If you are a small business owner researching accounting software, chances are you will come across Xero, amongst others. Every accounting tool has its die-hard fans, but Xero gets across the board praise from accountants and business owners alike. So, just why is Xero so well-liked?
Xero is one of the most popular alternatives to Quickbooks online. It is an intuitive product that is continuously evolving. There are numerous specialist add-ons and integrations that make doing business more manageable. What’s more, it’s well priced and relatively straightforward to use.
Xero is a fantastic choice for a start-up business that anticipates significant growth. Xero is fully scalable – both from a functionality perspective and a user perspective. You can invest time creating the right Xero set up for your company, knowing that the investment will pay off in the long term. You have the ability to add additional functionality as your business continues to grow.
The core functionality of Xero should meet all your daily business needs. You can process invoices and payments and install add-ons for projects, time tracking, and expense management. Inventory management is also an option. Xero allows retail businesses to track stock, report on product trends, and even add inventory to quotes or invoices.
Xero has a clean, well-designed user interface. It feels modern and is easy to navigate. As with anything, the easier a product is to use, the more use you make of it. Let’s be honest, accounts and inventory can be a chore, so anything that makes the experience bearable is a win.
Xero is easy to install and set up. Because Xero is a cloud-based product, there is no software installation or regular updates. All you need is your login details and an internet connection. Your company information is always up to date, and you can access it as long as you can connect to the internet. That makes it easy to verify data while you’re on the move as well as send out invoices or pay bills. You can automate bank feeds to reduce data entry requirements, and you have the option of creating rules for bank reconciliation.
Automatic banks feeds, simplified payroll functions, and ease of use, and a few of the reasons Xero has become so popular. Your BAS statements are straightforward with Xero. Also, accountants can resolve user errors efficiently with safety checks and audit trails.
Integration is one of Xero’s best features. There is a whole ecosystem of add ons that allow you to tailor the product to your business. The Xero Eco-System gives the product the potential to extend well beyond a simple accounting tool.
There are currently over 700 different add-ons available for Xero. They facilitate business processes, cut data entry and generally make doing business easier. One example is Trello. On its own Trello is a leading Task Management program that improves productivity. Integrating Trello allows you to populate Xero Projects with the hours and assignments tracked in Trello. Using a link in Xero Projects, you can view a Trello card and see a breakdown of the number of hours different consultants are logging on a specific job.
Another common integration for Xero is Asana. Asana is another productivity tool but has increased functionality compared to Trello. Asan is a workplace management tool that helps with Workflow Management. When you integrate Asana with Xero, you can save on data entry. You can funnel project information such as sales quotes, pipeline, and billing details directly into Xero.
In addition to helping your business day to day, Xero offers its customers a partner rewards program. Companies that do high volumes of work through Xero, or have many clients who use Xero, get free access to Xero Partner Programs such as Xero HQ and Xero Tax. Xero HQ is the next generation of My Xero Partners Edition and is a complete Client Management tool for accountants. The more an accounting practice encourages their clients to use Xero, the more benefits the accountants receive. Things like free apps, improved reporting or additional user services. Xero benefits, the accounting practice benefits, and so do the customers.
Xero is an easy to learn accounting tool that any business can customise through add-ons and integrations to meet their needs. These two key features help Xero to appeal to a broad range of companies. They also explain why it is such a highly rated accounting tool.