Fed up of dealing with accounts on paper? You’re not alone. Many enterprises endure the same problem, which causes inefficiency, higher costs and mistakes. The great news is Xero is here to help – thanks to its intuitive online accounting software.
Reasons why it’s the number one choice:
Introduction to Xero
Xero is an online accounting software – made to simplify small business finance. Unlike traditional solutions, Xero has lots of features that make tracking and managing finances simpler and faster. It offers income, expense and invoicing tracking – anytime, from any device.
Xero works great for all businesses. It has helpful tools such as invoicing, billing, bank reconciliation, expense tracking and payroll – with various plans available. It also has integrations – so you connect your apps to Xero to automate tasks.
Freelancers or larger companies can use Xero to save time on data entry. It has advanced features for financial management – for business owners who need better cash flow visibility.
In this guide, we cover Xero features for managing accounts. From invoices and expenses to GoCardless payments. We explain how integrations can create financial reports – with just a few clicks. Smarter insights into business functions – with Xero!
Benefits of Xero Accounting Software
Xero is the premier online accounting tool, designed to make complex tasks simple. It’s great for business owners and finance professionals who need to manage their finances daily. It’s easy to use and integrates with other accounting applications.
Here are the top benefits of Xero:
1. Cloud based – You can access Xero from anywhere with an internet connection. You and your team can work on different devices at the same time, even if you’re not in the same place.
2. Automation – Xero automates bookkeeping and accounting processes. This means you don’t have to manually enter data, or design websites.
3. Cost effective – Xero’s subscription fees depend on the number of users, not on the features. This makes it great for small businesses and freelancers who don’t have a lot of money to spend.
4. Add-ons – There are over 550+ add-ons available for Xero. You can use services like payroll and eCommerce without having to buy a separate application.
5. 24/7 customer support – Xero’s customer support is available 24/7. You can always get help if you have any questions about your financial data.
Features of Xero Accounting Software
Xero is an awesome online accounting platform which helps small businesses to make their financial processes simpler and quicker. It has a user-friendly interface, great dashboards and collaboration tools that offer numerous features.
The main features of Xero include:
- Cloud storage: All bank accounts, credit cards, invoices and bills are connected to Xero’s secure cloud storage. You can access your financial data from any device or location.
- Real-time updates: Get notifications and see real-time bank balances, expenses and other financial information as soon as your transactions are completed.
- Automated reconciling: Transactions between bank accounts, credit cards and invoices are automatically reconciled in Xero – no manual data entry required!
- Expense tracking: Create custom expense categories to track spending on multiple accounts or locations in one dashboard. Easily generate expense reports with some clicks.
All in all, Xero makes it super easy to manage your financial info in one safe and easy-to-use system. It has powerful features that save time and money while helping you to keep a better control on your day-to-day finances.
How Xero Compares to Other Accounting Software
It’s important to compare Xero with other financial management methods when making the decision to switch to an online accounting software. Here’s how Xero differs from other popular programs.
Xero uses cloud technology and is subscription-based. This means your data is always available and no installation is needed. It’s easy to collaborate with advisors and bookkeepers too.
Plus, there’s an automated bank feed feature, reducing manual entry of transactions. Small business owners can enjoy automatically generated invoices and regularly updated profit and expense calculations.
Budgets can be set to better track cash flow and Xero is certified by over 160 add-on applications. Cloud-based security features provide physical disaster recovery and encryption in data centers for user protection.
Xero is popular due to its ease of use, intuitive interface, and range of features.
Security Features of Xero
Security is a top priority for any online software or service, especially when sensitive data is at stake. Xero, the industry-leading application for online accounting, provides some of the most reliable protection.
Xero takes a multi-layered approach to ensure customer data safety. SSL technology is used to encrypt data in transit – just like banks and other financial institutions. Mobile device security is also included with native iOS and Android apps. These require either PIN or fingerprint authentication before access is granted.
Two-Step Verification and Two-Factor Authentication also make sure only approved personnel can access accounts. An extra layer of verification is required too – a unique code is sent to the user via text or email when they log in from a new device. Plus, Xero complies with global standards such as GDPR, Trustpilot, SOC 2 Type 1 and ISO 27001/9001. Payment Card Industry (PCI) 3.2 compliance protocols are also in place for secure payment processing.
Multi-Factor Authentication (MFA) provides an additional authentication layer. This can be done through SMS messages, voice callbacks, or third party identity providers. Duo Security and Auth0 use risk assessment analysis when a user logs in from a new device or IP address.
Ease of Use of Xero
Xero makes it simple to enter, monitor, and report your financials. Its Dashboard view gives a fast overview of your finances, such as payments and reminders. You can easily invoice customers and accept payments through the bank account, credit cards, or third-party payment apps such as PayPal or Stripe. You can also track money in real-time between various bank accounts connected to Xero.
The Accountant & Bookkeeper Workpapers function allows you and accountant/bookkeeper partners to work on the same files in real-time. This keeps your books up-to-date and prepared for tax season. Comprehensive reporting functions let business owners see their financial picture anytime.
Xero’s customer support has a help center, videos, tutorials, FAQs, forums, email support, and live chat. All of these help users have the best experience with their accounting software on Xero’s platform.
Support Available for Xero
Xero gives great customer service and tech support from their committed account managers, certified advisors, and bank connection specialists. A great selection of online help resources are available for Xero customers, like user guides and articles. For serious help with setup or technical problems, Xero plans come with priority phone support.
Plus, the Xero platform provides an App Marketplace where users can pick add-on services that match their business type and needs. This collection of third-party apps helps business operations run better and lets Xero customers connect with other software providers that make daily activities easier – payroll processing tools, time tracking tools, expense tracking tools, and more.
Pricing and Plans of Xero
Xero provides an easy pricing structure to buy their online accounting software. It’s based on the number of users and the type of required features. From single user needing basic banking and invoicing, to customers with many staff needing extensive features like consolidations and multi-currency capabilities.
Their Essentials Plan is the most affordable for sole traders or small businesses with up to five people, who require minimal features like bank reconciliation and invoice management. Standard Plan is best for businesses with 6+ staff managing medium or large volumes, with multi-user functionality, in-depth reporting and support for GST/VAT.
Premium Plan is for enterprises with high activity or many people working from multiple locations. It unlocks advanced features such as API integration, safety net auto backups and project collaboration tools. Lastly, Xero’s custom plans offer complete flexibility to pick the right combination of software and services.