Ownr is excited to announce we are partnering with industry-leading, cloud accounting software Xero to bring you even more tools to help your business grow, with an exclusive bonus offer for Ownr customers.

Finding the right accounting software can be a drag. There’s a plethora of software available, each with its own features and benefits. But deciding which one is right for you can be an exhausting test in trial and error. And that can cost time and money.

What is Xero?

Founded in New Zealand in 2006, Xero is a cloud-based business platform designed for small to medium-sized businesses and is one of the fastest growing software as a service companies globally. So whether you’re a neighbourhood bakery or a computer software company, Xero can simplify your everyday business tasks. 

Xero allows entrepreneurs to pay bills, claim business expenses, and connect their bank accounts and credit in order to generate accounting and financial reports. The bonus? Your clients and customers can pay through Xero with no additional steps. 

Business owners love Xero because it adds a human touch to managing all aspects of their business accounting and provides daily insights into their day-to-day activities. Some benefits of using Xero include:

• Customized, online invoicing
• Real-time cash flow monitoring
• Real-time reporting customized to your business
• User-friendly dashboard
• Capture costs, submit, approve and reimburse claims, and view spending on the go
• Cloud access anywhere, anytime
• Inventory management
• Payroll through connected partner applications
• Get paid in over 160 currencies with up-to-date exchange rates
• Free 24/7 support
• No initial costs (Yep, you can try it for free for 30 days)

Why use cloud accounting software?

Cloud accounting software can be an invaluable tool in managing your business’s finances. The benefit lies in using digital space to manage all your accounting and bookkeeping. 

The brilliant thing about cloud accounting is that it allows for multiple user collaboration and real-time updates across all devices. 

Here are some of the amazing features for your business:

1. Enables paperless expense management

Say goodbye to file folders and boxes and receipts (for the most part!). Cloud accounting software like Xero can automate recurring tasks, including submitting purchase orders, and paying bills. It can also take a snapshot of your receipts through a mobile app and integrate it all with your expense tracking. 

2. Real-time financial reporting

Being able to reconcile all your bank accounts, credit cards, and loans is essential to having a solid grasp of your financial situation. This way you can see what you’ve earned, where you could cut back, and the overall health of your business.

3. Automate grunt work

The amount of time and effort small business owners put into their bookkeeping can be a barrier to productivity. With cloud accounting software like Xero, you can reconcile all your financial information in a few quick steps—without spending time manually entering and matching every transaction. 

4. Improve collaboration

As your business grows, you’ll need more hands on deck. And that includes bookkeepers and accountants. Xero allows for multiple collaborators, so you can continue to grow your business. Plus, 24/7 online support is always there to answer your questions. 

5. Monitor business performance

Track inventory and supply management in real-time. Reporting metrics will help you keep track of all your expenditures and income, so you can take action right away. Plus, being able to forecast for risks, predict growth, and estimate earnings is essential for every business owner. 

How professional accountants and cloud accounting work together

While accounting software can do the record-keeping and number-crunching, accounting professionals are the financial heart and soul of a business. They’re able to use cloud software to view your business numbers, and translate them into actions and recommendations. 

• Accountants will monitor the financial health of a business and inform the owners of any financial risks, costs they may not be aware of, uncharacteristic changes, and what the business can do to save money and drive growth. 

• They are experts in tax-planning and will often ensure you take advantage of every tax deduction that’s applicable to you and your business. 

• Accountant/business relationships are often long-term engagements. Entrepreneurs rely on accountants to handle complex accounting matters, like government audits, securing loans, acquiring assets, and complying with statutory filings. 

Pair with one of Xero’s certified advisors

Xero understands how confusing—and overwhelming—business accounting can be. Many business owners struggle to navigate financial reports. From expense claims to invoicing to taxes, managing your business’s accounting is a job in itself. 

Xero has the solution for busy entrepreneurs: a real-time, personalized advisor. Xero has partnered with accountants, accounting firms, and bookkeepers across Canada to help bring you the best accounting service possible. 

Get started with Xero

Xero’s plans start as low as $15 per month and go up to $52 per month for their premium plan. With the Xero premium plan, business owners can track project profits, submit expenses on-the-go, get paid in over 160 currencies (without hefty foreign currency fees), and have access to online support 24/7. Don’t forget, Ownr customers receive 50% off their first three months with Xero.

Ready to start your business? Ownr has helped over 40,000+ entrepreneurs hit the ground running quickly—and affordably. If you have questions about how to register or incorporate your business, email us at support@ownr.com.

This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.