XERO Accounting Software Helping our Team to Deliver

Posted by Forma London on 6th August 2020 -

I have been with Forma London now for 18 months, one of my main daily duties is operating our accounting software Xero. The level of change and uncertainty has been extraordinary the past 3 months with the global pandemic. However, I do believe it has given the opportunity to take a fresh look at our business and the tools we use. Here are some of my tips for making the most of my time and getting the most out of Xero. 

Forma London is within the UK Construction Industry and we use the Construction Industry Scheme (CIS). Xero can help reduce administrative burden and paperwork. With the latest improvements by Xero I can now run a CIS audit report for ease of checking and greater insight into monthly return numbers. You can also verify subcontractors from within Xero and calculate CIS deductions automatically when sending invoices using the Xero accounting application and desktop. 

Another favourite of mine - Xero expenses. Xero’s secure, online expenses tool, makes it easier to track and manage your team’s expenses anytime, anywhere. All the team now spend less time on admin, avoid double handling and we have reduced paper waste because they simply snap and scan their receipts using the Xero expenses app. The app automatically extracts the key information from the receipt and saves it into the claim. Once the claim is submitted I can approve or decline it with a click of a button. Xero expenses also allows me to monitor company spend with real-time insights allowing the business to make faster decisions. 

When the employees submit their expenses for approval, a lot of time can be spent identifying which one needs to be reimbursed or reconciled. With Xero expenses I can track and approve expenses paid with company cards or with petty cash. The team can choose between selecting company or personal funds when submitting a claim with their receipt.

Personally, the new tools I have started trialing are the Xero ask and document packs. These solve small issues and are super handy. I have started listening to the webinars more, which are helping. With a huge number of resources available I am making sure I am focusing on the ones I find most beneficial to our business needs. 

This amongst other reasons why we use Xero. Xero gives businesses the tools to take care of the numbers, less time on accounting and more on what we love, delivering amazing projects!

Xero is more than just accounting software, it’s where business comes together - We are Forma London. 

Thanks for reading, Georgina x