being locked up in endless strings of numbers and calculations. The software instead of helping you ends up taking up more of your effort as you spend time decoding the wall of numbers. New and upcoming entrants in the accounting software industry are those that catches our attention. They offer to innovate offer creative solutions to differentiate themselves from the current accounting software in the market. One such example is the Xero Accounting Software.
Its primary feature is that it is based in the cloud. Instead of having the information stored locally in your computer, which is the norm for many businesses, it is stored in the cloud, in powerful servers running 24/7 and accessible from everywhere. This makes it very versatile, especially if you have to frequently travel overseas, viewing your accounts becomes a very simple issue.
Classic accounting software is tedious and complex, sometimes requiring proper training for the user/accountant to fully utilize the software.Not to mention, it is also difficult for others to understand, especially bosses. Xero provides a powerful interface to analyze the data and come out with impressive figures and graphs to answer the queries that bosses often have. This software really encourages people to look at the analysis generated by the tools and make suitable changes in their business if need be. This is different from the direction taken by many other accounting software, whose function is to just get the accounts right. Some software complicates thing further because of their messy, complex-looking interface. Xero, in this sense, score full points because of the way they design the interface. It aims to simplify things, making it easier for people to understand and generate what they want to know from all the confusing figures that they input.
And the power of it does not end there. It is made better with all the additional plug-ins that can be used to integrate the accounting software with other softwares (e.g. Payroll, CRM, inventory management, etc) to make it one giant software that incorporates all aspects of your business.
All these features make Xero an outstanding innovation and product.