Updated: Dec 16, 2020
“Why isn’t it here?!”
So goes the cries of many business owners and accountants when it comes time to reconcile their end-of-year financial statements or upon a surprise audit. Why so?
Various invoices and receipts have to be hunted down. Some are damaged beyond hope, some are misfiled for whatever reasons, and others just seem to vanish into the void, never to be seen again.
Which would all be fine, except that you need to have these records for at least 5 years, in case of a surprise audit. Otherwise, you might end up facing a rather hefty fine, and I’m sure nobody likes that!
So what ends up happening is that companies of the past would have had to cram mountains of papers into rows of files that would then need to be squeezed into walls of cabinets. And if you ran a company that was scaling in operations and number of transactions, you might even have had to consider renting storage space just to keep your documents, and also taking out insurance in case all of your documents were to go up in flames or the like, all of which add up to your cost of running, and causing more worry than it solves.
Oh, and did I mention that even with modern computer technology, you’d still need someone to key in all the transactions in order to calculate anything, and it was very likely that some human errors like mispelling or miscounting would be introduced? And if that person left, they would take the knowledge of where to find things with them, leaving you in the lurch to sort out your landslide of documents?
And if this happened, and you get audited by IRAS, you would end up needing to drop everything in a mad scramble to locate the documents that IRAS keeps sniffing out as “missing”, until your business has ground to a halt just so that you can account for why you have a missing $2.57 on 13th November 2020, and IRAS isn’t accepting “bad luck” as an excuse! Because, you know… it’s Friday the 13th…? No sir, just a joke, sir...
So what if I told you that there was a way for you to keep all your transactions in a safe and secure place that never loses your files, AND makes it really easy for you to manage and find all of them as you need, AND is able to automatically upload and tally all those transactions however you want so you would always know where your stuff was, so that any audits that happen would go smoothly? Would that be something you might want to check out?
Xero as a cloud accounting software is able to automatically record and archive any transactions that are made through the internet, which makes it really easy to archive and calculate any number of online transactions. And if you need to do so, all you need to do with your physical documents is to scan and upload it to Xero, and it will do the rest for you.
Not to mention, by moving to the cloud, Xero enables you to save on your paper, file, cabinet, storage space, and manpower costs, all for a relatively small fee, while still giving you the ability to scale without having to worry about managing the accounting stuff! So now, no more papers to sort through wondering why something is missing; no more headaches wondering how to explain your missing transactions to the auditor; and, believe it or not, possibly allow you to be EXCITED about looking at your accounts!
Wouldn’t that be amazing?
Contact us as email@example.com to schedule a FREE appointment if you would like to turn this wish into reality!