What is Xero
Xero is an online accounting software. It performs bookkeeping tasks like generating sales invoices, processing purchase invoices and reconciling bank account transactions. It also helps you keep track of customer and supplier balances along with many more features. It is a cloud-based system that can be used from any location on any device that has an internet connection. System updates are free and automatic. The data is also stored securely and you can even control who has access to your Xero package. Xero is designed to make accounting tasks easy and for you to save time to dedicate to other areas of your business.
Benefits of Xero
Automatic data extraction: The Hubdoc application that comes free with Xero is a great tool that extracts data from your invoices and credit notes. It will even suggest, based on your previous invoices, where to allocate them in the bookkeeping package. To enter the invoices and credit notes into Hubdoc, you can scan or email them to the allocated email address, upload them from your computer or use the mobile app to take photos of them. These functions save you time from the previous manual data entry way of doing it.
Get paid faster: Sales invoices and credit notes can be created and sent to customers straight from the system. Payment links can be added to your invoices which encourages customers to pay sooner.
Automatic bank feeds: Many banks will connect to Xero so your daily bank transactions can feed in automatically. This saves time on manual entry and eliminates the risk of errors. Xero also uses machine learning to help you reconcile your bank transactions at the touch of a button, making reconciliations less time consuming.
Multi-currency: Xero caters for over 160 currencies enabling you to account for multi-currency bank accounts and multi-currency invoicing. The system converts the currency for you using up to date exchange rates and adjusts for the currency gains and losses automatically, saving you time.
Save on document storage: The documents are saved online in your cloud software which eliminates the need to keep physical paper records. This cuts down on paper use making your business more environmentally sustainable and also saves on storage space and costs.
Connects to hundreds of apps: You may need additional apps to help run your business, like inventory systems, CRM systems, HR apps, time tracking apps and many more. Xero has an app store that shows you the hundreds of apps you can connect to the bookkeeping system to improve and streamline your business’s workflows.
Multi user access: You can give access to multiple users and tailor their access to their needs. Multiple users can work in the accounting system at the same time. Users can also use the Xero mobile app so they can issue invoices, reconcile the bank and keep the accounts up to date while on the go. You can also give your accountant access for collaboration and enable them to give you advice based on your up-to-date financial position.
Availability of financial information: There are many reports available on Xero to present up to date financial information to help you see the financial position and performance of your business. All of the above benefits of Xero will enable you to increase productivity, save time and because of this, your financial data will be more accurate and up to date. This will help you to make better financial decisions based on current information.
Xero setup, training and support provided
If you want to move your existing business to Xero or are a new startup, we can set up your Xero package for you. We will help tailor the settings to your business needs and transfer over data from your previous bookkeeping system.
Our certified online accounting team provide in-house and online training. Training sessions can be run on a one-to-one basis or to multiple staff members in a group training session for your business.
Our training sessions are done in stages and at your pace so as not to overload you with information. If the training is done online, through our video conferencing platform these sessions can be recorded for you to review when needed. Additionally, Xero has many instructional videos that we can provide.
Our team are here to help provide ongoing support for your business on Xero. Our Xero support team are easily contactable and available to help you overcome any Xero technical and bookkeeping issues.