Accounting is a language of business, and we have been using accounting and bookkeeping the moment we began engaging in trade and commerce.
We use accounting to organize and keep track all of our transactions and exchanges. More importantly, accounting is essential if you aim to grow your business in a way that can be measured and predicted. Thankfully, technology advancements have enhanced our ability to interpret data efficiently and effectively.
One of the best software used for accounting is Xero.
Xero is designed for both small and medium businesses and their advisors. It is a cloud based accounting software that connects business owners to their financial data, advisors, customers and more.
Compared to non cloud-based accounting solutions, Xero is more beneficial for both small and medium business accounting because:
- You have a clear overview of your current financial position, in real time.
- Multi-user access makes it easy to collaborate online with your team and advisors.
- It automatically updates.
- Everything is run online and is backed up automatically. Updates are FREE and instantly available.
- Upfront business costs are reduced because it is being managed by cloud service provider.
And when it comes to Inventory, you can always track inventory, control stock, and streamline data entry of standard items in quotes, invoices, and purchase orders, using the Xero Inventory Management Software.
There are three ways you can use inventory:
Tracked Inventory for simply recording items you buy and sell to speed up data entry when you enter invoices, bills, and other transactions. Xero won’t keep a record of the quantity and value of items on hand.
Untracked Inventory for marking up items as tracked inventory items. Xero will then record the quantity and value of items on hand.
Combination of Tracked and Untracked Inventory Items
Another good thing about using Xero is that you can use it anytime anywhere. So you can run your business on the go. In fact, they have a mobile application which is both available on Google play store and App Store.
Now that we already know its importance and benefits, as a young professional who has been using it for years, I highly recommend Xero for online accounting. For more details about Xero and its benefits, features, and tools, you may also want to check out this link.