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Xero Services (Package Fee)
XERO SERVICES IN SINGAPORE
As Xero Singapore Partners, we customize Xero for Singapore’s taxation requirements.
We weave together integrated cloud solutions such as SimplePay for payroll, Receipt Bank for expense receipts, Shopify for e-commerce, TradeGecko for inventory, PayPal & Stripe for online payment processing, Chaser for automating payments collection and Spotlight Reporting for forecasts. This is all put together into a nimble ERP-like system which is just perfect for your small business or startup.
Learn more Xero SME Accounting & Guides here
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Why use Xero over QuickBooks
- Has more apps and it’s easier to integrate your business’s existing software with Xero
- Better (more minimalist) user interface
- API connection with banks in Singapore like DBS
- Has an app that allows you to upload receipts easily
- Is a closed ecosystem and it’s difficult to integrate your other software with Xero
- Less user-friendly UI
- Does not have a connection with banks in Singapore
- Xero is an accounting software commonly used by small businesses because of its simple user interface and useful features like invoicing.
- Every company needs to use some sort of accounting software to do bookkeeping. Excel is a hassle and writing your income and expense transactions by hand is too time consuming and impractical.
- Since not every business owner is an accounting major, most companies in Singapore outsource accounting to an accounting firm like WLP Group.
- Accounting services handles everything from bookkeeping and recording all invoices and expenses to filing taxes at the end of your fiscal year.
Frequently Asked Questions About Xero Singapore
What are Xero accounting services?
Xero accounting services are the accounting services done using Xero. Xero is an accounting software that has transformed SME accounting. It uses the cloud to keep and store your data and have many useful features that automates previously mundane bookkeeping tasks. An important feature of Xero is that you can use it on any device. You can use it on your phone or work computer. This means that you can access your financial statements at any time as a SME owner.
You can keep track of your business expenses and income easily with our Xero accounting services. You can also generate financial reports in a matter of minutes. This means that you’ll have real-time information so that you can budget for the future while staying on top of today’s finances.
Xero even has an app – the Xero Mobile App. It allows you to manage your business even when on the go. In short, Accounting Xero services are a great way for any SME looking to outsource their accounting while keeping a close eye on finances. You don’t need a large budget or a finance degree to engage WLP Group in our Xero accoutn services. All you need is a corporate bank account in Singapore and receipts of all your business’s transactions. Our accountants will meet with you in either your office or our office in Woodlands and we can discuss the best way to go forward. If you already have a Xero account, please bring over your login details for us to look over your account together.
I’m new to business. What is accounting?
Accounting is the record of financial transactions and the preparation of accounting reportshttps://en.wikipedia.org/wiki/Accounting. Accounting used to be done manually by bookkeepers and accountants. However, accounting has not evolved thanks to technology. We now have software like Xero that automates a lot of the mundane aspects such as adding income and expense transactions.
Accounting is usually done by accounting firms, companies, or governments. Financial accounting involves the recording of financial transactions and reports for use in external reporting under generally accepted accounting principles (GAAP). With accounting, a business owner can get an overview of a company’s activities, cash flow health, assets and debts.
What are Xero accounting services?
Xero accounting services offer businesses an affordable option for easy-to-use account software and accounting bookkeeping services.
There are many accounting software options available for businesses. But Xero is a favorite among small business owners because it offers an easy-to-use accounting interface. It also has dozens of features that allow you to track your profit and loss as well as manage expenses easily. For example, it has a feature that automatically adds your income and expense transactions from your OCBC corporate bank account. It only take a couple of minute to verify your bank account with Xero and this will save hours of your bookkeeper’s time.
Transactions can be imported directly into the system without having to type in each individual transaction by hand. This makes the accounting Xero platform efficient and accurate allowing you to spend less time on accounting tasks and more time focusing on growing your company’s success!
What does the “cloud” in Xero cloud accounting mean?
Many people get confused by the “cloud” in cloud accounting. It actually just means “accessible over the internet”. For example, think Google Word versus Microsoft Word. Both have very similar functions by the key selling point is that a Microsoft Word document can only be accessed through your computer. On the other hand, you can access any Google Word document through the internet by logging into your Google account.
The same goes for Xero. You can access your Xero accounting software from any computer on any device. Your transactions aren’t kept locally on your computer – they’re kept on the cloud! In this case, that just means that it’s kept on Xero’s servers. Think of how your Facebook posts are kept on Facebook’s servers.
How do I start using Xero accounting services?
Engaging WLP Group with our Xero accounting services is as easy as meeting with our accountants for our first meeting. As mentioned above, bring along all important financial documents and login details of any financial accounting software that you’re currently using. Please bring along an IT administrator or someone who can show us your financial data if your company uses an ERP.
Xero cloud accounting is affordable for small businesses and easy to implement into existing accounting systems. If not, our bookkeepers can help to transfer all your transaction data over to Xero. But many accounting softwares such as Wave can be easily transferred to Xero. It works on any device – laptop or mobile phone, anywhere in the world! There are no contracts either – just pay monthly when you use it.
For Xero online accounting services, you just need bookkeepers. They will take care of the accounting and finance functions so your business can focus on what it does best!
Who can use Xero cloud accounting services?
Xero cloud accounting services can be used by any type of company. Not every company needs an expensive accounting firm to handle their bookkeeping. It doesn’t make sense for most small businesses in Singapore and is completely unnecessary. You’ll be treated the same regardless of whether you’re a sole proprietor or a large MNC. All your transaction data will be safely stored on Xero’s cloud accounting software. You can always make manual backups to store on your local computer too but everything is backed up on Xero’s servers as well. Your data stored on Xero means that its on multiple servers run by Xero around the world. This means that your data won’t be lost if one server is physically damaged since it’ll be present on more than one server in different locations.
Additionally you can now access your financial information anytime with Xero online accounting services. This is perfect for busy business owners and accountants who want round-the-clock access.
Accounting isn’t just about completing forms anymore. A lot of manual work has been automated in accounting. Think about bookkeeping a decade ago. Before, you had to manuaally write down all transactions into a physical book. Now, you can have all your transactions automatically added to your Xero cloud account through your bank’s API. (Note: This is only application for DBS at the moment. Other banks like Citibank does not have this feature.)
It enables companies to make informed decisions based on data rather than instinct alone.
You can sleep soundly with Xero’s up-to-date security features that you’ll get from Xero accounting services. That combined with real-time bank feeds – meaning transactions are imported directly into the system without having to type them all in individually by hand – makes keeping track of your accounting easier than ever!
Is Xero compatible with local regulations in Singapore?
It’s very important that your accounting system is compatible with local laws and regulations. Singapore is notorious for its heavy fines. And you don’t want to select an accounting software that you will have to switch out of because of regulations. Xero Singapore is on the Inland Revenue Authority of Singapore’s (IRAS) register of compliant accounting software. SimplePay, the payroll add-on we recommend, is on the IRAS approved payroll software vendor list and also meets the Central Provident Fund (CPF) e-submission requirements.
Xero is actively working on partnerships with local banks such as UOB, DBS and OCBC. Xero also has bank fees with international banks like Citibank, Standard Chartered, ANZ and HSBC.
A report released by Xero shows that Singaporean SMEs are the most likely to adopt to new technologies when compared with other countries like the USA and the UK. If you’re a SME owner, you need to digitise your business and Xero to help with your business’s accounting. Contact us for more details!
HOW MUCH DOES XERO COST?
Xero offers a few pricing plans (Starter/ Standard/ Premium) to suit your ongoing business needs. It’s prices and plans verify depending on the size of your company and number of users your account requireshttps://www.xero.com/sg/pricing/.
Can Xero generate all the reports that we need? Is it compatible with our company’s global ERP?
Xero operates on a single ledger system. This means that your data only needs to be input once. The system can then produce powerful reports customised to the requirement of government departments, your parent company and investors. Reports provided include the Income Statement (Profit and Loss), Balance Sheet, Cash Flow Statement as well as Project/Product based profitability, Receivables/Payables report and bank reconciliation summary.
The reports out of Xero are compatible with management packs as they can be exported in the flexible CSV format.
What are some key features that Xero has?
Pay your bills easily. Use Xero to track everyone you need to make payment to. This includes your suppliers who you might make regular expenses to. Forecast any upcoming and repeated expenses on Xero in clicks to plan for your business’s cashflow.
Send invoices to all your clients via email in one click. Sending invoices to clients and getting paid can be as easy as typing in their email and clicking “send”. All the accounting and adding the income entry will be done automatically for you.
Reconcile your bank statements automatically. If you’re a local SME, you probably have a POSB, DBS or OCBC corporate bank account. Thankfully Xero has partnerships with all 3 banks has APIs set up with all 3 banks. This means that all your bank statements will be checked with our records on Xero to make sure that everything is up-to-date.
Add receipts easily through a mobile app. Xero has its own mobile app that you can download on your iPhone and use to upload receipts onto your Xero account. You can do this for every transaction and this will save a lot of time from scanning your receipts or uploading photos onto your laptop to then upload them to an accounting software system.
Is WLP Group a Xero SG gold partner?
Yes, we are! WLP Group is one of the few Gold champion partners of Xero SG. We have been a Xero partner since 2016 and have a good relationship with Xero in order to provide the best accounting software for our clients.
Xero Singapore Bank Feeds
Xero and DBS Bank Feeds
What is the difference between Xero SG and Xero?
Xero is a New Zealand company listed on the Australian Stock Exchange (ASX)https://www.xero.com/sg/about/. Xero was founded in 2006 and focused on helping small and medium-sized businesses with their accounting. They expanded through a first-mover strategy and soon grew all over the world, out from the small region of New Zealand to the rest of the world.
This includes Singapore! Xero SG is a subsidiary of Xero. Xero SG’s main focus is to help Xero to expand into Singapore and equip small and medium-sized businesses with great accounting tools.
For instance, Xero has DBS bank feeds integrated with its software to enable accounting firms like ourselves to do bookkeeping easily. With everything on the cloud, your company’s financials are safely secured with Xero.
So to answer your question – Xero SG and Xero are the same. They are both Xero! The only difference is that Xero SG is focused on bringing Xero to Singaporean accountants and business owners.
Xero’s Local Bank Feeds
Xero and UOB Bank Feeds
UOB Bank Feeds from Xero on Vimeo.