Let’s face it; you already have enough to do if you’re a bookkeeper or accountant. With that in mind, the last thing you need to do is spend valuable time sifting through mountains of information about accounting software.
Instead of taking the hard path, it’s better to use the top accounting software like XERO. There are undoubtedly many other accounting software programs on the market, but XERO is different. If you have any questions about this program and wondering whether it’s worth it well, wonder no more. That’s because there’s more to this accounting software than meets the eye, especially when considering the benefits for businesses.
This article explains all you need to learn about XERO software in accounting.
What is XERO?
The XERO cloud-based accounting software lets you manage your business’s books anywhere. The platform can be accessed through any device and is designed to work whether you’re managing a small business, an international corporation, or working on your personal finances.
Working With Accounting Agencies
For those looking to take on the services of an accountant or third-party accounting firms like a1corp.com.sg, the XERO software allows teamwork at a higher level.
The software does everything from invoicing and payroll to accounting and reporting. It’s easy for the average user but also has advanced features for those who need them.
Small businesses use XERO in every industry imaginable—from retail stores to restaurants and landscapers—and it gives you more time to focus on what matters most: growing your profits.
Key Benefits of Using XERO
Interactive Dashboard
XERO has an interactive dashboard that allows you to view all necessary financial information in one place. The dashboard lets users see their company’s financial health at a glance. This feature enables you to quickly see the status of all your accounts and transactions, as well as upcoming payments and bank reconciliations. Additionally, you can drill down into more detail to see exactly what’s happening with each transaction. This helps you make business decisions based on real-time information instead of waiting for reports to be generated after a while.
Bank Reconciliation
XERO’s bank reconciliation feature makes it easy for you to keep track of all your transactions with a bank or credit card provider and ensure they match up with your records. This feature allows users to reconcile their bank accounts daily, weekly, or monthly depending on their preference. It also allows them to choose between cash-based and accrual-based accounting methods.
Profit Loss Forecast
This feature allows users to create profit loss forecasts and reports for various periods and compare them with actual results at any time. Users can also create budgets for different periods using this tool and compare actual expenses against budgets over time. This gives you valuable insight into how much money your company will make or lose over time, helping you plan for tax liabilities and unexpected expenses like major repairs or new hires.
Invoice And Expense Management
XERO allows you to create invoices, sales orders, purchase orders, and credit notes and track expenses and employee time. You can access all your data in one place and easily access it whenever necessary. You can even store information for multiple companies within the same account.
Automatic Backup
XERO automatically backs up your data daily, so you never have to worry about losing important information due to computer failure or theft. The company also offers an optional off-site backup service that allows you to store your files in an off-site location for added protection against natural disasters or other unforeseen events that could damage or destroy your computers or servers.
Multi-user Access
You can share your XERO account with employees and suppliers so that they can view their transactions and credit card details. This makes it easier to manage financial matters and invoice clients.
Integration With 500+ Other Systems
XERO allows you to integrate with an extensive range of platforms, including POS, accounting, eCommerce, and more. As a result, you can manage all aspects of your business from one place.
Tax Preparation And Reporting
XERO has tax preparation tools that help businesses prepare their year-end tax returns quickly and accurately without hiring an outside service provider.
Xero Pricing Plans
Xero offers three pricing plans for clients and businesses of different sizes, including the following:
- Early – $12 per month
- Growing – $34 per month
- Established – $65 per month
You can check out the XERO plans page and compare the various perks, functions, and add-ons that these packages provide in detail.
Conclusion
As discussed above, accounting software can help small businesses, both old and new, in keeping their finances on track. XERO is a great accounting software because it is highly customizable, easy to use, and efficient. Its small size makes it obtainable for small businesses that can’t afford to hire for all the job positions. Now that you better understand what XERO offers, you can make an even more informed decision on which software is right for you. If you decide to go with XERO, though—even if it’s just the free trial—you’ll enjoy its features.
