Employers must keep a close eye on financial data to ensure that everything is in order for the growth of a business. And, in order to gain a better understanding of various business operations, managers must have access to clear, up-to-date, and concise financial information about their company. But how do you generate accurate financial data? This is where Xero comes in, making it much easier to track payments and financial information. To learn more, consider the following benefits and features of Xero Online Accounting Software:
1 - A Clear Financial Overview
One of the most significant advantages of Xero Accounting Software is that it provides a clear financial overview of your company. How is that even possible? Xero, on the other hand, has a distinct dashboard display feature that allows business owners to clearly see how much money is going out and coming in. The Dashboard display gives you quick access to the most important parts of your accounts as well as a snapshot of your overall expenses, creditors and debtors, and bank balances. This makes it possible to easily track payments and reconcile bookkeeping errors.
2 - Access from Anywhere, Anytime
Since the Xero Accounting Software is cloud-based, you can work from wherever you want, when you want, without having to be limited to a single PC. This unique software can be accessed on your smartphone and doesn’t require any type of software installation or IT maintenance. To get started, all you have to do is purchase the monthly package and then enter your username and password. Any information you change or add can then also be accessed by other users after you include them in the user’s list.
3 - Easy Creating and Tracking of Invoices
The days of using Excel spreadsheets to track all expenses and incomings and then creating invoices in a separate Word Document are long gone. With the Xero Accounting Software, your invoices are not only customized for your company's needs, but they are also quick and easy to create and track. With just a few clicks, you can easily create an invoice for a client on your computer or mobile device and then email it right away. Invoices are recorded and saved as soon as they are created, allowing for easy payment tracking. One of the best features is that the invoices you send can be "payment-enabled," which means that once received, the customer can click and pay with any major credit card. This results in faster cash flow, fewer outstanding receivables, and immediate reconciliation of customer payments in your Xero register.
4 - Automated Daily Bank Feeds
One useful feature of Xero is the ability to connect your bank account to the software. And you can use this to set up a bank feed that automatically updates and imports your bank statements into Xero. The daily bank feeds allow for the immediate tracking of sales invoices (Unpaid/Paid), which matches payments to purchases, reducing bookkeeping time and costs.
5 - Free Product Updates
Another advantage of cloud computing is that when product updates are released, they are immediately pushed to all users, eliminating the need to wait for a download to your desktop, install the new version, and then restart your computer. If you're anything like me, you'll notice that updates always occur when I have the most windows open and can't afford to shut down my system to install them! In the case of Xero, new product updates are released every few weeks, and they are already installed when you log in.
Conclusion: Interactive Credit Control
Last, but not least, Xero makes it incredibly easy to manage outstanding sales invoices, as there are many diagrams and graphs options. In addition, Xero even allows you to share financial information with your professional advisors and colleagues and the best part is there are no limits on users. You can add as many users as you need, without having to worry about paying extra.
Want to understand more about Xero?
Call us at +65 6262 0402 or email us at care@acebizservices.com to get the information details on your needs.