Scaling With Xero: Discovering The Potential
9th October 2024
Stephen Malkin (Partner, Kings Lynn) and I, Ben Burtenshaw (Manager, St Ives), learnt about scaling with Xero and the options available to rapidly growing SMEs during our recent visit Xero’s offices in Milton Keynes.
App partners Mayday and Joiin were both in attendance and gave talks and demos on their software as well as discussing how they have helped businesses remain on Xero when they might be considering a move to a larger ERP system such SAP, Oracle or Sage Intacct.
An Introduction To Mayday and Joiin
David Tuck explained how Mayday makes month-end tasks much more efficient when dealing with intercompany balances and transactions. It can identify discrepancies in loan amounts, reconcile bank transactions across a group when the wrong entity’s bank account is used and also automates the posting of recharges in groups, or even in departments within a single company.
Joiin facilitates the preparation of consolidated accounting reports from multiple companies, whether they are all on Xero or spread across different software. The software pulls together all the information from entities across the group and allows for consolidated reports to be generated instantly with high levels of customisation and the ability to easily review all transactions associated with each account.
About BlueHub
Matt Flanagan also talked to us all about BlueHub, the digital supply chain consultants. We learnt that BlueHub have assisted many businesses in utilising the Xero marketplace with their systems integration expertise, which has helped businesses stay on Xero and save the cost of migrating to a considerably more expensive ERP system.
What We Learnt
The key takeaway for us from the day was that Xero is more than capable of managing larger multi-entity groups when combined with the right marketplace apps. Other guest speakers gave their thoughts and experiences on the topic, with a revelation that businesses with revenues of over £1billion are still able to use Xero!
Get In Touch
Whilst not always suitable for every scenario, any business that feels they have become too big for Xero should reconsider spending tens of thousands of pounds on transitioning to ERP software that may not be suitable for their business. If you’re considering moving from Xero but would like to discuss your options, please contact your local Whitings office for more information today.
Disclaimer - All information in this post was correct at time of writing.
