Web-based accounting software service Xero will be demonstrated in Sri Lanka on Wednesday, December 12, at the Postgraduate Institute of Management, Colombo. A product developed by New Zealand-based Right Click Accountants, Xero is also currently available online to try for free. Said to be the “world’s easiest accounting system”, Xero has also been described as [...]

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Web-based account software Xero to be demonstrated in SL

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Web-based accounting software service Xero will be demonstrated in Sri Lanka on Wednesday, December 12, at the Postgraduate Institute of Management, Colombo. A product developed by New Zealand-based Right Click Accountants, Xero is also currently available online to try for free.

Said to be the “world’s easiest accounting system”, Xero has also been described as an “online accounting system that gives small businesses and their advisors easy access to bank transactions, invoices, reports and VAT”, according to a media statement issued by local partners, chartered accountants Wijeyeratne and Co.

Further; “Xero offers small, real time reports, integrated invoicing, corporate grade security and unlimited user logins. It is revolutionising small business accounting, in New Zealand, Australia, the UK and USA. Xero advantages include a monthly fee making it ideal for start ups. It downloads and uploads from Excel easily and memorises coding reducing data entry”.

Xero allows only designated financial advisors / controllers to input journal entries. Meanwhile, with three packages priced from NZ$ 29 (around Rs. 3,000) upwards, depending on the usage, Xero can be accessed from anywhere at any time, with all that is needed being an active Internet connection and a computer.

Additionally, two scenarios have been put forward wherein Xero could prove useful. First; “You are the CEO – have factories in Anuradhapura and Polonnaruwa with assistant accountants at each location and a head office in Colombo with a Finance Manager. Each party can be given appropriate access the system. The data is available to use in Colombo immediately on input”.

Second; “You are the CEO of a company travelling overseas for a month on an export drive. How do you monitor your valuable business? With Xero accounting you can, log in at an airport, hotel or Internet café to look at current performance”. The media statement also added; “Data entry and preparation of accounts is only a process to monitor performance, it should not be a hard task or use up valuable resources or effort. Analysis of reports, not their preparation, should be the objective. An accurate report based on factual data is the key to managing your business, and is most valuable to the business owner and the managers”.




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