It’s always good to remain nimble and adaptable in any industry. In the accounting industry, there’s been a lot of changes over the past few years. There’s been a shift into the use of ERP softwares and accounting software systems like Xero and Quickbooks. A lot of accounting softwares have come and go too. There’s even been a bunch of failed “AI” accounting software startups like ScaleFactor.
But Xero is one of the most popular SME accounting softwares and nearly every SME in Singapore uses an accounting software that’s similar to either Xero or Quickbooks. Knowing how to use one of them means that you’ll be able to use other similar SME accounting softwares which will make you more employable since companies don’t want to retrain and teach someone from scratch.
Most accountants have used Xero at least one or twice and almost everyone in the accounting industry have heard of it (or at least one of their competitors). Xero is basically an accounting system that allows you to add transactions and expenses. There’re other useful features like invoicing to your customers. They’ll receive an email and can make payment online without any other effort from your end.
Xero also has a lot of integrations with local banks like their bank feed with DBS. This is very helpful as this essentially eliminates bookkeeping from your side and you just have to go over everything to make sure that all transactions have been recorded accurately. Xero isn’t perfect and some talk about the struggles with multi-currency transactions but it’s great if you’re an SME like a coffee shop or a home renovation company that only has local clients.
In addition, the demand for Xero and the use of Xero in Singapore has been increasing. This is partly because the Xero accounting system PSG Grant. It’s a government grant by Enterprise SG to encourage small business owners to switch over to Xero. The Xero accounting system PSG Grant offers small business owners an 80% rebate on the cost for accounting services and Xero. This is because many small businesses still use Excel or some sort of manual bookkeeping system.
This makes it difficult to do accounting and actually adds up the cost since you’ll spend more on hourly bookkeeping rates in the long-run. (Xero has many APIs and automations that connect OCBC and DBS corporate bank accounts with your Xero account.)
Firstly, know that there’re ton of Youtube videos about Xero. There’re literally hundreds of Xero tutorials on Youtube and you can also check out Xero’s Youtube channel. Aside from videos, there’re also a ton of support on Xero’s online forum-link community and lots of accountants on Reddit will help you out (given that you have an interesting problem and show that you’ve already tried to look for a solution elsewhere).
Aside from Youtube, Xero’s forum or Reddit, there’re ton of online Xero courses too. And not just from Udemy (with pre-recorded videos). There’s a ton of Xero courses in Singapore that’s a mix of in-person and online lessons.
This way, you’re able to get to know your instructors (in-person) and have online courses when you’re unable to make it to the in-person courses. Everything’s recorded so you’re able to rewatch everything in your free time.
Also, this gives you a great opportunity to network with accountants in Singapore since you’re essentially classmates with other bookkeepers and accountants who have the same drives and goals as you to retrain and stay sharp in the industry.
This was written by Janice Johnson. Janice is an accountant at WLP Group and also teaches Xero courses at WLP Academy. You can follow her on Linkedin to learn more about Xero from her! She’s a great friend and really loves teaching and helping others.