Xero has a lot going for it from the perspective of accountants.
There is a nice front end that that allows accountants to easily see their clients accounts and the amount of unreconciled bank items. This gives a quick snapshot of how up to date the books are being kept and an indication of whether more work might be required.
Additional functionality for accountants
Accountants also get access to an additional menu from within Xero, which offers the following functionality:
- Ability to post manual journals - this is often a necessary tool for tidying up a set of accounts and dealing with any unusual transactions.
- Generate a management report - we love this (see below)
- Generate a set of annual accounts - this is a nice idea but as far as I know the accounts don't generate an iXBRL set of accounts so doesn't circumvent the need to create aÂ separateÂ set of accounts for HMRC.
- Generate a set of abbreviated accounts - good but same problem as above
- Generate a reconciliation report - a helpful way to check the books are how they should be
- Export GL transactions - a necessary tool to transfer from
The management report
The management report is a really excellent idea and something that other software providers should look to copy. It allows an accountant to generate a set of management accounts full of really helpful data that clients absolutely love.
Accountants love it so much because it can be generated with a click of a button and provides something that clients really see as adding value. If we were to try and make a similar report with any other software the chances are it would take over an hour.
Since it can only be accessed by accountants it also provides a good incentive for Xero users to find a Xero Partner Accountant.
Xero currently offers far more bonus functionality for accountants than other cloud software providers so we give it a really strong five stars.