Xero aims to eliminate payroll difficulties for small businesses
- 2nd March 2015
- Entrepreneurs & Startups
Xero announces cloud accounting and payroll solution that simplifies the payroll process for small businesses.
Online accounting software company Xero has announced its new cloud accounting and payroll solution at its annual fintech conference; Xerocon.
Xero’s managing director Gary Turner says that the company will be able to do for payroll what it has already done for accounting.
“Small businesses have been waiting too long for companies to innovate in payroll and improve their experience, which up until now has been painful.”
“We’re now able to offer each of our 60,000 + UK small business customers an innovative solution within Xero that enables more capability than any of our competitors and talks directly to our accounting solution.”
With Payroll in Xero, small business owners and their employees can schedule time off, view payment information and more, from any device, at any time.
Business owners don’t need to submit RTI to HMRC again, with submissions automatically handled after each payroll, along with PAYE, student loan and National Insurance calculations.
The information is then automatically updated in their Xero accounts, with no duplication of data-entry.
Turner said: “Payroll is typically a costly, dry and time‐consuming aspect of running a business, but we’ve built a platform that makes it quick and simple for people to undertake once mundane, manual tasks. And the cost is included within your Xero subscription.”
He added: “Running a business is much easier when you combine two of the most critical back office tasks: accounting and payroll. Now small businesses can save time and money by getting exactly what they need in this all‐in-one accounting and payroll solution.”
Their payroll announcement comes alongside the launch of Xero’s business performance dashboard following its recent investment in business intelligence architecture.
Using big data for small business to provide a full picture of key financial ratios and performance metrics, Xero gives small businesses and their advisors accurate, real‐time data to aid in business decision-making.
“The most successful entrepreneurs tend to start with a desire to solve an interesting problem – one that’s often driven…
Data from HM Revenue and Customs, that was provided to financial advice firm Salisbury House Wealth, has shown that the…
The Start Up Loans Company (SULCo) has lent more than £100m to small businesses in London since its launch in…