Ten reasons I love Xero, the best accounting software for Real Estate & why you will too!
There are so many steps along the way to becoming an Advanced Agency and I’d like to share an important element with you. Using software to automate as much as possible in your Agency is one of the nine strategy points we recommend to structuring your business for growth.
Real Estate Agency Owners ask me why they should consider Xero, as I recommend it every time someone is not using Cloud Software for Real Estate Bookkeeping (why are people making their lives so hard???).
Since I can’t speak with everyone I thought I would make a list of why I love Xero….
- Simple to Use – Xero is super user friendly, the quick to access and easy to use Xero Support function is always available. There are scores of free training tutorials available via Xero and You Tube, but I recommend the official version for the most up to date assistance. The program can also scales efficiently with your Real Estate Agency.
- Ease to Use All-In-One Solution – Xero allows you to complete loads of functions from one platform – invoicing & emailing directly to clients, send reminders, request payments, run payroll, calculate and pay employee superannuation, lodge STP reports directly with the ATO. It also makes your financial data immediately available to you and your Real Estate Accountant. Your financial information is current & available (and as long as its reconciled regularly), which is incredibly valuable in supporting your daily business decisions.
- Inexpensive – Xero has a low monthly fee in comparison to other platforms and for its superior functions. It is even possibly lower it you have your file set up by a Xero Partner who has access to discounts or free periods. This varies between Xero Partners but we pass the cost price onto the client, so you receive all of the current promotion benefit. This can vary between 3 to 6 months 50% or free access and is generally double the promotion offered directly via the Xero website.
- Automated – As noted earlier, automation is a huge time saver and essential to any business wanting to scale up. The auto bank feed and features that massively reduce your administration time. Everyone benefits from no more manual data entry, as seriously who doesn’t need more freed up administration time? More time for sales and clients, yes please.
- Automatic Updates & Upgrades – Xero Cloud software guarantees you are using the correct tax and payroll %. For example, the JobKeeper feature saved all of Xero’s platform users hours of time by producing reports to see it they were eligible, suggesting employees who met the criteria etc, during the nightmarish time that was early to mid 2021. This feature was provided free to all Xero accounts with Payroll – I was very impressed that Xero didn’t charge a single cent for providing this invaluable assistance to Small Business employers, at a time of confusion and need – sorry, I got a bit side-tracked there, but a great example of essential upgrades that made a huge difference.
- Accurate – As Xero receives the data feed directly from your business bank account, the potential of human error is removed, in addition to time saved. Your business transactions are captured daily and reports can be trusted. As an example, Banks accept Xero reports for financing purposes. The accuracy also saves time in BAS & annual tax return prep.
- Fuss Free Records – all your business financial records are stored electronically. This function saves you time, storage and meets the ATO records requirements. Also, this method of recordkeeping makes sure the ATO can be kept happy in case of Audit.
- Free Back Up – Xero allows you to keep the required 10 years of business records required by the ATO in your secure Xero file free, as noted above.
- Easy Reports – When your data is reconciled ( I always add this disclaimer, as its great software, but not magic) you can run any report immediately & get up to date information about your business. Want to know who much annual leave your team has accrued – run the report. Want to know if a customer is profitable or pays on time? – run the report. Endless information is available when you are up to date to manage your business more effectively.
- Add-On Apps available – Specialist additions are available for the Real Estate Industry to make your life simpler. I highly recommend the use of Hubdoc to record and upload your receipts on the go, this also comes free with mid to higher level Xero subscriptions. You can take a photo on your phone of the receipt/invoice, email it to your secure account and move on with your day. No more collecting receipts from your vehicle or missing out on expense claims.
There is more, but it would take too much time…. Call me if you want to know more?
Helping Real Estate Agency Owners to plan, structure and scale their businesses using ‘The Advanced Agency’ model.