My experience with Xero

My experience with cloud-based accounting software

In my years of experience with Akonu & Partners, our cloud-based accounting software has been a tool that can make accounting more efficient and effective for my clients. When my firm discovered the accounting tool, I knew it was a game-changer.

I recall working with clients who felt overwhelmed by managing their finances. They struggled to track expenses, reconcile bank statements, and produce accurate reports. Their outdated accounting systems were not only cumbersome but also prone to errors. For example, they dealt with unbalanced trial balances, lacked supporting documents, and faced delays in preparing their accounts.

When my firm introduced them to our cloud-based accounting software, their world changed. My clients could access their financial data anytime, anywhere. This real-time access meant they could make informed decisions on the go, which was crucial for the growing of their business. The user-friendly interface made it easy for them to navigate the system without feeling overwhelmed.

One of the biggest transformations came from automation capabilities where we have the charts of accounts and consistency in classification of expenses and the likes. My clients no longer had to spend hours on manual invoicing and bank reconciliation. Our cloud-based accounting software automated these processes, significantly reducing the risk of errors and freeing up their time to focus on what they loved that is growing their business.

But it wasn’t just my clients who benefited. For me, as their accountant, it provided a seamless way to collaborate with them. I could access their financial data in real-time, allowing me to provide timely advice and insights. The detailed financial reports like the accounts receivable and payable analysis, pending invoices and bills on the dashboard generated were extremely useful in helping them understand their business performance and plan for the future.

Another client, in the facility management sector, was amazed at how effective the solutions were. As his business grew, we adapted to his needs, providing the flexibility required at each stage of his development. We also introduced “the client account” to help minimize his company’s tax exposure regarding value added tax and withholding tax. He was also, particularly impressed with the security measures we had in place, ensuring his financial data was always protected and backed up.

Not forgetting how much easier payroll had become because of our cloud-based accounting software. It integrated payroll system simplified the preparation of payroll, and tax filings for my clients and ensuring they they were always compliant with regulatory authorities. Furthermore, it also gives us a clearer picture of the payroll expenses agreeing with the PAYE filings in tax audit position.

What makes it particularly interesting for me is the ability to attach supporting documents to any bill, invoice, or even payroll entry. In the Revenue Administration Act, 2016, companies are to keep records for at least six (6) years. With our cloud-based accounting software supporting documents are attached to every transaction to deal with issues of no supporting documents. This feature is incredibly helpful because, during an audit, I don’t have to search for hard copies. Instead, I can simply grant the auditor read-only access, allowing them to review everything directly within the system.

My journey with our cloud-based accounting software has not only enhanced my clients’ financial operations but also empowered me to deliver exceptional services.

Notwithstanding, it gives them control over their finances and confidence in their business decisions.

Using the tool in my firm has been more than just an upgrade in accounting software but also, it’s been a step towards modernizing financial management for my clients and me. Seeing my clients thrive with my support has been one of the most rewarding aspects of my career.