For the growth of a business, employers have to keep a close check on the financial data to make sure everything is in order and for a better understanding of various business operations, managers need to be equipped with clear, up-to-date and concise financial information of their business. But how can you create accurate financial information? Well, this is where Xero comes in, which makes tracking payments and financial information a whole lot easier. To understand more, let’s take a look at some of the benefits and features of Xero Online Accounting Software.
What is Xero?
Xero is a cloud-based accounting system for small businesses with tools that allow you to easily manage your bookkeeping with greater efficiency and accuracy. Xero is a robust accounting solution with many benefits including unlimited users at no extra cost, 700+ integrations to the external marketplace and Xero support articles that give you handy help guides on how to do everything you require in Xero.
As Xero is an cloud base accounting software, you can access it at any time including on tablets/mobiles with an app available, meaning you don’t require numerous back-ups.
Benefits and Features of Xero Accounting
I. A Clear Financial Overview-
One of the biggest benefits of the Xero Accounting Software is that it provides a clear financial overview of your business. Now, how is that possible? Well, Xero has a unique dashboard display feature, which allows business owners to clearly see how much money is going out and coming in. The Dashboard display provides quick links to the most important parts of your accounts and also gives you a snapshot of your overall expenses, creditors and debtors, and bank balances. And this allows for the easy tracking of payments, and reconciliation of bookkeeping errors.
II. Access from Anywhere, Anytime-
Since the Xero Accounting Software is cloud-based, you can work from wherever you want, when you want, without having to be limited to a single PC. This unique software can be accessed on your smartphone and doesn’t require any type of software installation or IT maintenance. To get started, all you have to do is purchase the monthly package and then enter your username and password. Any information you change or add can then also be accessed by other users after you include them in the user’s list.
III. Easy Creating and Tracking of Invoices-
Those days are gone when people used Excel spreadsheets to track all expenses and incomings, and then create invoices in a separate Word Document. With the Xero Accounting Software, your invoices are not only customized for your business needs, but creating and tracking is also fast and simple. All it takes it a few clicks and you can easily create an invoice on your computer or mobile device for a client and then email it immediately. Invoices are recorded and saved as soon as you create them, and this allows for the easy tracking of payments. One of the best features is that the invoices that you send can be “payment enabled” so that once received, the customer can click and pay immediately with any major credit card. This allows for quicker cash flow, fewer outstanding receivables, and instant reconciliation of customer payments in your Xero register.
IV. Automated Daily Bank Feeds-
A nice convenience in Xero is that you can link your bank account to the software. And this allows you to set up a bank feed which automatically updates and imports your bank statements to Xero. The daily bank feeds mean the immediate tracking of sales invoices (Unpaid/Paid) which matches payments against purchases, thus reducing the bookkeeping time and costs.
V. Free Product Updates-
Another benefit of all cloud computing is that when product updates come out, they are pushed to all users immediately with no need to wait for a download to your desktop, install the new version, and then restart your computer. In the case of Xero, they release new product updates every few weeks and they are already installed the moment that you log in.
Conclusion
Xero accounting helps firms manage their cash flows, payroll, and other services efficiently. It is one of the most preferred accounting software because of the features like Easy setup, Automating Invoices, Tracking Changes, and Customizable Integrations. It saves the company from going through the trouble of manual data entry.
