KEY BENEFITS OF UTILISING XERO

Aside from the software licencing cost reductions, there are a number of other significant benefits associated with utilising Xero, including:

- Automated bank feeds.

Bank transactional information is automatically feed into Xero on a daily basis. The Schools Bank would provide transactional information to Xero, who in turn load that information within the Schools Xero entity. This avoids manually entering bank transactions in to the accounting system.

- Significant reduction of data entry.

Utilising Xero would allow the export of a batch payment file (text file) that is imported into the Schools online banking (1-2 minute process). The batch file is then authorised as usual. When the batch file is exported from Xero, a single payment transaction is created within Xero. That payment transaction automatically matches with the bank transaction within Xero.

- Ease of Use.

Xero is an accounting system that has not been designed from an accountant perspective. Xero's pleasant layout, easy of navigation, lack of accounting jargon and outstanding online guides, allows non-accountants to easily operate the system. On the occasions when a mistake is made, correcting the error is relatively simply and undertaken with just a few clicks of the mouse.

- Timely Information.

As a result of the bank transactional information flowing through Xero daily, the monthly reports can usually be completed within 2 to 4 working days after month-end. This allows the Trustees to make more informed and timely financial decisions, particular around spending priorities.

- Accessibility of Information.

As Xero is an online accounting system, authorised users can access it from anywhere they have internet access. This enables authorised users to review key information during the month at any time of the day (or night).

This also particularly useful for providing on-going support and dealing with quick over the phone queries, as the Accounting for Schools team is looking at the same information as the school user.

- Easy Accounts Receivables & Identification of Outstanding Amounts.

Through our associated Company, All Accounted For, we provide accounting services to the Kelly Sport/Club group. The Kelly Sports Group provides before, after and holiday school care, with us managing their financial operations through Xero. The ability to electronically email invoices and statements through Xero has significantly reduced the amount of administration time for the Kelly Sports Group.

Additionally, at a quick glance, the administrative team are able to identify the level of outstanding invoices. Xero also has the functionality to create repeating invoices, further reducing time associated with preparing invoices.