Xero is the best accounting software in 2021. Hands down. There are many accounting softwares on the market. Quickbooks, Wave, Zoho One. But none compare to Xero. Here are a few reasons why.
Xero is the only company with a partnership with DBS. With their partnership, businesses in Singapore with their corporate bank account with DBS are able to have transactions automatically added to their Xero software account!
This means that all you have to do as a bookkeeper is to categorise transactions and double check all transactions using reconciliation. This gives you an immediate up-to-date view of your cash flow statement and business owners will never need to second-guess data in their Xero account.
Take Wave as an example. Wave is a simple and easy-to-use accounting software. But because of their small market share, they have been unable to grow to Xero’s size. This has resulted in them being unable to retain clients and not having good support. In fact, they recently redirected all their users to Zoho One and seem to be making moves to being shut down.
If you had your transactions on Wave, this would cause a huge negative impact on your business as you would have to manually move over every single transaction to another accounting software. Be careful of which accounting software you choose!
Xero does many things automatically. They send invoices out from your Xero dashboard and generate up-to-date financial statements. But most importantly, Xero helps handle your payroll. You can schedule your payroll with Xero and your employees will receive their salary without any glitches or issues with the bank.