The task of managing all your accounting records can prove to be a serious challenge, particularly for a small business with a large quantity of transactions taking place throughout the course of a normal business day. Finding the right accounting software can be a huge boost to your productivity.
One such service is Xero, which offers a complete accounting software solution for businesses. Here are a few of its features, to help you consider whether it’s the right fit for your business.
While transferring your accounting services online might seem like a foreign concept to a traditional small business owner, there are a number of advantages to adopting this method of keeping your books. Aside from your records being automatically updated as cash is transferred to and from your account, the convenience of accessing your records from any location cannot be overlooked.
Xero allows you to hire a staff accountant who prefers to work off-site, and with the ability to offer unlimited users access to the account, transparency has never been easier. Your software is always updated, because everything is taken care of in the cloud, and you don’t have to worry about making sure everyone is working off the same information, because everyone is working in the same cloud.
With Xero’s automated accounting features, you can arrange for your bank statements, credit cards, and PayPal to be automatically updated as transactions occur. Bank reconciliation doesn’t have to be the chore it is for many businesses; Xero automatically matches up your financial transactions with your accounting transactions, and you just have to confirm that it’s correct.
And if your business operates internationally, Xero supports conversions to and from more than 160 different currencies so that your business can easily unify its accounting practices with real-time exchange rates. And Xero combines payroll and accounting, offering you the ability to simplify what you’re doing.
Xero accounting software can also be useful for managing your invoices, as it offers the ability to send your customers online invoices and receive updates when they are opened. You can also schedule repeating invoices and bill payments as a means of automating future cash flow obligations. Conveniently, there is no need to update your records.
Your payments, returns and credits are automatically tracked on Xero. Invoicing online with a pdf rather than on paper through the mail makes the process go faster—and more securely.
To streamline your processes, Xero is integrated with more than 500 other apps that you might also be using in your business—or may decide you want to use based on their compatibility with Xero. The Xero App Marketplace includes add-on features to help with categories such as Inventory, Payments, CRM, Time Tracking, Point of Sale, eCommerce, Reporting, and more.
If you are uncertain whether Xero offers the right accounting software package for your business, they offer a 30-day free trial. And if you like the service, they have three plans, ranging from $9 per month for the Starter plan to $30 per month for the Standard plan to $70 per month for the Premium plan.