Xero today claims to have dramatically improved accounting software for small businesses with the launch of Files.
The Files feature within Xero resolves the fundamental issue of financial documents being in a different place to the relevant data.
Rather than sitting in filing cabinets, financial documents and images can now live seamlessly next to transactions, where they always belonged.
“The release of Files delivers a simple and affordable document management system to small business and empowers them to spend more time to focus on forward-looking projects” says Chris Ridd, managing director, Xero ANZ.
“The benefits of Files being “in the cloud” is that now a whole myriad of business documentation can be made available anywhere, anytime and on any device and right from within the accounting software.”
Xero now allows customers to fully manage both financial data and financial documents in the same system - ushering in new efficiencies and opportunities for small businesses and their accountants to work together.
Files is not only about financial documents according to Ridd. Contracts, company incorporation documents, board minutes and warranties can be all shared between the business owner, accountants, bookkeepers and directors all in the one place.
“Files enables businesses to manage records efficiently without having to maintain files physically in filing cabinets or separate systems” Ridd says.
“By providing external branches and offices direct access to Files via the cloud, interoffice collaboration is enhanced”.
Ridd claims Files fundamentally changes the way small businesses, accountants and bookkeepers can work together.
The small business owner can upload source documents as they are received or generated, making reporting and tax time much more efficient and less hassle for everyone.
Accountants and bookkeepers will find Files reduces document handling, printing, and cuts down hours hunting for source documents that could be anywhere.
Auditors will benefit from documents being on hand. This will especially help non-profit organisations, who could save hundreds of dollars in audit fees annually.