Xero accounting for schools

Xero is an award-winning New Zealand developed online accounting system. Its ability to securely support many users, while providing access anytime, anywhere, makes it the perfect choice for managing school finances. With your school’s financial information flowing into Xero, you’ll enjoy increased financial clarity and better future planning, while saving staff time and giving the control back to you.

Xero’s financial information is truly real-time – as daily automatic bank feeds are available from all of New Zealand’s major banks. That means key personnel can view information at a convenient moment, such as in the evening, and support staff can make sure they’re on top of the transactions without having to go into school, say during the holidays.

Accounting for Schools (AFS) also has Xero access, allowing us to provide instant assistance and advice. This makes it really cost-effective to have school accounting experts engaging with you. Together, we’ll also be able to quickly and easily identify potential financial risks – leading to more efficient investment in your students’ future.

When it comes to Xero implementation, there are no infrastructure changes required by the school. Xero hosts both the application and data securely. There is no software to install and no backups required. All that’s required is a web browser and an internet connection. Regular Xero upgrades are also seamlessly rolled out periodically with no impact to Xero users.

AFS has strong relationships with both Xero and the Ministry of Education – who see us as leading school accounting experts. Accounting for Schools is a Xero Gold Partner – a status that recognises the level of experience, knowledge, and number of clients we have. We’re also engaging with the Xero team on a regular basis specifically to enhance the system for educational organisations.

Key features of Xero

Xero is a full accrual accounting system and includes:

  • Easy to navigate – it doesn’t look and feel like an accounting system
  • Automated bank feeds
  • Simple real-time bank reconciliations
  • Accounts receivable invoicing
  • Accounts payable processing
  • Creation of batch payment files, possible to approve by smart phone
  • End-of-month management reporting
  • Budget and variance reporting
  • GST reporting
  • Contact management
  • Integrated fixed assets
  • Integrates with some student management systems
  • Multi-currency
  • PC and Mac accessible
  • Mobile device accessible

Xero’s Benefits for Your School

  • Increased accessibility of information – enjoy real-time financial transparency.
  • More control of your financial processes – view bank transactions & make payments whenever you want to.
  • Create batch payment files – do away with the need for cheques.
  • Significantly reduce manual data entry – save the school’s support teams at least ten hours per month data processing.
  • Redirect support teams’ time to focus on other areas – such as delivering key learning outcomes for students.
  • Smoother collaboration between all parties – including: principals, executive officers, trustees, and support providers such as AFS
  • Produce accrual-based reports – providing an accurate view of available funds at the end of every month, not just the financial year.
  • Timely information – monthly reports are usually completed within ten days of month-end, allowing for faster financial decision making.
  • Easier auditing processes – we can provide auditors with access into the system as well, significantly reducing audit queries.
  • Ability to plan with accuracy – reliable and comprehensive information gives valuable guidance when making decisions.

Talk to the school accounting experts

To arrange your no-obligation assessment, please contact us today

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