David Koch – Why you need online accounting

Today David Koch was the guest blogger on the Xero Blog. He talks about why Online Accounting is important to him and why he thinks your business should invest in it. Below are a few snippets of his blog.

Peace of mind

I don’t want to scare you, but all it takes is one office disaster and your files are compromised. A dodgy employee, fire, flood or break-in and you’ve got a problem. Hard copies of old accounts are often irreplaceable, and a lot of the time businesses don’t fully recover from disasters for this reason.

Using online accounting gives your business access to the latest software and data security that’s safer than the lock on your front door. Simple as that.

Incredible convenience

Being able to check accounts and invoices from anywhere is invaluable for businesses that aren’t office based like tradies and others on the road all the time. It’s like having an office in the palm of your hand.

Time and cost savings

Online accounting obviously means saving on paper, printing expenses and storage costs. There’s also the time saving of not having to sift through reams of paper.

Unlike the old days of expensive software packages, there’s no big capital outlay required for this convenience.

Work-life balance

Despite the belief that being able to work from anywhere means it’s harder to switch off, I find it allows me to be more productive in those previously unworkable pockets of time. Even five or ten minutes sitting in a taxi or waiting for a meeting can be used productively.


Source: Why you need online accounting

Xero: Side-by-Side Files

Being able to upload a copy of your bills is one of the many great features of Xero.

Today Xero announced an update to this feature to help build an efficiency within your business.

Once a file is in your Files inbox, you can create a transaction from the file, and view it side by side as you’re entering the details. It doesn’t matter whether you’ve emailed it in there, or dragged and dropped it into the inbox.

This gives you the opportunity to be even more efficient in the way that you work. You can select a file in your inbox, then create a new bill, purchase order, expense receipt, or a spend/receive money transaction.

When you create the transaction, the file will be displayed alongside the transaction you’re creating. This means you can easily key in the details as the information is right in front of you. The contents of your file appears on the left-hand side of the screen, while your form appears on the right. Hence Side-by-Side Files. We think this is pretty cool – have a look at how it works here:”

Source: Introducing Side-by-Side Files