It’s no secret that we love Xero cloud accounting for our clients’ back offices. In past blogs we have gone in-depth on the robust features that Xero offers, such as analytics, reporting, customized dashboards, and the ability to seamlessly integrate thousands of third-party apps. Below are some of the additional features of Xero cloud accounting, offering automations and simplified processes for your back office.
With Xero you can easily view, track, and pay bills on time with a clear view of your accounts payable and cash flow. Business owners can organize their bills in one secure place, accessible from in the office or on the go. From the bills overview in Xero, you can see what bills are due and when. You also have the ability to schedule payments when it works best for your business.
Expense reporting can be one of the most time-consuming accounting tasks for business owners; Xero changes all of that. You can submit, approve, and reimburse expenses from any supported device. Have employees that need to get their expenses reimbursed? Employees can capture their expenses with the snap of a picture, automatically uploading them into Xero and reducing mess of paper receipts. You can track and monitor expenses as a whole, per employee, or by client, making sure your cash flow stays on track.
With cash flow being a top priority for any business, Xero gives business owners the ability to keep track of money coming in and going out with bank feeds. Transactions can flow securely and automatically based on your connections and configurations. You will never lose sight of cash flow with real-time reporting powered by bank connections.
With bank connections in place, business owners can categorize and reconcile transactions with suggested matches to automate the process. Need to code multiple transactions? With bank reconciliations, users can bulk code transactions for a powerful, time-saving tool.
Manage Xero contacts
With your finances in one central, secure hub, why not manage all of your contacts in the same cloud-based app? Business owners can see details of contacts’ orders, history, emails, addresses, and other important information. Users can also manage suppliers’ contacts in Xero, with invoices and payments all in one place. No need for looking around in multiple places to connect the dots—Xero manages all aspects for you.
Along with contacts, you can upload, manage and share documents, contracts and other data needed to run your business. Tax time becomes a simple process with the ability to collaborate, in real-time, with your bookkeeper or CPA, providing access to the documents needed to complete your tax return.
For simple inventory management, users can view their current inventory, populate invoices and orders with items being bought or sold. Integrated with your sales software, Xero keeps track of inventory count and their value, providing detailed reports on how items are selling and corresponding analytics.
Send invoices with multi-currency payments
Xero offers intuitive invoicing with customized invoices capable of accepting payments instantly right from the invoice, taking the work out of chasing payments. If you’re working with clients or other businesses outside of the USA, accepting multiple currency payments is seamless. Xero accepts over 160 currencies, converts international transactions automatically, provides a look into how market changes affect your cash flow, and offers reports viewable in both local and foreign currencies.
Creating quotes has never been easier. Xero quotes are customizable and automatically assigned to contacts for future reference. Send quotes and convert them into invoices from any supported device, for acceptance and payment on the spot.
Xero automatically calculates sales tax and applies it directly to the invoice for accurate sales tax collection and reporting. Collecting sales tax at different rates? Xero allows business owners to set up as many sales tax rates as needed. Through reports, business owners can prepare sales tax returns without manual calculations.
With all of the automated features Xero has to offer, business owners are able to reclaim many hours to spend on growing the business. For many small businesses, Xero is an essential tool that adds value while also increasing capabilities. For others, including larger businesses with additional staff or inventory being the main asset, additional cloud-based accounting apps can be powerful add-ons to aid in specific processes. With thousands of integrations, Xero stands as the central accounting hub while additional apps automatically relay information reducing the need for double entry and missed data points.
If your business back office is stuck in outdated accounting software, it’s time to have a conversation. Xero cloud accounting can provide you with time-saving tools that your business can’t afford to miss. Send us a message to schedule a discovery call to find out just how much Xero could benefit your business.