GovernanceAccountingXero Launches Files for Online Accounting

Xero Launches Files for Online Accounting

Accounting software group Xero said that it has ‘dramatically improved’ its product, currently used by over 30,000 UK small businesses and 1,200 UK accountancy firms, with the launch of Files.

The group added that the Files feature within Xero resolves the issue of financial documents being in a different place to the relevant transactional data. Rather than sitting in filing cabinets, financial documents and images can now live seamlessly next to transactions.

“Desktop software can’t deliver the benefits that we are now seeing with the cloud. Files is the perfect example of this, creating a whole new paradigm for small business accounting,” said Xero’s UK managing director Gary Turner.

“Too often, paperwork is scattered in binders, filing cabinets and shoe boxes. Files brings the information securely into one place.

“This launch supports our recent survey, which found 55% of practices are switching to cloud software to cut costs and improve efficiency.”

Files 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.

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

Files is not only about financial documents. Contracts, company incorporation documents, board minutes and warranties can all be shared between the business owner, accountants, bookkeepers and directors. Files are stored in a system with high security and reliability. They are fully encrypted and geographically replicated – stored in multiple locations so they are available anywhere, at any time.

Related Articles

New accounting standards may bring treasury losses: S&P interview

Accounting New accounting standards may bring treasury losses: S&P interview

8m Victoria Beckett
10 ways an accounting hub is key to your CASS 7 operational accounting challenges

Accounting 10 ways an accounting hub is key to your CASS 7 operational accounting challenges

9m James McGivern
Negative rates and embedded floors: a debt and hedge accounting headache

Accounting Negative rates and embedded floors: a debt and hedge accounting headache

2y Paco Carballo
Fair value accounting: an open and shut case

Accounting Fair value accounting: an open and shut case

2y Gordon Gray
Technology shaping future roles for accounting professionals

Accounting Technology shaping future roles for accounting professionals

3y Graham Buck
Willis launches electronic accounting platform for insurers

Accounting Willis launches electronic accounting platform for insurers

3y Graham Buck
Improved career prospects for women in finance and accounting

Accounting Improved career prospects for women in finance and accounting

3y Graham Buck
Hedge Accounting – a topic with seven seals?

Accounting Hedge Accounting – a topic with seven seals?

3y Thomas Stahr