Xero brings Files to online accounting

Xero brings Files to online accounting

21 October 2013

Xero has today 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 collaborative benefits of Files are only possible in online software, “in the cloud”. As Xero closes in on completing its full accounting platform for small business, desktop software is becoming obsolete,” says Xero CEO Rod Drury.

Xero now allows customers to fully manage both financial data and financial documents in the same system. This ushers in new efficiencies and opportunities for small businesses and their accountants to work together.

“It seemed crazy to us that financial transactions are on a computer screen but copies of the source documents are spread all over the place in binders, filing cabinets and shoe boxes,” says Drury. “Finally all financial information is in the one place. It just feels like this is how it should have always been.”

Files is not only about financial documents. 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 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.

Files are stored in a system with world class security and reliability. They are fully encrypted and geographically replicated – stored in multiple locations so they are available anywhere, at anytime.

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