Xero Accounting Systems for Builders and Construction Companies
The importance of accounting systems for every type of business, even small businesses, cannot be overstated here.Choosing the best software that would suit your accounting needs always presents a challenge. That is for the reason that some may not be reliable, complex or even some are just expensive.
Subsequently, we are presenting to you one of the accounting systems that has increasingly been used by businesses including those in the building and construction sectors.Accounting software is used in builders and construction companies to speed up construction processes that are often complex in as far as money figures are concerned. With the use of the software, the company would be better placed to deliver construction projects on time and within the expected budget.
Xero
This software product is sold by subscription for builders and construction companies. The company was founded in New Zealand in 2006, and throughout the years has gone from strength to strength. For example, at present the Xero Accounting Systems for Builders & Construction Companies is used in over 180 countries worldwide.
Features of the xero product
- · Asset management
- · Dashboard
- · Files
- · Advisor tools
- · Accept payments
- · Bank reconciliation
- · Bank connections
- · Contracts and smart lists
- · Inventory
- · Invoicing
- · Reporting
- · Payroll
The features highlighted above are not that exhaustive, other important features and tools essential for accounting systems are provided for. There is exhaustive information provided on the features and tools incorporated in the design of Xero in the company’s website. It is because of these tools and features, the reason why xero product always appears at the top of any list of accounting systems.
Why Xero Accounting Systems for Builders & Construction Companies
There are a number of reasons always given why Xero is preferred by a majority of builders and construction companies. The reasons include;
I. It is convenient. Since the system is cloud software, it can be virtually accessed from any part of the world. That is as long as you have a reliable internet-enabled device such as a computer, tablet and smartphone.
II. It is secure. The Xero system allows data backup and also implements the use of multiple layers of security in its design to protect your data. This entails the use of secure data centers and also the use of standard data encryption features used in the industry.
III. Payment is faster, to both the suppliers and the business. This is because of the integrated and seamless design of the software.
IV. Checking of cash flows is possible at any time. Checking of cash flows is important especially if you want to know when you can settle accounts or simply pay contractors.
V. Can be accessed 24/7 for support. That is because it is online. There are videos, online guides, FAQs and of course the support team to help you.
VI. Eliminates greatly the need to use folders and file cabinets because construction projects always involve a lot of calculations and numbers. So, you could argue it is environmentally friendly and also it is faster and simple.
VII. Integrated with other third-party apps. Unlike with other accounting systems, Xero enables integration with other specialized apps for project management, inventory management and time tracking among other apps. Some of these apps include Co-Construct, Builder Trend, WorkFlowMax and Cubit.
In conclusion, it is important to stress that even though Xero has been greatly adopted for use by builders and construction companies, the software can also be used in other many industries. For example, the software can be used in Retail, hospitality, e-commerce, Non-profit and High techindustries.In terms of pricing,there are three plans provided. That is Starter ($25/mo.), Standard ($50/mo.) and Premium ($60/mo.). Of course, the packages come with different features and functions. Read more about our Xero accounting software training and support options.