Accounting software group Xero said that it has ‘dramatically improved’ its product, currently used by over 30,000 UK small businesses and 1,200 UK accountancy firms, with the launch of Files.
The group added that the Files feature within Xero resolves the issue of financial documents being in a different place to the relevant transactional data. Rather than sitting in filing cabinets, financial documents and images can now live seamlessly next to transactions.
“Desktop software can’t deliver the benefits that we are now seeing with the cloud. Files is the perfect example of this, creating a whole new paradigm for small business accounting,” said Xero’s UK managing director Gary Turner.
“Too often, paperwork is scattered in binders, filing cabinets and shoe boxes. Files brings the information securely into one place.
“This launch supports our recent survey, which found 55% of practices are switching to cloud software to cut costs and improve efficiency.”
Files changes the way small businesses, accountants and bookkeepers can work together. The small business owner can upload source documents as they are received or generated, making reporting and tax time much more efficient.
Xero now allows customers to fully manage both financial data and financial documents in the same system, introducing efficiencies and opportunities for small businesses and their accountants to work together.
Files is not only about financial documents. Contracts, company incorporation documents, board minutes and warranties can all be shared between the business owner, accountants, bookkeepers and directors. Files are stored in a system with high security and reliability. They are fully encrypted and geographically replicated – stored in multiple locations so they are available anywhere, at any time.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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