Xero, the accounting software that’s taken the business and accounting world by storm, is exactly as it describes itself; beautiful accounting software. But what is it that makes Xero so ‘beautiful’?
The following is a rundown of the top 10 features we believe makes Xero the best accounting software on the market for small & medium businesses:
Add-on’s Xero’s application programming interface (API) is what allows other powerful pieces of software to integrate with Xero. Each add-on has a different purpose, but when you bring them all together, connected to Xero, you get a very powerful and efficient set of business systems.
Bank Feeds if you’re using a traditional desktop accounting package (MYOB, QuickBooks) you’ll understand the frustration and cost of reconciling your bank accounts at the end of every week/fortnight/month. Xero connects to your bank accounts so that your bank data is fed into your Xero account at the end of every business day. This means your data can be reconciled more efficiently and frequently.
Single Ledger no longer do you need to put your accounting software on a USB & post it to your accountant for your end of year compliance. That means no more alignment journals. Your accountant simply logs into your account, makes any necessary journal entries and can even complete your financials straight from Xero.
It’s in the cloud which means you can access Xero from any device where you have an active internet connection. This makes mobile business a reality.
Online Invoicing create professional invoices online and email them directly to your customers from Xero. Simply upload your logo to the standard template or create customised templates. Clients can even make payment directly from your invoice using add-on payment partners like PayPal.
Accountant Collaboration because your business financial data is up to date your accountant is now able to provide the service they should be as your trusted business advisor. You can spend less of your accounting budget on annual compliance (that provides little to no value) and more on value add services like management reporting, budgets and cash flows.
Rules establish rules for frequent transactions like hire purchase payments, bank fees, interest and subscriptions so they are reconciled to the same account, with the same GST treatment, every time. This means more accurate data and less time wasted reconciling.
Files add a file directly to almost anywhere within Xero. Every invoice, expense or journal entry can have a PDF of that invoice attached to the transaction. Combined with an add-on like Invitbox, you’ll never search through your filing cabinet again.
The Dashboard setup correctly, the dashboard in Xero can provide you with a powerful snapshot of where your business stands – money in the bank, money coming in, and money going out.
Payroll your payroll is processed in Xero and all your employees have access via the employee portal. Employees can lodge time sheets, view their pays slips and group certificates or apply for leave. Integrated with a payroll partner such as Deputy or Tanda, your payroll processing time can be slashed.
That’s our top 10 – and there’s plenty more amazing features we could have mentioned. If your business could benefit from the features that Xero has to offer, contact us today.