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Xero has been making leaps and bounds in recent years, transforming this cloud-based accounting platform from a bookkeeping support tool to a total business machine. From in-depth accounting features and payroll, to end-to-end project management, it’s no surprise that Xero is becoming the accounting software of choice for businesses in every industry.
We could talk about this user-friendly platform all night—but we won’t. Instead, here are 10 things you should really know about Xero, and why this matters for your business.
If you’re already ready to get started using Xero, contact a Liston Newton Advisory Xero specialist today. We can help you get your account up and running, and show you our tips on using the platform to its full potential.
1. It’s incredibly user-friendly
If you’re not an accountant, the last thing you probably want to be doing is burying your head in the day-to-day minutiae of your business’ financials.
This is where Xero really shines. It simplifies the world of accounting for non-accountants. Based entirely in the cloud, there’s no need to switch between programs and platforms. With intuitive menus and product features, and easy-to-understand charts, Xero ensures that everyone, at every level of financial knowledge, can quickly learn how to navigate and understand the system.
2. It’s extremely accessible
One big benefit of Xero being a cloud-based platform means that it is available when you need it, wherever you need it. You can access the platform wherever you have an internet connection, on whatever device you use.
You’re able to grant access to multiple users, who can all use the platform at the same time. This removes any double-handling, and allows users to simultaneously download and upload files and information directly into Xero.
3. It’s built to be built upon
As Xero has evolved, so has its usability. It’s a platform that has made to be built upon, and integrates with a host of other apps and platforms that provide further benefits and features for your business’ accounting. Xero connects seamlessly with these external tools to provide an extended feature set for:
- Invoicing
- Relationship management
- Sales management
- Project management
- Payroll
And as these integrations all sync directly to your Xero account, there’s no double-handling of information, with everything getting transferred between the platforms immediately.
4. It can be used for global operations
One very clever feature that Xero has is currency conversion. You can convert up to 160 currencies into AUD, and vice versa. You can set specific customer and client accounts into their particular currency, so there’s no need to tailor each interaction every time.
Xero converts your currency in real-time, and you can even add foreign bank accounts into Xero, alongside your local accounts.
5. Managing payroll is easier
Xero’s payroll function allows your employees to access their payroll information via a single employee portal. Here they’re able to lodge timesheets, look at their payslips or PAYG statements, and even lodge leave applications. You can integrate dedicated payroll software to streamline things even further, with your information getting synced to Xero immediately.
Xero takes care of your single touch payroll reporting obligations, too, which we’ve written about previously here.
6. Xero makes your reporting simple
One of Xero’s big benefits is its powerful reporting capabilities. Your financial information is updated in real-time, so you can track and monitor the information you need, and trust that it’s always accurate. When you need to drill deeper, Xero provides a range of in-depth financial reports that you can generate instantly.
And it’s easy, too. Xero’s intuitive interface means you can see a full range of reports directly from your accounting portal, with the information you need available when you need it.
7. You get unlimited storage
The rise of cloud computing has opened to doors to practically unlimited storage, for any platform you might need. Gone are the days of storing all your data solely on hard drives, hoping that nothing goes wrong.
Xero is no different. Xero offers unlimited storage of your financial information and data. Simply save your information to the platform and it’s stored safely in the cloud.
According to Xero, an average small business can comfortably save around nine years of financial documents in 1GB of storage space. You can access it in realtime, too, so there’s no lag time between saving and using this information.
3. It’s easy to generate invoices
You probably knew that Xero streamlines your invoicing processes —but probably not how easy it is. Xero integrates with all the other platforms that your business might use during your sales processes, and then uses the data from these sources to generate invoices for you, in real-time.
You don’t need to switch between systems and input the data twice, Xero does it all for you, saving you time, and money.
9. It’s more secure than you realise
As a financial platform, by its very nature, Xero has excellent security features. As well as being certified compliant with ISO/IEC 27001:2013, the global information security system standard, Xero excels in its security features at a user level.
Externally, two-factor authentication means you can avoid any unauthorised access to your Xero account. Internally, as the main user you can delegate access to other users, and limit how much or how little they can use or see in the platform. You can choose to set access levels, too. So for example, your accounts team can perform at one level, while all staff in a sales team can still access the reports and invoices they need in their roles.
10. It saves you money
Xero is made for efficiency, and is designed in such a way that you’re guaranteed to save time on your accounting. The intuitive interface means you’re not wasting minutes — that all add up — searching for the functions you need, and the simplified processes cut the time spent performing certain tasks in half. The power of the platform provides the information you need to improve your business’ overall performance, and enhance your profitability.
The final word
Xero isn’t just another accounting platform. We believe that it’s the most accessible, most functional platform out there. After all, there’s a reason Liston Newton Advisory is a Xero Gold Partner.
