As the world embraces the new normal of remote working, more and more businesses are realising the value of online accounting software to help them manage the financial side of their companies. Over one million subscribers are already using Xero Accounting Services to stay on top of their finances and deliver high integrity accounting. Today Xero is used in more than 180 countries and is investing in future technology for its platform in order to open up the next phase of innovation in accounting. Here are some of the reasons why so many businesses are making the smart move to Xero Accounting Services:
Real-time view of your financials
Xero’s cloud-based accounting services give you a real-time view of your cash flow. This means that even if you are working from your home, you can log in and see an up-to-date view of your business’s financials. The Xero dashboard gives you a completely current view of your bank balance, Xero balance, cash in and out and all your outstanding bills and invoices. Your bank feed links directly to your business accounts, showing you all incoming and outgoing transactions as they are processed.
Data you can depend on
Xero is totally committed to ensuring your business data is secure, accurate and available whenever you need it. Direct feeds are set up from banks, software application and financial institutions, which means that as your data enters Xero it is untouched by human hand. In addition Xero’s security and detection measures enable real-time tracking of who is accessing your data. If issues are detected, alerts are immediately raised.
Automate and save time
Xero prides itself on automating repetitive tasks to streamline your financial functions. You can email invoices directly from Xero and see the transaction pulled straight into your books. Smart reconciliation tools simplify the reconciliation process by matching bank transactions with those you’ve entered into the software. Xero uses machine learning to predict more matches the more you use this feature. It also has bank rules and cash-coding features to make the reconciliation process easier.
Drive profitability with Xero Projects
Xero Projects is a simple, real-time project accounting tool within Xero and is perfect for businesses in service industries that need job costing and time tracking to manage their billable work more efficiently. With Xero Projects on mobile, you have full visibility of all your project financials, enabling you to assign bills and expenses against each project and invoice accurately on time.
Streamline inventory management
Xero simplifies your inventory management by keeping a detailed eye on your stock. When you’re creating a quote or invoice, it shows you how many items you have in stock. If you enter more than this number, it alerts you with a red pop-up box. If you have complex inventory needs, such as if you stock more than 4,000 items, you can purchase advanced inventory integrations.
Make better business decisions
In order to make accurate business forecasts, you need detailed real-time reports. Xero delivers interactive reports and budgets in real time enabling you to drill down in your figures in Xero and tailor reports and measure specific KPIs for your business. Xero can run more than 70 different reports, including an aged receivables summary report and a general ledger. Many reports are customisable and allow you to change titles, rearrange columns, show a chart, set a date range and apply filters. In addition to printing reports, you can archive them or export them as PDF, Excel or Google Sheets files.
Enhance security with multi-layered protection
Xero protects your data with bank-grade encryption by backing up your data and protecting it with multiple layers of security including industry-standard data encryption and secure data centres. Two-step authentication provides an additional layer of security for your Xero account.
Put Xero to work for your business today
As Xero Gold Partners, the EA Group can assist you in using Xero’s cloud-based accounting services to improve productivity, enhance your cash flow and grow your business. For more information, speak to our expert Xero team today.