How is Xero Software appropriate for small-medium sized companies?

June 19, 2018 | Author: | Posted in Accounting Payroll

A few years ago, who thought one can manage his/her business’s finance while watching his kids plays a sport? Or you could keep an eye on your financial accounts while traveling and see the latest trends and where your business stands at the present moment. But it is possible today using Xero. Technology is playing a pivotal role in each and every sector, from small to large sized industries.

Xero is considered as one the best accounting software, especially for small and medium-sized companies. It helps users to link their business’s bank account details and upload transaction into its database. It is totally a cloud-based solution that means you don’t need to install anything locally. You just need an Internet connection to access your data at any time and from anywhere.

It also has the feature to create rules for categorizing different kinds of transactions. This feature can save hours by automatically categorize the different transactions which were done by manually earlier. It has a wide range of services including creating invoices, activity statements, catering inventory items, bank reconciliation etc. One of the best features is, it can cater 200 employees per month.

Who should use Xero accounting software?

The Xero Accounting software is best suited for small and medium enterprises. As I stated above, it helps in creating invoices. Once the invoices have been generated, they can be emailed directly to the clients. You can also view whether they have been checked or viewed the invoice or not. The customers can also make payments online through your invoices.

And in these all transactions, if some error occurred, Xero accounting software has the ability to figure out and recode to correct such errors rather than correcting each transaction. Definitely, it will save you a lot of time.

Is Xero accounting software is easy to use?

Once the software is correctly installed according to your business needs and requirements, the Xero is quite easy to use. As mentioned previously, when you upload the business bank account transactions into the software, they are automatically assigned to an account categorized by the rules in a single click.

You can also set up payroll options once you upload the list of all the employees. You can also run another payroll, process, and email pay slips to the employees. You can also create bank file. That means rather than paying each and every employee individually, you can make a bulk transaction.

Xero accounting software is super easy to install. Definitely, it is easy to use and saves time. It offers a real-time visibility of the cash flow even when you are not in the office. Also, when you face any difficulty while accessing the software, Xero support team helps you in fixing it remotely in real-time.

If you stuck on a certain page, you don’t need to worry, just click on the help button and it lands you to the page where there is a list of all actions required to solve issues related to that page. 

Why You will Love Xero?

If you are a small or medium-sized business owner, here are some of the reasons and areas where Xero can help you:

Work From Anywhere: Xero accounting software is a cloud-based application or service. That means you don’t need separate resources to enjoy the services offered by it. Whether you wish to use your smartphone or your Mac book or PC, with Xero you can keep your business finances on top wherever you are. 

Real-time Info: By providing you the live feeds about your credit card and PayPal transactions, business bank account transactions, Xero can update you real-time info related to your business. The software is also perfect for the businesses who are dealing in multiple currencies.

Improve Cash Flow: It is one of the most important features of Xero. Fast and accurate cash flow is one of the most needed things when it comes to run a business in a smooth manner. Xero makes it possible. Go beyond the traditional form invoices ‘printed invoices’ start using online invoices. It is great to send online invoices to your customers rather them sending them pdf or printed documents. The method is not only faster but also provides you an option to check whether the invoices have been opened or not. The faster the process, the faster you get the payment. Save yourself from “I don’t receive your invoice” like statements with Xero.

Automate Bank Feeds: It is an important feature. Xero allows you set up bank feeds. Once you set the feeds, it will automatically drive bank statement into Xero. That means you don’t have to import them manually.

Accurate Reporting: Earlier, you have to maintain a report of all your transactions manually. That simply means high chances of error. But now with Xero, you can automate the process and generate up to date and accurate reports. It minimizes the probability of errors.

Let Xero do the work while you sleep: One of the best features about Xero is, it works behind the scenes to help you. It performs those repetitive and tedious tasks that you away from doing that add more values to your company.

For an example, if you use invoicing, Xero can automate your process. You don’t need to spend time in chasing overdue invoices. Invoice reminder is there to help you. The software automatically sends email to the customers if there is an overdue invoice.

Or if you are an advisor, Find and Recode could save hours for you. It makes easy to find and manage customers’ records and update those records. Do you have thousands of records to manage and update? Don’t worry, find and recode will save your time.

Perfect Payroll: Managing a perfect payroll is one of the most tedious tasks for every business owner. Xero can help you in running and managing the complex payroll system in a very easy way.

No Installation And Resources: The Xero software is a cloud-based solution that means you don’t need to install anything on your system. You just need to set your username and password online and you are ready to go.

It is Scalable: Scalability is one of the most important factors needed in any software. No matters, how big your database is, the Xero will update itself accordingly. It saves you from extra resources and interruptions.

Amazing Reporting: Xero not only helps you in managing your accounts but also in creating fantastic reports. The software generates up to date reports in a very simple and easy way.

Bank Reconciliation: The software also helps you in the reconciliation of most of your bank transactions automatically. This feature helps businesses by freeing employees to concentrate more on profit-generating activities.

Highly Secure: With Xero, you can manage your data. Perhaps nothing is more secure than managing your own data yourself. The software operates on multiple redundant servers that are guarded around the clock. Your data is updated or backed up in every 10 minutes.

Simple Dashboard: The dashboard offered by Xero is very simple. It allows you to easily understand all transactions made on your account.

What are the new features for Xero invoicing?

In the month of November 2017, Xero updated its invoicing services to further improve its users’ experience. Here are some of the new features:

Your invoice can be saved automatically when you edit or create a new invoice. You can also preview your invoice.

You can hide a certain field in your invoice that suit to your business. That means only certain fields are shown in the final approved invoice.

When you create a new contact, you can add it on the fly. You can also save some basic information about the new contact on the fly.

On your invoice, you can edit inventory items.

The date should be updated automatically.

What is on the future list?

The Xero service is planning to add a multi-currency option to your invoice. This wills benefits in creating invoices for multi-clients based on several countries. This will save a lot of time.

The team is also planning to add an option of allocating a credit note on the invoice created.

It is also planning to launch an option of copying the invoice.

From the letter box to the mobile phone, invoices have come a long way. Today, you can send it using your mobile phones, a flexible payment option to get paid faster. The best about Xero is, you can track whether the customer has paid or not and remind him about the payment if not.

Now make your invoice more creative, beautiful, and effective with Xero. The software is simply designed keeping small and medium business in mind. Now don’t worry about your accounting and invoices, let Xero to help you.

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About Author
Mind space is a provider of bookkeeping, payroll and tax preparation services. We specialize in servicing CPA firms as well as small, medium and large businesses. We are a true sourced accounting department providing highest level of accounting and bookkeeping expertise and access to the latest technologies.

Author:

Mind space is a provider of bookkeeping, payroll and tax preparation services. We specialize in servicing CPA firms as well as small, medium and large businesses. We are a true sourced accounting department providing highest level of accounting and bookkeeping expertise and access to the latest technologies.

This author has published 1 articles so far.

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