Xero Small Business SME Accounting Firm

WLP Group

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Xero For Small Businesses In Singapore

WHAT IS XERO?

Xero is one of the world’s leading providers of cloud-based business management software. Xero accounting firm is a global provider that offers services to small businesses, startups, and freelancers.

With over 250,000 users in 180 countries around the world, Xero has been trusted by millions to manage their finances for more than 10 years. 

If you’re looking for a Xero SME accountants or XERO small business accounting service—you’ve come to the right place!

Secretary working in Singapore
Xero Versus Quickbooks

Why Xero is your best option

We’re not biased – Xero is one of the most popular accounting options.

Xero is similar to Apple and the app store in the sense that it allows you to connect other softwares with it[1]https://apps.xero.com/sg. Have a company ERP with all employee and payroll details? Chances are there’s a Xero app to integrate the two together.

In addition Xero has a better more minimalist UI. This makes it easier to use and for you to generate reports without any hassle. Also, it’s easy for you or your staff to upload receipts by using their mobile app.

Frequently Asked Questions on Xero For SMEs

What are the services that a Xero accounting firm provides?

Xero is online accounting software. Xero is designed to help SMEs streamline accounts payable, automate invoicing, and get paid faster.

As a Xero accounting firm, we do bookkeeping for SMEs. (Xero is a SME accounting software.) Since Xero is very popular in Singapore, especially after the PSG Grant’s 70% subsidy, we do bookkeeping for our clients using Xero. We make sure that all our records and bookkeeping are kept up-to-date and compliant with ACRA and the Singaporean government. We help businesses with anything finance or accounting-related too, such as generating financial reports.

Accounting has a reputation for being data entry. But data entry in accounting has been completely automated with software like Xero and APIs with banks. Instead, most of accounting for SMEs is categorising transactions into the correct income and expense categories and make sure that transactions are in-line with the latest cash flow rules.

There’s also reconciliation and keeping track of assets like inventory. SMEs always have cash flow concerns. For example, an eCommerce company might use Xero to keep track of inventory and the available cash in bank. It can be difficult to balance cash in bank and inventory even with the help of software like Xero or Xero accounnting services from a firm like WLP Group.

Both WLP Group and Xero also provide dedicated support. Xero has an online knowledge base, which is basically a forum with a lot of commonly asked questions from clients. You can easily find help to a question that you have and our accoutants will personally help you if you have any further questions.

How does Xero help with small business bookkeeping and accounting?

Xero is a popular online bookkeeping software that helps small businesses in ways more than one.

  • Extra data from multiple point-of-sale (POS) systems, invoicing software and more
  • Payroll management
  • Automate regular tasks like bill payments
  • Expedite bank reconciliation
  • Send automated invoice reminders to debtors
  • Streamlines the payments to and from others
  • Improves cashflow management
  • Helps in financial statements preparation
  • Filing tax returns
  • Setting and optimizing budget performance and more

Our Xero accounting firm is there to guide you through. Focus on growing your business while W.L.P Group gets your small business’s accounting organised and up-to-date. Your bookkeeping will be up-to-date with ACRA’s latest regulations. Call us at +65 64932970 to set up your Xero bookkeeping account!

What are accounting services for small businesses important?

You may not be familiar with accounting if you’re a new business owner who has just started a business in Singapore. Accounting services are an important yet often overlooked part of running a business. Incorrect accounting procedures can lead to poor financial management and ultimately lead to the failure of your company.

The Xero accounting firm offers customized accounting solutions for small businesses. Their team of experts will accurately enter your records so you know where your money is going and how it’s being spent.

Looking for freelancer or independent SME accountants?

If you’re looking for Xero SME accountants, you’re in luck!

As a Xero small business accounting firm, we offer online accounting services that are easy to use and available at any time of day or night. You can log in from anywhere in the world to keep up with all aspects of your business, from cash flow to accounts payable.

Xero accounting services can be accessed anytime and from anywhere. You don’t have to worry about contacting us or your accounting firm during 9am to 5pm office hours. You can access your account and financial data at any time on your computer.

It’s very important to accurately track all of your business expenses. This is so you know how much money is left over each month. It’s also crucial that you use those figures when determining what percentage of tax needs to be paid. The Xero small business accounting experts offer individualised tax reporting based on what type of work you do. You should also get personalised advice depending on the size of your business and yearly sales. You can always contact ACRA to find out more but it’s easy to make mistakes if you do everything yourself. Work with a Xero accounting firm in Singapore for professional help.

Why choose WLP Group as your accounting firm?

If you’re looking for reliable Xero SME accountants, the best place to turn is The XERO small business accounting service. This global provider offers services that can be used by companies in 180 countries around the world and has helped millions of people since it was founded in 2006. If you want accurate bookkeeping done on a regular basis—without having to do any work yourself—the team at Xero SME accounting experts are here to help.

Contact them today via phone or email for more information about their customized solutions for your specific needs. They will get back to you shortly after receiving your inquiry so they can begin working on an action plan that’s specifically tailored to what works best for both of you.

In conclusion, Xero Small Business SME Accounting Firm offers a range of services that can help you manage your business finances. If you’re looking for an accounting firm to guide you through the world of digital finance then this is definitely one to consider.

Can Xero track GST?

Yes it can! GST is just a regular 7% tax rate and you can specify which products should be taxed in your Xero settings[2]https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/basics-of-gst/current-gst-rates). You can also set individual tax rates for each transaction in your Xero activity statement.

Is Xero more difficult to used in comparison to Wave or Quickbooks?

Xero is very easy to use and probably has the same learning curve as Quickbooks. Xero is slightly more complicated than Wave. But that’s because Xero has a lot more features (e.g. dealing with foreign currencies in journal transactions). Either way, out Xero bookkeepers will handle all the complications of accounting. All you’ll need to do is to log into your account and view all your reports – this is the same on Xero, Wave and Quickbooks!

What are the limitations of Xero for bookkeeping?

We’ve gone on about the pros of Xero. But what about the cons? Xero currently doesn’t provide an automated invoice follow-up system. This means that you can send out invoices through Xero but need to follow up with clients manually. Some accounting softwares offer automated follow-up emails to be sent after a certain number of days if an invoice isn’t paid.

Another limitation is Xero’s prices. Xero has a lot of great features for bookkeepers but they come at a cost. With an alternative such as Wave, everything is free except for certain services like payroll. There are different plans in Xero depending on how complex your business is and what features your accountant or bookkeeper needs.

Finally, Xero is not very customisable for large businesses. Xero might not be a suitable option for a MNC or complex industry or business model. Xero was built and developed for SMEs in mind which means that it prioritises on great features such as invoicing, reconciliation and billing. But it lacks advanced features needed in large companies that have complex foreign currency transactions or complex cash flow entries that require a custom-build accounting software.

WLP Group is a Xero Accounting Firm (Gold Partner)!

Yes, you heard that right! WLP Group is one of the few gold partners of Xero SG!

There are many benefits to being a Xero gold partner. We receive better and closer support from Xero SG. This means that we can better help you with your accounting! We can also bring up issues that you might have and get them resolved with the help of Xero SG support.

Xero Gold Partner
WLP Group is a Xero SG Gold Partner!

Xero Accounting Services with 80% Funding – PSG Grant

The PSG Grant is a business grant provided by Enterprise SG (a branch of the Singaporean government)[3]https://www.enterprisesg.gov.sg/financial-assistance/grants/for-local-companies/productivity-solutions-grant. They offer funding for IT services and software including Xero accounting software! (You can find more PSG Grant details here.)

WLP Group is a pre-approved PSG vendor and we have helped many Singaporean SMEs with the PSG Grant application process. This means that we are better equipped to help you with your PSG Grant application process and to get funding for Xero accounting services quickly!