Shopping around for the best accounting software for creatives falls into the bracket of tasks that are not necessarily the most thrilling, but are undeniably essential. Like remembering to let the dog out before bed, signing up with the local GP after moving house, or finding the right WiFi tariff for you amidst the raucous rabble of commission-hungry salesmen.
There are a number of contenders in this argument, but we are here to fight the corner for cloud-based platform and modern accounting masterminds, Xero. Well, as a specialist Xero accountant agency, we kind of have to…
However, we selected Xero as our platform of focus with good reason – namely it being the best accounting software available for those in the creative industry.
Our Founder and CEO, Jonathan Bareham, shares his reasons that you should use Xero in 60 seconds! Have more than a minute on your hands? Keep reading for some of the main reasons why Xero is a must for creative businesses.
Look Into The Future With Analytics
Assessing and fantasising what the future holds is one of the great joys of running your own business. Every business owner has dream scenarios lined up in mind, visualising their next steps towards entrepreneurial glory. Xero Analytics helps make this task easier.
By checking the financial health of your creative endeavour, tracking the most telling metrics and foreseeing what your cash flow situation holds in store, the platform’s in-built analytics tool adds an extra level of lucidity to these dreams.
While Xero Analytics is a solid start point for such features, there are other tools that we recommend for adding an extra level of oomph to your analytical insight, such as Fathom.
Using this newfound power of financial assessment can help you separate your fanciful dreams of entrepreneurial stardom from achievable, beneficial goals that will see you progress in the right direction. Now, we aren’t telling you to give up on your wildest fantasies. We wouldn’t dream of it. But what these tools do is help your creative business focus on the next steps on your journey to the peak.
Stay On Top Of Invoices and Wages
As experienced accountants for creatives, our most top-line piece of advice for our clients is typically regarding staying on top of your finances. This is particularly pertinent when paying staff, clients and suppliers.
This is where the easy-to-understand automation of Xero comes into fruition and one of the main reasons that we believe it holds the distinction of the best accounting software for creatives.
The platform helps you see what bills are due when and schedule payments to go out when they are supposed to, all while keeping all your bills in a neat and tidy order.
Not only that, the payroll software can be automated to pay when necessary and include tax, pension, leave and those irritating HMRC requirements. Jack of all trades, master of… well all of them, really.
Whilst it isn’t the case for everyone, we appreciate that raw creative ability often goes hand in hand with a mind’s ability to wander freely in the unbound limits of the imagination. Frolicing in fancies of wonderment, just when you are supposed to be focused on something mundane. Your finances for example…
Rather than dousing your creative spark, rely on Xero to help organise matters on your behalf.
Easily Submit VAT Returns and Keep Track of Expenses
We know that for the uninitiated, the terms ‘VAT Returns’ and ‘expenses’ can be enough to make you turn tail and run for the hills.
However, with Xero’s accounting software for creative agencies and individuals, taming this fictional terror becomes a walk in the park.
Xero is literally designed to make such interactions a cinch. The platform calculates your VAT for you, before including it on your returns so that all you have to do is submit it with total confidence.
As for expenses, simply take a photo of the receipt, upload it and claim with ease. It also allows you to monitor and manage employee expenses from the app. Easy, effective, paperless expense management on the go.
Integrate With Other Software that You Use
Not only is Xero all-encompassing as a platform, but it is also empathetic. By this we mean that it has considered all of your needs before you even have. This includes seamless integration with all your creative business’ apps.
Everything from Shopify to A2X to Square have been taken into account, making the financial side of running a business easiest, whether you are trading your goods online or in person. Think of it as the online business finance equivalent of the Avengers. Maybe they don’t fight off threats to humanity, but my god are they good at keeping your business’ money in good shape!
We know that accounting for ecommerce companies can seem daunting for some. And that often creative business and ecommerce go hand in hand. This element of Xero accounting is the perfect tonic for that chronic concern. By working in tandem with these extra finance apps, Xero helps you get paid quickly and securely from across the planet.
Are you on the hunt for the best accounting software for creatives? Here at Raedan we thrive on helping creatives get their finances in shape so that they can focus on what they do best. If you are interested in how we can help get you set up with Xero, get in touch here.