Xero: A Samera Review

Samera Reviews Accounting Software – 5 Things that Make Xero Stand Out

Bookkeeping and accounting take up as much room as your main business operations if you run a small or medium-sized business. This may be as basic for small firms as making sure the cash register has enough money to cover the day’s sales. Nonetheless, for some people, bookkeeping and accounting can lead to full-time employment. This means that having access to a software to aid in the management of business expenses and bills is critical for firms. By doing this, owners can trace and account for every penny spent in their business.

In our previous blogs, we have compared different accounting software such as Sage, Xero, Zoho Books, and Quickbooks, drawing parallels among their features, prices, applications, etc. This article will go into detail about the Xero Accounting Software and how it makes it simpler for businesses to keep track of accounting, monitor financial activities, and assure continuity and growth.

About the Xero Accounting Software

Xero is a cloud-based accounting program designed particularly for developing and small enterprises. Because it is a web-based platform, it allows users to access it from their devices from anywhere as long as they have an active internet connection. Small companies may examine their account information, cash flows, and transactions from anywhere thanks to the sophisticated accounting tools included in Xero accounting software.

Xero enables its users to unlock real-time accounting capabilities such as expenditure tracking, bank reconciliation, financial reporting, payment processing, cash flow tracking, and many more. Moreover, it provides tools for purchasing, bookkeeping, managing inventory, handling invoices, and many other tasks. Further, Xero syncs information about clients, payroll, sales invoices, and cash flow reports. It is a highly integrated software solution that is recognised by over 1000 third-party apps.

The main advantage of using Xero software is that it improves the financial visibility of your business. It offers a dashboard with easy connections to the crucial account sections of your company. Also, it offers quick views of your debtors, spending, creditors, and account balances. Further, Xero’s cash flow tracking functionality is also quite useful and allows you to reduce the work and mistakes associated with accounting by utilising its precision-driven bookkeeping tool.

5 Game-Changing Xero Features for Your Business

Seamless Invoicing for Faster Payments

With Xero, you can quickly produce invoices from your PC, smartphone, or laptop for any customer and email them to them. Excel spreadsheets were widely utilised in businesses back then to keep track of all revenues and costs, while Word documents were used to make invoices. The invoicing tool has been further improved by Xero by being quick and simple. Invoices may be created, sent, and tracked depending on your company’s needs.

Further, you can now quickly generate, store, and auto-send recurring invoices with Xero’s invoicing tool. You can also submit all of your bills at once and obtain access to when you will be paid whenever you receive an invoice. Last but not least, by linking you to online payment systems like Stripe, GoCardless, and others, Xero may help you be paid as much as two times as quickly. This allows you to add a “pay now” button to your online bills and email the PDFs to customers.

Automated Bank Feeds for Improved Efficiency

All plans offered by Xero have the option to link your choice bank account. This function imports your bank statement to the Xero programme and configures all the bank updated bank feeds. Your financial activities may be immediately imported into the Xero Accounting Software with the use of a direct bank feed. This indicates that Xero and your bank will collaborate to transfer your financial information to Xero via a secure connection.

You should also be aware that Xero only permits one feed per bank account. They may put in place the direct bank feed in as little as 10 days. Tracking sales invoices, cutting down on bookkeeping time and expense, and matching payments with purchases are all included in the daily feed. What’s more, you can also set standing instructions for specific banking transactions. For salaries, this works out fantastically. Establish a rule requiring the posting of each transaction including your employee’s name to a salaries folder. Moreover, Xero lets you utilise more than 160 currencies and offers automated currency conversions if you conduct international business.

Real-time Tracking for Enhanced Visibility

As its name implies, Xero’s tracking tool helps in keeping track of Xero’s categories and choices in order to maintain a tidy chart of accounts. Moreover, it offers cost centre and department-specific information. For improved monitoring and financial analysis, Xero offers hundreds of tracking options. If you currently use receipt tracking software, it probably integrates with Xero. Alternatively, if you’re using a spreadsheet, Xero has a template you may use to quickly and easily import it into the program.

Further, if you are using one of the high-end plans of Xeros accounting software, you can even record time entries for each employee or project to accurately track billable hours, create invoices according to time entries to fairly charge clients for your services, and gain access to reports using time tracking data to learn more about the efficiency of your company and the accuracy of your billing.

Go Limitless with Anytime, Anywhere Access

Back in the day, conventional accounting software required installation on your computer. Accounting software called Xero is accessible from any location at any time through a computer or mobile device with internet connectivity. When you use Xero, you can communicate in real-time with every member of your team. Work will not be impacted by where you are as you may utilise Xero with your colleagues. As an entrepreneur, your job could involve a lot of travelling, this is where Xero can allow you to communicate with your bookkeeper or accountant from anywhere in the globe and make sure your books are kept up to date.

Accessibility goes a notch higher with Xero’s Hubdoc app which automatically extracts data from invoices and receipts, no matter from where and how you upload them. Hubdoc will convert any image you take with your phone or upload into useble data, and it will even carry out the data entry for you, producing a sample transaction. Finally, it provides robust reporting features that let you gain a detailed picture of your company’s finances. For instance, it’s simple to construct reports to track cash flow and accounts payable. For company owners who require instant access to this information, this function is quite helpful.

Better Data Security with Cloud

Being a market leader, Xero complies with the highest requirements for cloud security and has put in place numerous layers of protection to safeguard your financial and personal data. Your data is secured by 256-bit encryption technology provided by Xero. Also, the application contains backup mechanisms to ensure that none of your data is lost.

Moreover, Xero uses two-factor authentication (MFA). Users must register using a login name and password in addition to using an additional app on their mobile devices for authentication. Even if someone knows the password, these extra precautions stop them from accessing the account. This way, all data is protected using bank-grade encryption algorithms, and your data is kept safe in highly secure centres that are watched around the clock. Xero uses a wide range of cloud security safeguards and even releases a comprehensive report on the matter.

Conclusion

It is crucial that you can trust your figures as a business owner. In addition to saving you important time and improving accuracy, Xero bookkeeping will also enable you to manage your cash flow better and make choices based on precise financial data.

Your financial information is protected with the Xero accounting software, which also enables you to work from anywhere. Now is the time to sign up on Xero if you use spreadsheets or save paper copies of your bank accounts, invoices, and receipts. If you’re in the market for accounting software, Xero’s aforementioned features can provide your company with the competitive edge it really needs.

Reviewed By:

Arun Mehra

Samera CEO

Arun, CEO of Samera, is an experienced accountant and dental practice owner. He specialises in accountancy, financial directorship, squat practices and practice management.