Take your Accounting Online with Xero & Receive up to 50% Funding

Both of them are them are Accounting Software to introduce what they are. Here are the reasons why using Xero is better than QuickBooks.

Xero

• 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

Quickbooks

• 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

Quick takeways

• 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.

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. It also have many useful features that automates 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.

Tracking of your business expenses and income is way easier . Because of 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. Accounting Xero services are a good way for SMEs to outsource their accounting. Together with the benefit of keeping a close eye on finances. You don’t need a large budget or a finance degree to engage WLP Group in our Xero account services. You only need 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 to us. We will then look over your account together.

Accounting¹ is the record of financial transactions. And the preparation of accounting reports[1]. Accounting used to be done manually by bookkeepers and accountants. But accounting has not evolved thanks to technology. We now have software like Xero that automates a lot of the mundane aspects. They comprises of 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 the use in external reporting under generally accepted accounting principles (GAAP). With accounting, a business owner can get an overview of a company’s activities. And also its cash flow health, assets and debts.

The “cloud” in cloud accounting means it’s accessible over the internet. Just like Google Word compared to Microsoft Word. Microsoft Word is only on your computer. while Google Word can be accessed online through your Google account.

Xero is accessible from any device . It doesn’t store transactions on your computer but on Xero’s servers. It is like how Facebook keeps posts on its servers.

To start using WLP Group’s Xero accounting services, just meet with our accountants. Bring important financial documents and login details for your accounting software. If you use an ERP system, have an IT administrator present to help with data access.

Xero cloud accounting is low budget for small businesses. And can be integrated at ease 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 – you only pay monthly when you use it.

For Xero online accounting services, you only need bookkeepers. They will take care of the accounting and finance functions so your business can focus on what it does best!

Singapore don’t need expensive accounting firms. Xero treats everyone with equal, whether a sole proprietor or a large corporation. Your transaction data is safely stored on Xero’s cloud accounting software. with the option for manual backups on your computer. Xero’s data is backed up on many servers worldwide, ensuring data safety.

You can access your financial information anytime with Xero online accounting services. It is convenient for busy business owners and accountants who need 24/7 access.

Accounting has become more automated. Now manual bookkeeping is a thing in the past. Transactions can be automatically added to your Xero cloud account. Through the bank API.

Xero empowers companies to make data-driven decisions rather than relying on instinct. Now transactions are imported straight into the system without manual data entry. This done is by updated security features and real time bank feeds to track accounting data.

Your accounting system should follow local laws in Singapore to avoid fines. Xero Singapore is recognized by IRAS as the main accounting software. SimplePay, the recommended payroll add-on, is also approved by IRAS. And meets CPF e-submission requirements.

Xero is actively partnering with local banks like UOB, DBS, and OCBC. As well as international banks such as Citibank, Standard Chartered, ANZ, and HSBC.

A Xero report shows that Singaporean SMEs are more likely to adopt new technologies. USA and the UK are less likely to do so compared to Singapore. If you’re an SME owner, digitize your business with Xero for accounting assistance. Feel free to contact us for more information!

Xero offers a few pricing plans to suit your ongoing business needs. They are Starter/Standard/Premium pricing plans. It’s prices² and plans verify depending on the size of your company and number of users your account requires.

Xero uses a single ledger system, which means you enter your data once. It can generate customized reports for government departments, your parent company, and investors. Reports include Income Statement (Profit and Loss), Balance Sheet, Cash Flow Statement. And Project/Product profitability, as well as Receivables/Payables and bank reconciliation summaries.

Xero’s reports are compatible with management packs. Because they can be exported in the flexible CSV format.

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 to plan for your business’s cashflow. All with just a few clicks.

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 automated for you.

Reconcile your bank statements automatically. If you’re a local SME, you might have a POSB, DBS or OCBC corporate bank account. 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 ensure 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.

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. So as to provide the best accounting software for our clients.

Xero is a New Zealand company traded on the Australian Stock Exchange (ASX)³ since 2006. It started by assisting small and medium-sized businesses with accounting and expanded globally.

This expansion includes Singapore, where Xero SG operates as a subsidiary. Xero SG’s primary goal is to help Xero grow in Singapore. And provide accounting tools to small and medium-sized businesses.

For example, Xero integrates with DBS bank feeds. Thus making bookkeeping easier for accounting firms like ours. All financial data is securely stored in the cloud with Xero.

So, to clarify, Xero SG and Xero are essentially the same company. Xero SG focuses on introducing Xero to Singaporean accountants and business owners. That is the only difference between Xero SG and Xero.