My 5 favourite features of Xero accounting software

My 5 favourite features of Xero accounting software

As the UK’s leading accounting software for SMEs, I recommend Xero to many of my clients who are looking for a sophisticated yet easy-to-use solution for keeping track of their business finances.

Of course there are plenty of alternatives out there, but Xero offers a comprehensive accounts management tool that you can use from your office or home computer, or any internet enabled device, such as a tablet or smartphone. However, that’s just one of the great benefits that Xero offers – let’s take a look at some of its other great features and functions...

Xero – key features and benefits 

Xero can really help you to boost productivity and reduce the time and resources spent on managing your accounting and your business.

Of all the features it offers, the most valuable one is the capacity to integrate it with hundreds of other business management apps. These include receipt processing, mileage trackers, stock management systems and payment processing, plus time management and other useful tools such as reporting dashboards and value adding support.

This ability to use add-ons to customise Xero to meet your specific business needs may be the primary advantage for users, but here are some other key ways SMEs will benefit from the software.

  1. Easy invoicing – personalise standard templates with your logo and business information, or create your own custom invoice – then manage the entire process from one place. Customers to make payments via credit/debit cards or even PayPal, and you can schedule an automatic payment reminder to be issued on your preferred date once the invoice becomes overdue. The software can replicate invoices, send bulk invoices and even store common invoicing data to speed up the process – and you can do it all from your mobile if you’re often away from the office.
  2. Business performance at a glance – set goals, track performance and collate information from across the platform to deliver tailored reports, graphs and charts, so you can see at any time, and in real time, exactly where you stand. This instant access to vital business metrics gives you invaluable insight to help you make informed and accurate business decisions.
  3. Quick quotes – set up inventories and pricing information, enabling you to produce accurate quotes quickly. This feature does much more than that though – once delivered, the system will update client activity so you can see when a quote has been accepted, declined or even commented on by a prospect, so you know when and how to follow-up. As soon as a project’s been completed, you can turn the original quote into an invoice to send straight away – less admin, faster payments.
  4. Payroll and pensions – track, manage and process staff pay and pensions in one place, and provide employee access so they can submit timesheets and request leave online. You can manage and modify any aspect of your payroll and pension activities, plus the information can be sent directly to HMRC and pension bodies from the system, removing yet another job from your ‘to do’ list.
  5. Securely share data with your financial manager – if you use an outsourced finance manager/director or an internal bookkeeper, you can set the system to securely share all relevant data with them so they can do their job based on real-time information too. This improves the collaboration process and saves you collating and sending data manually.

Because the dashboard and platform is so intuitive, it doesn’t take long to get to grips with Xero. If you think your business would benefit from the system, feel free to give me a call and I’ll be happy to talk through its features in more detail.

In fact only this week I’m spending time with 2 clients new to Xero who are looking to harness the many benefits the system can offer.

Have a look at Xero here

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