There comes a realization in every business, large or small, that the infrastructure in place isn’t cutting it anymore. Traditional business practices in accounting produce a high amount of paper and frustration. Accounting software can be intimidating, especially to those looking to switch over to cloud-based technology. As new as this form of bookkeeping technology is, there are still some hesitations from business owners across the globe.
A popular online accounting solution used to manage finances for big and small businesses is Xero. A lesser known fact is that Xero’s online accounting software can assist businesses with organization, administration and optimization. It makes sense that many of you might be looking for a new way to monitor your financial well-being in real time. Xero has become known as the “Quickbooks Alternative” and it’s app quickly rose to #1 in GetApp’s Report. But is this platform right for your business?
Let’s take some time to review what exactly Xero does.
Xero’s Accounting and Bookkeeping Features
The primary focus of Xero is to save you time on accounting and administrative tasks so you are able to grow your business. With this mission comes a suite of unique features that can dramatically impact your business. Here are a few of Xero’s most popular features:
- Invoicing and Quotes
- Bank Reconciliation
- Billing and Purchase Orders
- Mobile App
One thing that stands out about each of these features is that they are all packaged within a user-friendly, beautifully designed dashboard. The simple interface allows business owners to readily grab an overview of financial updates in real time. When traveling and on the go, all of these features are displayed on the mobile app for Android and iOS
If both the features and application sound like they meet your needs, let’s explore where Xero is ideal for business.
Is Xero right for me?
With expert accounting and bookkeeping capabilities, it’s hard to imagine a business who wouldn’t benefit from Xero. However, businesses who are looking for better organization, integration and mobile features stand to gain the most. Whether you’re looking to go paperless or integrate with existing applications, Xero offers you these solutions. So if these things are essential to your business, keep reading further for a deeper dive into the features designed to assist you.
Anytime, Anywhere Mobile Accounting
Business is being done outside of the office more than ever which means less time for a print and file-later accounting system. Traveling employees and busy schedules may also hinder your finances. Bookkeeping and accounting can be done from nearly every device through Xero’s mobile applications.
Xero can be used on any of these devices:
- Android smartphone
- Apple Watch
The beauty of cloud-based accounting is that you have access to all of your financial information. Notifications and updates are right at your fingertips with the mobile feature, so no more guessing about a balance or wondering whether a deposit was made. No matter where or when you need to check in, Xero has you covered.
Xero’s mobile features can be shared with employees to claim expenses as well as raise invoices right when a job is complete. The cloud system is ideal for businesses who frequently perform on-site jobs with a team of employees or contractors. Connect as many or as few employees as you want and watch their real-time updates come through.
Easy to Use Payroll System
If you consistently find yourself juggling more than a few responsibilities at a time, manual tax forms and payment coupons are a distant priority. Manage your other tasks without guilt while Xero electronically files federal and state taxes for you. Administrators are allowed to send tax payments to the IRS and states directly, where applicable. Simple to understand reports are displayed on a single page. Less confusion, and more peace of mind is what you’ll see every day in your dashboard.
Businesses looking for a streamlined approach to payroll should take interest in Xero’s simple payroll dashboard. No matter how unique your payroll needs are, we can all agree that payday shouldn’t be a hassle or overly complicated. Xero allows for one-off pay runs and is ideal for new team members who start work in the middle of a pay period.
Small and medium-sized business owners who need a way to track time will enjoy viewing the built-in timesheet offered free of cost to users. The automated calculations allow managers to view their attendance and time in order to maximize productivity. Keep track of time without spending any extra time.
Simple Expense Claims
Have the ability to create expense claims wherever you may be. With Xero, business owners can reimburse employees for their company purchases. Go paperless by uploading multiple receipts to one file for a total claim. You’ll spend less time reviewing expenses as they can be approved or denied right from your mobile.
Employees’ expenses can be easily monitored and you’ll know exactly when reimbursements are scheduled. Organization and peace of mind should come standard with your accounting software.
Not only will you be able to track every facet of your finances, but also improve your inventory management. Xero’s accounting platform allows small businesses to take charge of their inventory. With the ability to view on hand quantity, you’ll be able to expedite quotes and invoices to clients. No more guessing when it comes to profits either. The dashboard shows which items from inventory are being sold. This gives real-time insight into the trends of your business and where the profit is coming from.
Importing inventory lists are a breeze too. All that’s needed is a formatted Excel sheet with your items. Simply upload that Excel sheet and you’ll be able to add more details with photos, value and more. Not all accounting software can show you the value movement of product along with as much or little detail as necessary with custom views.
Even if you’re looking for a specialized inventory program, Xero has plenty of partners to handle complex needs.
Plugin and Integrate with Current Software
It’s understandably frustrating to begin a migration, only to find out that software doesn’t seamlessly integrate with your current apps. When using Xero, there are hundreds of add-on apps to make business even easier. It doesn’t matter if you’re a property manager or a mechanic, Xero’s add on marketplace has software to elevate your workplace.
Businesses who are looking to address another specific issue, can begin searching the marketplace for third party apps by category or industry. By browsing the marketplace, you may discover a solution you never imagined could exist. Once you find the application of your dreams, securely connect and begin improving your company’s productivity.
Straightforward Bank Reconciliation
Banking can be frequently pushed off until tomorrow for busy entrepreneurs. With Xero connected to your bank account, reconciliation is nearly effortless. Take control of your company credit card accounts and PayPal. Statements are automatically categorized, waiting for final approval. These features are available across our suite of mobile offerings and can be monitored from mobile.
Xero can keep a close watch on the cash flow of business while you’re busy with other tasks. You’re never more than a few clicks away from your accountant or bookkeeper. Contact them from within Xero for an accurate view of cashflow and get your questions answered. Customize your transactions dashboard to match the complexity of your business.
Trackable Online Invoicing
Connectivity to clients is key for small businesses, which makes it Xero’s mission to improve it daily. With that connection comes a need to monitor your invoices. If you’re tired of hearing excuses or are frustrated by paper invoices, the online invoicing tracker is the ideal solution. Xero tracks when each invoice or bill is opened.
Your business documents are as much a part of your brand as your website. That means every invoice should look good and reflect your business. Get as personalized as you’d like with Xero’s invoice design feature.
Growing businesses need solutions for the associated growth of orders. With Xero, you are able to create and send purchase orders directly within the software. Save time with email templates for frequent orders. Similar to sales invoicing, purchase orders have the ability to be customized with your company’s logo. Get a professional look with just a few clicks.
Orders automatically stay organized. You’ll be able to see which orders are awaiting approval, are already approved and those that are billed. Save drafts for a later date so you’ll never lose track of potential orders. Xero’s functions are set up to be flexible for partial billings and repetitive workflows.
So, is Xero a good match?
Choosing an accounting software can be a daunting task. Not every platform will save you time or money. Businesses who need an intuitive program to assist with administrative tasks, organization and accounting need Xero. On-the-go teams can worry less about accounting, billing and bookkeeping with secure mobile apps. Managers can organize payroll, orders and taxes with through simple dashboards for each function. Optimize your business using Xero.