The Top 5 Benefits of Xero Accounting Software
Xero is a leading online cloud accounting software. This means the software is accessible through the internet, instead of having to physically install it on your computer.
Xero was established in New Zealand in 2006. Today, Xero is a major player in the cloud accounting field, evidenced by the fact that they lead the New Zealand, Australian, and United Kingdom cloud accounting markets. Globally, there are more than 2 million subscribers that use Xero, which indicates its growing popularity.
Files are Stored in the Cloud
With the advent of cloud accounting, there’s no need to store files on your computer anymore. Cloud computing means that everything is stored, naturally, in the cloud. So you don’t need to worry about your files taking up large amounts of unnecessary space on your computer, as everything is saved safely on the cloud system.
This has many advantages to the traditional storage and access options. If your computer is lost, stolen or damaged you’ll still have access to all your accounts through the cloud, on any other secure device. This is particularly helpful if you use an office computer and a personal laptop because you can access the same account from two different devices once it is set up correctly.
Cloud Collaboration
Hard copies and faxes are now a thing of the past.
Xero makes collaboration between businesses and their Bookkeeper, Accountant or Financial Adviser easy and straightforward. Because Xero is cloud-based, it also allows real-time updates. So you and others can view the same information simultaneously from different locations and devices.
Xero is highly security conscious and ensures that you’re always in control of who has access to Xero and what they’re able to do in Xero. You can manage these preferences within the software, with great ease.
Xero offers three different subscription levels, allowing you to choose the plan that suits your business needs and budget. These packages are as follows:
This system allows for upgrades at any time, ensuring when your business grows to a larger organisation you can upgrade to the more advanced packages, which include many extra features.
Customisable Add-Ons
With a huge variety of different add-on applications, you can create a totally customised Xero experience that suits your business’s needs and requirements. These can include eCommerce payment options, analytics, email marketing and various types of customer relationship management (CRM) software options.
You can view these available apps and add-ons in the Xero App Store. Be sure to check periodically as new add-ons are being developed all the time.
Managing Invoices and Quotes
You can manage all your business needs for invoices and quotes. Xero allows for the easy creation of these aspects as well as providing options for creating customised templates. You can send invoices or quotes directly to clients through Xero, and clients can even make payments directly from your invoices.
This is very convenient in the fast-paced modern digital age. By using electronic invoices rather than traditional hard copy invoices, you can put your business in a better position to be paid faster.
Payroll System Efficiency
Xero can make taking care of payroll simple, smooth and easy. Not only can it be integrated with payroll partners, for example, Deputy, but employees also have access to payroll through the employee portal.
This means employees can lodge timesheets, view their payslips, view their salary calculator and income statements as well as apply for leave all in the same place, allowing for the streamlining of these day-to-day tasks.