Did you know?
Xero accounting software originated in New Zealand back in 2006. Today, Xero is a major player in the cloud accounting game and they lead the New Zealand, Australian, and United Kingdom cloud accounting markets. Globally, there are more than 2 million subscribers that use Xero.
What is Xero?
Xero is a cloud-based small business accounting software with robust accounting features, allowing small business owners to manage their cash flows, bank reconciliation process, invoices, inventory, payroll online, and more. It also enables small business entrepreneurs to view their financial statements in real-time, allowing them to make informed decisions quickly.
Darcy Bookkeeping is a Xero Platinum Partner and can answer any questions you have about Xero, setup Xero for your business or take care of the Xero bookkeeping. Get in touch on 1300 728 875.
A closer look at the functionalities and capabilities of Xero accounting software:
Pay bills: The software allows business owners to easily track and pay their bills on time, helping to maintain cash flow and time spending. This makes cash flow forecasting easier, allowing companies to understand potential cash in-flows and out-flows accurately.
Accept payments: Xero bookkeeping lets you accept payments online and get paid faster by integrating with popular payment gateways like Stripe, GoCardless, and others.
Track projects: With this bookkeeping software, you can quickly generate accurate quotes, and with one click, you can convert them into invoices for online payment. Plus, keep a close eye on the cost and profitability of each job, so you know exactly how much money is coming in.
Financial report: Xero bookkeeping allows you to track your finances anytime with accurate financial reports. And you can even collaborate with your accounting advisors in real time.
Analytics: Xero offers powerful analytics that helps you quickly get an idea of your short-term cash flow, an overview of your sales, expenses, fixed assets, unpaid bills in one place, and much more.
Bank connections: You can also connect your bank accounts to Xero and set up bank feeds to let your transactions flow easily into Xero each business day without manual recordings.
Xero has many advantages. Below are just a few you can expect when using this user-friendly software:
1. Currency Conversion
It allows you to easily convert different currencies and send invoices in the currencies of your customers. This helps improve the accuracy of transactions and eventually saves time.
2. Automated Bank Feeds
While we’re on the topic of automation, Xero has gone the whole hog and chosen to automate bank feeds. This means that instead of sitting down to manually import bank statements into Xero, you can set up a bank feed for Xero to do it all for you. Automation is going to make you far more efficient with your accounting, and by automating your bank feed, you save yourself a lot of time.
The most crucial benefit of accounting software is that it’s user-friendly. It needs to be easy, or people won’t buy the software. A lot of Xero users have found that even without an in-depth accounting knowledge, Xero is easy to use. It’s this feature that keeps people coming back for more. All of the terminologies in Xero is easy to follow, and there are plenty of options to upload files and supporting documentation for simple transactions.
Xero integrates with a wide range of popular apps and software, making it easy to track all your finances in one place.
5. Improved cash flow
The software helps you accurately track payments, manage your cash flows, and ensure that customers pay on time.
6. Secure data
One of the main concerns around cloud computing is whether or not it’s secure. The simple answer is: yes, Xero cloud accounting software is secure. Why? Because Xero stores your data securely online and encrypts it using industry standard data encryption. The servers your data is stored in also have a high level of physical security.
Like any cloud accounting software, the company’s reputation hangs on whether or not they can guarantee that your data is adequately protected. So it’s in Xero’s best interests to maintain the highest level of security to protect its customers.
7. Tax compliance
It makes it easy to stay compliant with tax regulations, so you don’t have to worry about potential legal issues when filing taxes.
Considering the above benefits, Xero offers a robust, secure, and reliable accounting solution that can help you streamline the process and save time. If you’re looking for an efficient way to keep your small business books in order, then Xero bookkeeping is worth considering.
8. Improved accuracy
It automates tedious accounting processes, eliminating manually-entered errors and minimising potential mistakes caused by human error.
- Xero is an efficient and reliable accounting solution that can help you keep your books up-to-date.
- It provides a range of features that make it easy to set up, record transactions, generate reports, and collaborate with stakeholders.
- It also offers secure data storage and currency conversion for added convenience.
- Xero integrations with various popular apps and services make bookkeeping even easier.
- You can enjoy improved accuracy, reduced costs, and better cash flow by implementing Xero.
Business owners, freelancers and entrepreneurs often spend a large chunk of time on administration and accounting. Suited for small and medium sized businesses, Xero is an affordable cloud-based accounting software system that streamlines these processes.