Gone are the days in which we physically keep an accounting book and payroll because since the introduction of the accounting software Xero in 2006, managing the recording and processing of sales, purchases, invoices, payroll, reports, and more has never been easier. The software is a web-based accounting system that stores all information in the cloud, which can be accessed by multiple users through any computer, tablet, or smartphone as long as there is internet connectivity – a time saver. The following is a list of some features and tools helpful to small and large business.
Xero automatically imports banks and credit card transactions to sync invoices, bills, and recorded purchases with the rest of your accounting. It can also reconcile transactions in bulk, applying bank rules and eliminate the need to categorize transactions manually.
This software tracks all your assets such as vehicles, machinery, office equipment, land, hardware, etc. making it easy to work with an accountant or bookkeeper to manage the depreciation and disposal of the material goods.
Set up a template with your logo or customize your own, and then you may transmit automatic invoices that clients and customers can pay online with a debit, credit card, or through PayPal. You can reduce repetitive data entry and automate invoice payment reminders to get paid instantly. The balances are automatically reflected in your book.
Xero tracks inventory for retailers and wholesalers. It creates reports on the performance of your products and services, allowing you to see the profit margins by item. With this information, it is easy to make a decision for future orders and pricing. Also, Xero automatically provides the most accurate quotes to customers and can turn these into invoices.
It automatically updates your accounts and provides tools for total working hours. Xero also provides approval of leaves with control access for employees giving them self-service access from any device to view their payslips and submit their timesheets. Payroll futures also include automatic tax calculations.
Setting up Xero
It is simple, but it does take a significant amount of time due to importing contacts, previews back statements, etc. Based on the information provided, Xero creates a pre-set chart of your accounts and redirects you into a dashboard with a step-by-step instruction to what needs to be set correctly. The dashboard also offers a quick view of your company’s financial state and provides a shortcut to add invoices, bills, quotes, purchase orders, inventory, reports, etc.
This Xero accounting software review is to educate you on the benefits it creates when the software is used. In-software videos and instructions pop up whenever a feature is offered for the first time, answering almost every doubt possible. The Xero accounting software provides a help center with live chat, community forums, podcast, various guides, and how to get started videos for the visual learners.
Xero is a well-known and easy-to-use software for beginners. It offers affordable prices, making it appealing to budget-conscious people. The services, features, and tools are continually updated.