Xero: Uses and benefits
Parks Tax & Consulting serves a wide range of small businesses. Our services are completely customizable to the level of help each business requires. For some businesses, this means a complete suite of services. For others, it means picking and choosing the areas where additional support is needed. One of the areas we assist many small businesses with is bookkeeping.
Bookkeeping is the process of recording all financial transactions made by a business. It's important because without keeping books and records, you would be unable to create financial statements for your business. How would you ever know how well your business is performing without these records? Not to mention - many entity types are required to file these financial statements as a component of their income tax filing!
When it comes to maintaining a business's books, our software of choice is Xero. Xero is a cloud based accounting software that can sync to all your financial institution data, pulling in data in real-time, for categorization and reporting. Armed with the details of your business on a day-to-day level, we can not only create meaningful reports showcasing your business finances, we can also advise on tax implications and business operations. You have access to this information at your fingertips through a web browser or app!
Even if you are in a position to maintain your own day-to-day books, Xero allows you to grant accountant access to your advisor. For our clients going this route, this enables us to help on a transactional level for cost minimization for the business.
At Parks Tax & Consulting, we always strive to give our clients the best experience, and Xero is a key element to achieve that.