26 March 2021

Xero: making 'remote working' work


Outsourced Accounting

After 12 months of pandemic restrictions it is no surprise that the disruption will have a lasting effect on how we work. Employers have been forced to confront their preconceptions of home working, with many finding that employee productivity has increased. As we look to the future, the businesses who are continuing with remote or hybrid working are faced with a new set of challenges.

In this changing work environment, staying connected with cloud accounting technology, like Xero, has become more important than ever.

Lessons from the pandemic

For many companies, this period has proven that staff can work effectively outside of the office whilst also enjoying the extra flexibility and zero commute.

So much so, a recent survey by Aviva found that 95% of their employees would prefer either full-time or part-time remote working. This has led many leading employers such as HSBC to forecast a significant reduction in their office space. It is clear that remote and hybrid working are here to stay post-lockdown.

Yet this new, seemingly utopian, work life comes with drawbacks. Access to data and team collaboration being some of the top challenges faced by business owners and finance teams. The reality is, inflexible digital infrastructures can make working from home difficult. Working together is also a challenge, especially when involving external advisors like your accountant. Without being able to meet in person, it can be difficult to ensure that financial information is being managed properly.

Keep connected with cloud accounting technology

This is where cloud accounting and Xero becomes an invaluable tool for remote or hybrid workforces. Due to the ever changing and unpredictable external environment we now live in, it is vital that you have timely financial information to support decision making. Recording this information through Xero is efficient and can free up time so you can do what you do best: running your business.

These are our top three challenges for remote working and how you can overcome them with Xero:

  1. Inflexible processes – Your teams can easily transition from office to home working without any disruption to the information they can access. No more returning to the office to access that one computer programme or find some files. Xero gives you the flexibility to instantly send sales invoices and upload purchase invoices. This can be done by scanning a receipt on your phone, or directly sending the invoice from your emails. Automatically linking your bank account will also allow you to quickly compare live financial information.
  2. Poor information visibility – Data quality is key for making important business decisions. Xero gives you clear oversight of all financial information, enabling you to properly assess the health of your business. This also means you will be able to identify issues with your financial data sooner and take action before it becomes damaging.
  3. Reduced collaboration – Rather than trying to explain something over the phone, Xero allows you and your accountant to work on the same data in real-time. In this changing, difficult business environment it is vital that you can work with your financial advisor effectively to take decisive action.

Kick start your journey to better business data

Getting your company set up with Xero is quick, easy and can be completed remotely. If you work with an accountancy firm, it is important to ensure they have the appropriate level of Xero expertise. Your advisor will be able to work with you to get the most out of your cloud accounting provider.

Haines Watts are Xero Platinum Partners, the highest partner status, which means we are eligible for discounts on app subscriptions. We are here to help you get the most out of cloud accounting in order to help you achieve your business ambitions. Our team would be happy to discuss how Xero and cloud technology could help your business and give you a demo via Zoom.