Cloud Accounting with Xero and BoardRoom Hong Kong – Make it work for you
Cloud accounting platforms like Xero are well recognised for their benefits such as saving time, money and effort for companies in Hong Kong – big and small. It can improve your finance team’s productivity and speed up processing of payments and invoices, which means your company is getting paid faster.
Even so, there are still companies hesitant to make the switch from traditional accounting to a cloud accounting system.
A common concern is the set up and migration of existing financial data into Xero which can be difficult, particularly so for companies with complex structures, or small businesses with fewer resources. This can make implementation time-consuming and hinder your company from realising the full benefits of Xero.
The solution? By working with the right Xero partner like BoardRoom, your switch to Xero cloud accounting solution can be a seamless and rewarding experience. Our Xero online accounting experts in Hong Kong will advise and guide you through the process on how you can best optimise Xero to your benefits, effectively improving your accounting and business tools.
Leave traditional accounting behind today
Cloud accounting uses online software and stores the data from your accounts in the cloud. ‘The Cloud’ is a network of remote servers storing vast amounts of data. In contrast, traditional accounting software is installed locally on your computer with data stored on a hard drive or a server on-site.
While traditional accounting has its benefits such as not requiring an internet connection and having full control over your security levels and access, it is heavily dependent on ensuring that updates and data backup are done continually. When in comparison, the benefits of cloud accounting far outweigh those of traditional accounting.
Cloud accounting software makes it easier for your team to access and collaborate, all without the need for additional hardware costs and software expenses. It also offers your company a real-time snapshot of business performance while providing data security and protection. But perhaps the most important aspect for a business owner is that cloud accounting helps you save time and improve accuracy, which assists your company run more efficiently. This is why many companies in Hong Kong use cloud accounting, like Xero.
Challenges of Xero set-up and migration for complex company structures
Data migration and change in accounting platforms are especially tricky for companies with a complex structure. Strategic planning is often needed to ensure your company structure is reflected correctly in Xero and that it meets any regulatory reporting requirements in Hong Kong.
Companies may risk errors, issues, and potentially expensive faults when switching accounting platforms. Improper set-up and migration of data may lead to long-term problems such as not being able to meet regulatory reporting requirements. Having a partner with the right qualifications like BoardRoom can help avoid these pitfalls and save you time further down the road.
Our Xero data migration services ensure a complete data migration, comparative balances migration and porting over of last closing balances. Additionally, our online training modules will guide your team through purchase, sales, bank transactions and reconciliation, cash flow, inventory, sending online invoices, generating financial reports, in addition to other advanced features.
Making Xero accounting right for your company in Hong Kong
How do you get the most out of Xero accounting software, especially with limited resources? With thousands of apps and integration available on Xero, BoardRoom Hong Kong helps to cut out the guesswork by recommending the right ones that best suits your company needs.
We also customise your chart of accounts or report templates, incorporate your logo into financial documents, or set-up tracking categories and contacts – plus more. Most importantly, we’ll provide the necessary training to ensure that your team is set towards success.
Grow your business with BoardRoom’s regional expertise
When you partner with BoardRoom, you’re not working with a regular accountancy firm. As professional services experts, we operate across multiple jurisdictions and offer a wealth of knowledge on all aspects of company administration. This means that no matter where your offices are located, whether Hong Kong, Singapore, Malaysia, China or Australia, we can assist you to seamlessly integrate all of your accounts functions and accounting services through your Xero accounting system.
In addition to Xero set-up and migration, we also provide incorporation, share registry, company secretarial, payroll, plus many other administrative services. Therefore, by partnering with BoardRoom, your company gains access to our wide range of skills and expertise to assist your administration and accounts teams operate more efficiently.
Xero consultations are available for full scale migration, set-up, or integration of systems – such as payroll or point of sale. No matter the complexity of your company structure or which accounting system you’ve been using, our team of experts is always ready to provide support through every step of the way.
Find out more today on how partnering with BoardRoom can save you time and money for your Xero implementation needs.
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