Xero can be best described as a cloud-based accounting software product that is highly valuable to small business owners who need help with managing their finances anywhere or anytime and it can also be integrated into over 1 thousand apps.
Because Xero runs on cloud-based software there is nothing that you will need to install and everything you have will be backed up automatically. The only thing you will need to use is access to internet and a computer or a laptop or a tablet or mobile phone.
The purpose of Xero is to keep track of all the financial elements of your business such as; invoicing, managing taxes, bank reconciliations, paying your employees and plenty of other things. This can be done via a large variety of different apps which are connected Xero. Xero can also give you real time information about cash flow and many other important elements of your business’s financial performance.
On top of the money side of things, the app marketplace that is available via Xero has a large range of business apps that aim to enhance the operations of your business such as; point of sale, job tracking, CRM and inventory and so on.
Here is a list of features included on Xero and how they can help small businesses.
Xero Allows You to View Your Data Anywhere
Xero is extremely easy to use as it is able to be used on a phone, a tablet or a computer or pretty much any device. The Xero app enables you to check your bank, reconcile and also send invoices to clients. You can also record your expenses directly via the app and also record a photograph of your receipt. This will reduce your need to use any of apps that are used to track your receipts.
Xero Can Be Connected Directly With Your Bank
Xero is extremely valuable to businesses as its software connects directly with your bank. The proficiency of Xero’s ability to get a person’s bank data directly into the software is incredible. Xero has the capacity to bring it in on a daily basis, and will make sure that you remain caught up through yesterdays’ banking activity.
You Can Use Xero to Invoice Clients Directly
Another key feature associated with Xero is that it allows its users to connect a large number of other applications. This feature means that a person can use Xero to invoice whilst you can connect Xero to PayPal and any other chosen merchant service provider that will enable your clients a large range of options for them to pay right from the invoice.
Xero allows you to connect many other applications, and invoicing presents a great opportunity. You can connect it to PayPal and your preferred merchant service provider to allow clients a variety of options to pay right from the invoice.
An example of this would be that a direct service provider can develop a work rhythm so that you can send an invoice to a client prior to when you leave the job. You can send the invoice via email to ensure that they receive it. Thanks to Xero and its advanced accounting software is also possible to have them pay before you finish at the end of that day.
Xero Simplifies Double Entry Accounting
There will be times when you or some of your advisors might want to take a look at how the journal entries have worked for a transaction or possibly for a number of different transactions that have been made.
A key feature that is available to use in Xero is called a “Journal Report”. A journal report will show every journal entry for a specific period of time. This can be extremely helpful when you are researching for issues.
Xero Handles Foreign Currency More Efficiently Than QuickBooks
Advantage associated with Xero is that it automatically converts any money you spent or receive in a foreign currency into your local currency. In comparison QuickBooks, foreign currency always remains separate. This will unfortunately build extra lines in your financials. If you work in multi-currencies for any reason whatsoever, it is strongly recommended that you make a decision to use Xero to enhance the success of your business.
Want to know more about Xero?
The Vault team is running education sessions throughout 2023 about Xero and how you can use it in your business. Visit here to see when the next session is on.
The Team at Vault is here to help, offering a full range of financial products to assist you with your financial objectives. Contact the Team at (07) 3012 6724, email us at email@example.com or use the chatbot below to schedule a meeting.