Xero Accounting Software is the cloud-based accounting software that is provided by a New Zealand based company named as Xero. The software has been designed mainly to assist small and medium-sized business organizations. The company is selling its business model in the form of subscription. The software is provided as a free service to transform the day to day workings of an organization. Mostly the business owners are acquiring this software because the management of a business is easy with it through the integration of different tools and records of an organization that can be analyzed anytime and from anywhere to plan the activities and proper accounts of the company can be maintained effectively. Xero mainly can be used for two purposes:
Xero for Accountants: Accountants prefer this software for its accuracy, efficiency and assurance of generating higher revenue and grow the business practices.
Xero for Book Keepers generally use this App because of its automated updates feature to maintain the proper records and connect the clients of a business.
Features of Xero Accounting software:
The Xero accounting software is the most time-saving tool that provide assistance to the business owner to grow and develop a business firm successfully. It is the most secure, reliable and expert support for 24/7. The major features of the software are as follows:
Process invoices and Quotes: The software creates professional recurring invoices and updates the information when they are opened. The business firm can customize the template of the invoice by editing the branding theme, include payment terms and upload the logo of the company. The software can automatically provide a reminder for a business. The business owner is required to update the instruction that when the reminder should alert and an invoice has to be sent to the customer. The software can also provide the information that whether a customer has seen the invoice or not.
The invoice reduces the repetitive data entry requirements manually and speeds up the inventory system of the company by replicating previous invoices for setting up repeat invoices.
Reconcile invoices: The software imports and categorize all the transactions of the company on the basis of banking, credit card, and PayPal. Xero software securely and automatically imports the bank transactions in business days for better control of the business processes. The software reconciles all the transaction easily with the coding suggestions.
The business owner can match and reconcile all the bank transactions on his or her phone from anywhere whether from the bed, in train and start of the day for better day planning and its execution.
Manage Inventory: A business firm can manage the inventory and accelerate its use by tracking sales and purchases of an organization. Through this practice, a firm can evaluate the most profitable products offered by the company and take wise decisions of ordering new inventory and the price charged over it. The business can evaluate daily transactions.
The software provides suggestions to import a large quantity of inventory to enjoy the benefits of economies.
Access the business through mobile phone: A business owner can operate the business through its mobile phone anytime and from anywhere. It can provide the record of all the transactions and expenses of last periods. The business can also add the contact details or information of all the customers to provide better services and experience.
Use other tools: Xero accounting software provides access to different tools to be selected for better control of inventory, invoicing procedures and time tracking of business processes. The variety of Apps are available on a different basis, which are as follows:
- Apps by function such as Inventory, Point of Sale, Reporting, CRM, time tracking, etc.
Apps by Business type such as Retail, Property, Manufacturing, etc.