Keeping on top of your accounting may not be the most fun aspect of business, but it’s undoubtedly one of the most important. For those looking for a one-stop solution that makes the process as straightforward and pain-free as possible, put simply, Xero aims to be exactly that. This post aims to explain the functionings of Xero and how you can benefit, as a small business user or as an accountant / bookkeeper.
What is it and how does it work?
Xero is online accounting software that has been specifically tailored towards small businesses by making everything feel intuitive, accessible and user friendly. Established in 2006, more than 700,000 people have already subscribed to the cloud-based service, which was set up to try and help said small businesses compete with the big boys by streamlining the accounting process, leaving them the extra time and manpower to focus on the actual daily running of their affairs.
With Xero being based online, it also helps businesses to reduce the amount of paperwork and filing normally associated with bookkeeping, which can once again save time and space that a smaller company may not have the luxury of affording, not to mention being more eco-friendly in general.
What features do I get?
Xero offers many features, details of which can be found on their website; including but not limited to:
- Online invoicing, allowing you to organise payments faster and thus keep cash flow healthy.
- An inventory tracking system that makes it easier to monitor stock levels.
- A dashboard that provides a snapshot of how your business is performing via charts.
- Bank reconciliation, which means bank and credit card transactions are automatically imported daily.
- Data protection via multiple layers of security.
- The ability to track gains and losses in several currencies simultaneously, ideal for those who trade internationally.
- Expenses management, compiling all your claims and receipts in one place for easier future reference.
- Built-in auto enrolment for workplace pensions, ensuring you comply with government regulations.
- A mobile app, from which you can access all the software’s features on the fly.
- Free support 24/7 via email and phone should you ever have any questions or concerns.
Is it worth it?
There are several different packages available – Starter, Standard and Premium – meaning that you can choose the deal that works best for your company, both in terms of the features offered and the budget you have to work with, so you don’t have to pay for anything you don’t need. Better yet, you can utilise the 30-day free trial and decide for yourself if it fits with the workings of your business, and is therefore worth investing in on a more long term basis.
Become an Affiliate
If you want to help spread the word while earning a referral fee, why not join the Xero Affiliate program? Xero has over 860,000 global subscribers, and with a high converting free trial, plus attractive looking banners and a 120 day referral, it’s never been easier to start your affiliate journey online.