You may have heard a lot about Xero and wondered what all the fuss is about.
If you are new to Xero and want to find out more to decide whether it is right for you, read below.
At Passion Business Advisors, we have been using Xero for a long time. We are a Xero Partner and Certified Adviser, and just love how user-friendly it is. Here are some of the top reasons why we are so passionate about Xero:
1. You can run your business from anywhere in the world
All you need is an internet connection and you can send invoices, reconcile your account, view reports, pay staff, monitor cash flow and more. Use the Xero mobile app while you are on the go, use your laptop while you’re in a café, your options are limitless. You no longer have to get to the office to get your work done.
2. Easy Reconciliation
Xero automatically imports and categorises bank transactions, making the reconciliation process simple. With bank rules and suggestions, reconciliation is often as simple as just clicking OK. Bank reconciliations can be completed quickly, so you can get on with more important tasks.
3. Get Paid Faster
Xero integrates with payment systems such as Stripe, Go Cardless, Paypal and many more. Xero makes it easy for customers to make payment, so you can get paid faster. You can send automatic payment reminders so you don’t have to manually follow up invoices. Want to know if a customer has viewed an invoice? Xero can update you when an invoice has been opened. Reducing the time to get paid can have a huge impact on the cash flow of your business.
4. Automated Processes
Do any of these apply to you?
- Many of your processes are done by hand and stuck in the dark ages
- You are frustrated with the limitations of your current software
- Getting anything signed off or approved takes longer than needed
- You are still printing invoices and want to move to a paperless office
Inefficient processes demand more time, effort and ultimately money to get tasks done. Administration is a burden for many business owners. Manual entries increase the risk of mistakes and when invoices aren’t up to date, you can’t take advantage of early payment discounts.
Xero makes it easy to automate processes with features such as Hubdoc, bank rules, bank suggestions, repeating invoices, automatic invoice reminders, expense claims, invoice payment scheduling, mobile scan and upload of invoices.
The bottom line is that as a business owner and entrepreneur, you don’t want to spend your time doing bookkeeping. You want to spend more time growing your business and doing what you love, so why not automate as much as possible.
5. Collaboration is Easy
Need help with a problem in Xero, no problem. Xero has unlimited users so if you need help, you can easily invite your bookkeeper or accountant to your file. With customised user roles, you can give staff access to the areas of Xero they need to do their job.
6. Seamless Integration with Add-on Software
As your business grows, you need more support. For example, if your team is growing and you need help with HR and hiring new employees, you might need to consider an add-on to take the stress out of your employee onboarding process. Xero integrates with HR and rostering programs like Employment Hero, CareMaster, Deputy and many more. You may want to connect to a CRM to keep track of sales opportunities or need project management software to monitor profitability on your jobs.
The Xero App Markplace lists all the apps that connect to Xero and the list is growing every day. If you are expanding and need an add-on software program, using one that connects to Xero can eliminate manual work or double handling.
7. Stress-free Reporting
Do you feel like you are not sure what’s going on with your finances? Do you feel like you don’t have information to be able to make financial decisions? Running financial reports in Xero is easy. You can get up-to-date financial information with the click of a button.
Xero is constantly updating and adding new features like Short-Term Cash flow and Business Snapshot to give you instant visibility over what is happening with the financial health of your business. Xero provides daily updates of your bank accounts and credit cards so you know how you are doing.
When your financial information is up to date and easy to view, it’s much easier to keep track of spending and preempt cash flow problems before it’s too late.
8. BAS Lodgement
BAS time can be stressful and no one wants to receive a fine from the ATO. Xero takes the stress out of the lodgement and saves you time. Activity Statements are automatically prefilled from information you have entered during the month or quarter. You can connect your organisation to the ATO and lodge directly from Xero.
9. Data Protection
Xero automatically backs up your data and each plan includes multiple layers of security. Two Step authentication adds additional protection to your Xero file.
Ready to make the move?
With the help of Xero, Passion Business Advisors is here to support you to grow and nurture your business to increase your cash flow, implement financial reports for stakeholders and reduce financial stress on you and your team. If Xero sounds good to you and you are ready to take the next step, get in touch. We can schedule a free consultation to discuss how Xero can help your business.