Accounting In Xero Software

Xero software is one of the easiest ways to track your business’s financial position for the smooth running of the business. It is a cloud-based accounting platform designed to simplify business tasks such as paying bills, managing expense claims, creating invoices, and more.  

The software is already popular in countries like U.S, U.K, Australia, etc., but with changing times, Xero accounting in India is getting popular in India.

The best thing about accounting in Xero is that the software is compatible with iOS and Android so that you can run your business from anywhere. It is a web-based solution that can be accessed from any device with an active internet connection.

Xero software has a clear and understandable interface, which is fully integrated with a third-party payroll service.

Features of Xero software

• Allows tracking of your unpaid and overdue invoices, 
• Bank account balances, 
• Profit and loss and cash flow,
• Automatically importation of bank transactions, 
• Reconcile bank accounts,
• Real-time transactions updates

Let’s understand the Xero accounting software user dashboard.

Xero Dashboard:

The dashboard features a user-friendly interface that contains the following details. You can customize or rearrange them as per your convenience. 

• Graphs labeled Bank Accounts, 
• Invoices Owed To You, 
• Bills To Pay, and 
• Total Cash Flow. 

Xero Invoicing:

This accounting software offers a multiple single invoice template. You can choose the one meeting your requirements. Also, use time-saving options such as creating recurring invoices, automatic invoice reminders, default payment settings, and bulk invoicing.

Customers receive invoices as PDF attachments, and payment gateways are available for invoices.

Xero Expense Tracking:

It provides you two options: connect your bank and credit card account directly to Xero or manually import your bank statements. 

You can categorize different expenses and analyze how much you have spent on a particular sector. 

Automatic Bank Reconciliation:

You can automatically reconcile your accounts and run a Reconciliation Report in Xero.

Setting up GST in Xero: 

A user can easily set up GST (Good and Service Tax) in Xero. Once the GST feature is automated in software, Xero automatically adds that GST account and tax rate on the invoices. It also provides tax rate options, zero-rated, and zero GST options for users’ convenience.

Inventory management:

For product-based businesses, it allows to add of products or services. You can also track inventory and adjust stock levels, average purchase costs, and other customizations. 

Other features include fixed assets management, payable, budgeting, and Xero reports to analyze your business financial positions.  

Who can use Xero accounting software?

• Xero is an accounting system designed for small and growing businesses. 
• It is most suitable for small business owners, accountants, and bookkeepers.  

How much does Xero cost?

Xero offers three pricing plans. 

• “Starter” is for new businesses, sole traders, and the self-employed which is for 12$ pm.
• “Standard” is for small/growing businesses which is for 34$ pm.
• “Premium” is for established businesses 65$ pm.

Start using Xero for Free.

You can access and explore all Xero features for 30 days. After that, you have options to buy the plan best suits your business.