Xero is a global leader in accounting software and one of the dominant forces in Australia’s cloud accounting industry, where Xero has its largest market. It’s modelled as SaaS (Software as a Service) and is publicly listed on the New Zealand Stock Exchanges (NZX) and the Australian Securities Exchange (ASX). As of 2015, Xero has 500,000 paying customers in Australia, more than double the previous year.
Setting up is easy and you can begin your accounting tasks wherever there is an Internet connection – whether you’re on a Mac, PC, tablet or phone –, whenever you are ready. Xero integrates with more than 400 business apps, such as Expensify, ADP, PayPal and Stripe and Bill.com. These business apps range from “inventory management, invoicing, time tracking and more.”
What are the main features that Xero has that streamline your business processes and produce high-yield performance in your employees?
- File attachment
Adding attachments or documents is easily done. Documents, pictures or receipts can be added; you can take pictures of receipts and upload almost any kind of file into Xero. You can e-mail these documents directly into your Xero Files Inbox and then directly forward other documents with file attachments from there.
- Financial reports
“Xero has over 40 basic and advanced financial reports: profit and loss, balance sheet, management reports, tax returns, depreciation schedule, foreign currency gains and losses.” Decide which areas of your business to track, create a budget and tracking categories to check on performance based on specific ratios or periods. You can export reports to Excel, Google Docs or as a PDF.
- Bank reconciliation
Reconcile your statement lines from your bank account and Xero anytime. Xero will automatically reconcile with your bank, making you and your accountant able to see more up-to-date information, considering that it supports hourly updates of foreign currency rates. You can create bank reconciliation rules that you can use aside from the automatic bank reconciliation provided.
- Updated cashflow
“Connect your client’s bank to the cloud ledger and every morning their data flows to Xero, where you can both see it,” indicates Xero’s website. Monitor your updated cashflow and make new transactions on the go. You can easily and instantly collaborate with other members over the state of your accounting through this platform, such as when you send invoices to your customers. You can even check when they have already opened your sent file.
- Free support
Support teams from all over the world are available 24/7 to assist you. Xero has a Help Center and Tip panels, how-to videos, Xero U — Xero’s education resource centre — and free online training too, such as webinars.
Cloud accounting software does not need upgrades and your financial data is secure in any event. Xero invests in protecting their clients’ information and possesses additional features such as TLS (Transport Layer Security) and multiple-location data centres ensuring continuity of service.
The natural benefit that Xero cloud accounting software offers is efficiency for clients and employees. Users have praised Xero for its easy-to-use and oft-described beautiful interface that makes accounting more convenient, accurate and secure.
Contact us today for more information and advice!