What is Xero?

Xero accounting software is a cloud based program designed to provide all the financial information you need when and wherever you need it. 

Xero is a New Zealand company which set out in 2006 to find a practical streamlined solution to the time consuming job of invoicing, financial recording, tax, and payroll for small to medium sized businesses. Many of which previously juggled individual programs for all of these jobs.

Designed with the best interests of your business in mind, Xero has simplified bookkeeping and accounting practices to reduce the time spent on finances freeing a large portion of business owners time.

Benefits of Xero

The simplified interface and easy operation means regardless of your business accounting knowledge you can keep your books up to date. 

The platform features a straightforward set up with loads of online training and guidance. Dozens of Xero training videos with step by step instructions for setting up the program and importing your data, as well as easy to understand directions on how to use any of the many features. Take a look - Xero TV   . 

Also available are a podcast, informative blog, and small business guides with loads of info to ensure you get the most from Xero but also with great tips and expert advice for businesses just like yours.

Xero allows your accountant or bookkeeper to access your financial records remotely which enables them to lodge or report on your behalf.

The system imports bank transactions directly from your chosen account/s removing the need to manually input and reconcile each transaction. 

The beauty of this accounting software is it provides an instant snapshot of the financial state of your business and can be accessed from wherever you are, removing the need to be in the office in front of the computer. Check invoice payments, cash flow, bank balances, inventory, or timesheets or access reports for your small business from anywhere via the Xero app on your smartphone, tablet, or laptop. 

Xero features

Invoicing

Xero allows you to create personalised invoice templates and send invoices on the go. It also has inbuilt automated reminders so you don’t need to spend time sending out payment requests for those chronic late payers every month. This is a great feature if your business is on-the-go like a tradesperson or sales rep. 

Most businesses have invoices which occur every month, Xero functionality allows you to set up recurring invoices for regular bills or customers.

Inventory control

Keep track of your stock in real-time with Xero’s inventory management systems. Streamline your quoting and ordering processes with minute by minute stock tracking.

Payroll

Staying up to date with our payroll requirements is easy with Xero Single Touch Payroll. You can vary your Xero pricing plan for the amount of staff you employ, plus employees can submit timesheets, view payslips, and request holidays directly via the software. 

The payroll functionality also incorporates easy superannuation payment management to your chosen super fund.

Bank connections

Xero can automatically and securely pull your transactions from connected bank accounts, provide reconciliation suggestions, and supply you with an up to date record of balances.

Bill payments

Schedule bill payments, pay on the go, and keep track of upcoming costs with Xero’s easy payment function.

Comprehensive dashboard

Xero’s dashboard function provides a quick view of all of the crucial aspects of your financial systems on any device in one place. The layout is easy to read and customisable, include everything you need and omit the bits you don’t, to keep an eye on your business finances.

Customisable security

Allow access to all or limited information and data for staff, team members, administration, your bookkeeper, and accountant. The two step authentication process, encryption systems, and storage of your data in several different locations provides tight security and added assurance for those worried about using an online cloud based accounting software.

Manage business expenses

An optional extra feature, for a bit more each month, this function helps businesses keep on top of expenses.

Not sure if Xero is right for your business? You can try it for free for 30 days to see if it fits you and your business. Your accountant will be sure to love it as well as Xero provides a very straightforward view of your finances making tax and reporting a breeze.

Find out more here Xero Accountant and Xero bookkeeper.