Using Xero, cloud-based accounting software isn’t just about your Accountant’s time. Xero has an open application programming interface (API), which allows it to be easily connected to thousands of applications to customise a solution for your operation.
Benefits of implementing a Cloud Accounting System like Xero
- A single view of the financial position of each yacht.
- Real-time view of the financial position of the fleet or yacht by the owner, family office, yacht manager, captain, corporate service provider, fiscal agents, and company auditors.
- Data analytics is used to ensure that bookkeeping data quality is maintained and that financial deadlines are met.
- Cash Flow Forecasting software
- Release time for your captain/purser to use elsewhere. Because it is in the cloud, your purser could be shore-based, saving costs and space onboard the vessel.
- Invoices and receipts are automatically uploaded via email or an application like Dext or Hubdoc.
- Real-time view of transactions from onboard cards and automated statement reconciliation for improved financial control
- Connect to booking & employee time systems and Human resources and payroll systems.
- Streamline provisions/inventory/parts control
- Track projects to keep an eye on profitability
- Credit control function to improve cash flow and ensure charter income is collected efficiently