Changing the Game Real world examples of how a Xero app stack can improve business
@LimeCloudLtd / @LimePaula
Paula Byers, Founder & Director, LimeCloud Having started and run several businesses for more than 26 years, increasingly in tech & business systems for the last 15 years. Moving into the cloud 5 years ago precipitated the re-brand to LimeCloud in 2016. A SFEDI accredited Business Mentor, local Chamber of Commerce Director & Enterprise Nation Advisor Member; she is passionate about supporting business and not-for-profits to develop using creative and innovative cloud tech.
Can using cloud tools really benefit business, or is just pie in the sky? Is a Xero app stack really able to deliver tangible results, or is it just hype? And does it make the tea as well? Paula Byers offers some business experiences of how a Xero app stack has transformed businesses... E
verything changes in business: not least on the compliance side with legislation and tax rules constantly evolving, just take GDPR and Making Tax Digital as two imminent examples. With the onus on the business owner, having the right software in place is increasingly vital to ensuring compliance. There are a number of reasons why Xero is a good choice, but seeing how Xero are at the forefront of change is key, along with the ability to connect to the largest range of Apps that feature in their Marketplace. Indeed, if an App doesn’t integrate with Xero, these days it makes us seriously question why not. Business Longevity Business survival rates published in Xero’s Make or Break Report last year show those who use their software have a much greater 74 / Issue 15
chance of survival than the national average. The effect becomes more apparent as you move through the timeframe, as seen in the chart in figure 1 showing the Office for National Statistics figures against those of Xero. At three years the differential is 91% of Xero users still trading against a 58% national average, but by 5 years this differential has increased further, with 88% of Xero users compared to an industry average of just 41%. With better visibility of finances and improved organisation, using Xero helps to build and grow more a resilient business. We have seen this with a number of clients, not least a not-for-profit who had the opportunity to grow their organisation with grant revenue for project delivery. Previously managing their micro organisation in Excel, they transferred to Xero to offer the accountability required of their finances to be eligible for
the grant opportunities, along with WorkflowMax to manage the increased number of projects and staff the grant funding afforded them. This secured the future of the organisation, going from delivering micro projects to operating at a regional level delivering projects to benefit the environment and community. Ready Cash Making sure you are on top of your income is important; ensuring invoices are raised and paid on time should be fundamental in any business. A firm we worked with had an overdraft in excess of £150k due to poor organisation of their sales ledger. After the implementation of Xero, they streamlined their process for raising invoices efficiently and chasing their debtors effectively, which reduced their overdraft down to less than £30k in just over 6 months.
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