BT Business has launched a new cloud-based accountancy application called Xero. The SaaS model will provide customers with constant access to bank transactions, invoices, reports, VAT returns and management reporting.
Xero is aimed at enabling enterprises to access, update, review and control their finances from any device at any time. BT Business says this is particularly useful during the downturn as companies need constant access to their financial and accountancy applications.
Features include a real-time dashboard of a firm’s transactions, online accrual to keep book-keeping up to date, daily bank reconciliation function, web-based accounting from anywhere with an internet connection, expense claim processing and reporting for financial advisors, BT Business said.
The firm hopes that the new service will cut the number of hours that employees have to spend on accountancy tasks. Research carried out by BT Business suggests that 50% of staff at smaller businesses work extra hours to clear workloads. Nearly half (41%) claimed that work time is wasted due to poor technology and systems.
“Customer feedback is that traditional accounting packages are complicated to use, and can only be accessed while in the office. As a result, managers put book-keeping off and spend too many late evenings or weekends in the office,” said Chris Lindsay, general manager at BT Business applications.
“Owner managers tend not to be finance experts, and dread having to file their accounts with these systems,” Lindsay said. “The research shows that employees are working harder and longer during the downturn anyway, so we hope that Xero users will instantly be more productive and redress an often dire work/life balance.”
Customers can sign up to a 30-day free trail of Xero through the BT Business website. The firm says that a number of clients have already signed up to Xero, including Mako Networks, Target Accountants, The Good Food Village and Kisky NetMedia.
