Xero and QuickBooks: Leading the Future of Digital Accounting?
Easily accessible, more efficient and better connected than ever before, the world of accounting has well and truly started its digital revolution.
Online accounting software such as Xero, QuickBooks and FreeAgent are leading the future of technology in their sector, giving consumers and accountants the ability to manage business finances online, on-demand, from as many devices as they need.
With lots of options for automation, online accounting software is a great way to improve efficiency in any business. From real-time cash flow updates to creating and sending invoices on-the-go, to streamlined expense management, traditionally slow and manual processes are being optimised, giving business owners (and accountants) back one of the most valuable assets: time.
Technology has infiltrated every aspect of our lives, from online grocery shopping to digital doctor appointments to virtual client meetings - accelerated further recently by the pandemic - so it’s no surprise that consumers expect instant access to their financial position too.
Through digital accounting, business owners have data at their fingertips, with one key benefit being they can make informed business decisions quickly, and identify any red flags or areas of concern instantly.
Going digital is not just a ‘nice to have’ anymore - it’s essential for any ambitious business.
In turn, consumers are not just demanding more from their accounting providers, they need more from their accountants too. They want technology to handle routine, repetitive work so they can interact more closely and collaboratively with their accountants, expecting more forward-thinking and strategic advice, stepping away from 'number crunching' and into advisory roles.
72% of small business owners changed accounting firms because they received reactive service rather than proactive advice, according to research from Accountex.
''Whatever role you carry out in the finance function you can make a difference in this technological world. Boundaries are falling away, and opportunities are abundant,'' says Sam Ellis, Chair of the ACCA Technology Global Forum. ''The limiting factors are mainly in the mindset of those who are unwilling to be open and embrace the transformation from industrious manual accounting to digital accounting.''
With HMRC introducing Making Tax Digital in 2019, many businesses are now required to use the new system meaning financial information has to be stored digitally and taxes must be submitted through compliant software - with over 400 software solutions listed on HMRC's website, there are plenty to choose from - another huge step in the digital transformation of business accounting.
What are the benefits of digital accounting?
- Visibility - Receive real-time updates / information Full visibility
- Time Efficiency - automate record-keeping and reduce manual data entry
- Accuracy - eliminate repetitive tasks and human error
- Accessibility - access financial information from any device, on the go
- Reliability - data is stored securely on the cloud, reducing risk of lost paperwork
- Connectivity - link accounting software, accounting apps, bank accounts and HMRC easily
- Flexibility - day to day tasks can be automated, such as creating invoices and managing supplier information on the go
Does Expend connect to Xero or QuickBooks?
Yes! Map Expend to QuickBooks and Xero in minutes, then relax, as all of your expenses data is automatically synced for you. All changes made are updated automatically, even when adding a lost receipt from months ago. Process expense claims of any type, from any source, including mileage, cash and out-of-pocket expense claims.
Bank Feed Integration for Expend cards
Reconciliation of our smart expenses payment cards has never been easier. Expend’s bank feed updates cleared transactions daily, ready for you to reconcile in one-click.
Once you’ve connected us to Xero or QuickBooks, we’ll automatically create your bank feed the following morning.
Expend automatically syncs approved transactions and their receipts (even if the receipt is uploaded months later).
Immediate spending insights
Gain real-time spending oversight with transaction data that is synced as it happens.
Xero tracking compatible
Import your existing tracking codes and clients with one click. We’ll keep them updated automatically for you.
Fully tailor your expense categories, and pair them with your Xero or QuickBooks Chart of Accounts.
What about other accounting software providers?
Don't worry - we’ve made it easy to download all of your data in a customisable CSV file.
We also provide software-specific CSVs for easy data importing to all major accounting software packages.
Find out more about our Accounting Integrations here.