Key features of xero accounting software
Xero Accounting originated in New Zealandback in 2006, but since then, their market has expanded across the world.Today, Xero leads the New Zealand, Australian, and United Kingdom cloud accountingmarkets, and there are more than 2 million Xero subscribers worldwide.
But why is Xero so popular? There are a few reasons for that.
We’ve put together a list that will take you through the top 10 key features of Xero, and what makes this cloud accounting software such a popular choice for Small Business Owners and finance professionals alike.
Read on to find out more about the top key features of Xero.
Xero Accounting is a great choice for Small Business Owners and finance professionals.
Top 10 key features of Xero Accounting
1. It’s cloud based
As Xero is a cloud-basedaccounting software, it means that you don’t need to install it directlyonto your computer or smart device, taking up valuable space. All you need isan internet connection and you can access Xero from any device, anywhere. Thismeans you can check on your accounts or send off an invoice even when you’renot at your desk, making your business truly mobile.
Being cloud based, it also means thatyou’ll always have access to the latest software instead of having topurchase the latest version every time a new update is available.
Plus, if your computer is ever stolen or damaged, you can still gain access to your accounts through the cloud.
2. You can customise your experience with add-ons
There are a multitude of different add-onapplications you can make use of, and there are new add-ons being developed allthe time.
These add-ons are available through the Xero Marketplace, and by choosing the right add-ons for your needs, you can create a totally customised Xero experience that suits your purposes.
3. It’s designed to be user friendly
Xero is compatible with both Windows andMac operating systems, and there are three different subscription levelsthat mean you can choose the plan that suits your needs and budget.
The Xero dashboard is another really handy feature. Once you’ve configured your dashboard properly, it can give you a quick, accurate look at your business in real time.
4. It can take care of payroll
Did you know Xero can process payroll? Employees also have access to payroll through the employee portal, which means they can easily lodge time sheets, view their payslips and income statements and apply for leave. Xero can also be integrated with payroll partners like Deputy. This makes taking care of payroll simple and convenient.
5. You can send invoices and quotes to clients
Through Xero you can create professionalinvoices and quotes and email them directly to your clients. You can alsocreate customised templates, and upload your logo to your templates.
If you incorporate an add-on like PayPal, clients can even make payment directly from the invoice.
As Xero is cloud-based software, you can access your accounts anywhere, any time.
6. It allows for multiple currencies
If your business deals in overseas trade (say, for example, through your online shop), Xero allows you to accept payments and receive bills in different currencies. You can also send invoices and quotes in different currencies. This can save you time and stress, as you no longer have to worry if you’ve got the exchange rates right and that you’re not overcharging clients or being underpaid.
7. You can run different reports
Xero allows you to run a number of reports to track how your business is going. There are dozens of ready-made reports that can be implemented, but you also have the ability to customise these reports to better suit your needs. You can run these reports as often as you need to.
8. It’s secure
As far as security goes, cloud accounting is a safe way to manage your accounts.
Xero has numerous security measures that help make it safe, secure and reliable: such as two-step authentication, data encryption, secure data centres in enterprise-grade hosting facilities and multi-layered network security. Plus, no-one has access to your business’s data unless you provide it to them, so you have complete control over who can and cannot view this data.
9. You can store your files online
Gone are the days of endless stacks ofpaper files and boxes filled to overflowing with years of receipts anddocumentation.
With Xero, you’ll never have to delve through an overstuffed filing cabinet ever again. You can save all your files – invoices, expenses, receipts, data entries – as an online file. Good for the environment as you cut down on paper costs, and good for your filing system as everything is safe and secure in the cloud.
10. It makes doing your taxes easy
With Xero, your Accountant can simply log in and complete your financials in Xero. This takes the stress out of the end of financial year panic, making things simple and streamlined.
Want to learn how to get the most out of Xero cloud accounting software?
OC has partnered withThe Career Academy to bring you the Certificate in Xero short course.This online course that will teachyou everything you need to know about the core elements ofXero Accounting. It’s designed for both finance professionals andsmall business owners alike, and acts as the perfect introduction to XeroAccounting.
Find out more about the Certificate in Xero short course here and how you can become Xero certified.
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 Softwware:
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.
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.
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.
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.
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 desk top, install the new version, and then restart your computer. If you are like me, it never fails that the updates always happen when I have the most windows open and cant afford to shut down my system to install them! In the case of Xero, they release new product updates every few weeks and they are already installed the moment that you log in.
Interactive Credit Control
Last, but not the least, Xero makes it incredibly easy to manage outstanding sales invoices, as there are many diagrams and graphs options. In addition, Xero even allows you to share financial information with your professional advisors and colleagues and the best part is there are no limits on users. You can add as many users you need, without having to worry about paying extra.
Are you currently using Xero? If so, what is your experience with the software and what do you like the most and the least? Let know as we would love to hear your comments!