General Ledgers at Scaling New Heights (Part 3)

There is one thing that can be said about Xero users, they are passionate about their choice of accounting software. If you have never had the opportunity to attend a conference where Xero was present, this year’s “Scaling New Heights” will give you an opportunity to see why Xero users, including accountants, call it “Beautiful Accounting Software.”

Xero supports small businesses and their advisors, and helps them grow and thrive. Its online accounting platform acts as the foundation upon which businesses can build a complete solution to connect their banks, accountants, payment services and third-party apps, so everything is securely available on any device, at any time, from anywhere.

Businesses can easily configure Xero to suit them—from working with customers to managing their staff, to connecting with advisors and working with specialized apps designed for their type of business. Xero is designed to help small businesses become more successful, so they prosper and become larger businesses.

Xero provides avenues for small business success via increased efficiency through the software itself. It is powered by automation and machine learning designed to reduce the time businesses must spend invoicing, reconciling transactions and paying suppliers.

It transforms the way small businesses work, turning chores which may have previously taken hours into simple tasks that now take minutes or less.

Here are a few of the key features that make Xero so special to its countless users in the US and around the world:

  • Xero’s Bank feeds connect directly to your bank so transactions flow automatically into your financial records each business day. The vast majority of these transactions can be automatically coded to your accounting based on artificial intelligence and established rules. It takes only moments to confirm transactions needing special attention, like a first-time charge. This simplification means your money-in and money-out always match your bank reconciliation—no more long nights of trying to figure out why you are not in balance with the bank.
  • With Hubdoc integrated directly into Xero, you can track all your receipts and expenses, and eliminate data entry since it imports and converts your bills, receipts and monthly statements into accounting data. The Hubdoc mobile app will record your expenses on-the-go and make certain every receipt you once lost is now in your books as a deductible expense.
  • Xero also helps you get paid, and get paid faster. With fully-integrated professional quotes, your customer information, inventory, costs, purchasing and jobs underway are all available at a click. Then, simply turn those quotes accepted by your clients into invoices with a built-in payment link so you can get paid right away. Because Xero integrates seamlessly with Stripe, PayPal and GoCardless, you can accept debit and credit card payments, making getting paid fast and seamless.
  • Keep count of your products and items in stock as you buy and sell them with Xero inventory features. Track up to 4,000 finished items, look-up the quantity of items on hand and available to sell, and see the total value of stock on hand for any item. Inventory reports give you the management information you need to let you know how your products are selling—what are your best-selling and worst-selling items, your most-profitable and least-profitable items, and other key factors that can impact your buying and marketing decisions.
  • Xero Projects help businesses drive profitability by tracking time and costs on every job. Businesses that charge clients on a time-basis can see all their work in progress, monitor project budgets and costs, and invoice for their time as well as their related costs and expenses. But Xero Projects goes further than just tracking, it also provides actionable financial insights so business owners can make informed decisions to complete more profitable projects.

  • Xero via its integration with Gusto Payroll gives businesses an easy-to-use, full-service payroll functionality to manage their needs—all reported in the Xero accounting ledger. The combined functionality provides a comprehensive and streamlined payroll application with a proven time savings for most employers.
  • Xero makes it easy to track fixed assets and work with your accountant to manage them, keeping your books up to date. Keep track of your assets online, in one place, and work with your advisor to manage all your fixed assets. Run reports to show fixed assets, their deprecation and value.
  • The Xero accounting mobile app allows users to manage their business while on the go whether they use an iPhone or Android device. For example, a business owner can reconcile his bank account over morning coffee with the family so he starts his day knowing exactly where he stands and how his business is performing. It helps business owners and managers stay on top of their daily tasks while they are out and about, while also helping them make the most of their spare moments and giving them more free time away from the workplace.
  • Track your finances with accurate accounting reports and collaborate with your advisor online in real time. Decide how to present the date in each report and customize your reports in exactly the way you need them to appear. Apply formulas to compare budget versus actuals, as well as track categories to see how different business areas are performing. Xero’s wide range of financial reports provide you with a great understanding of your business.

For accountants and bookkeepers, Xero offers features like Xero HQ, which allows you to manage all your clients and staff from a single interface. You also have the option of adding smaller clients to Xero with Xero Cashbook and Ledger as a member of the Xero Partner Program. Xero Practice Manager is accounting practice management software that streams your workflows and helps boost your efficiency. Xero Workpapers gives you the ability to manage your compliance workflows, including customized work programs, client queries and accounting working papers in a single location.

We have only begun to tell you why so many people find Xero to be “Beautiful Accounting Software.” You can find out for yourself by stopping by the Xero booth in the exhibit hall or visit its US website.

Acknowledgments and Disclosures:

Portions of this feature, including graphical artwork contained therein, have been adapted from content used from the vendor (sponsor) websites (or other related sources) of the various sponsors (vendors) discussed within this feature. All such source materials within this feature by Insightful Accountant were adapted and are furnished for educational purposes.

As used herein, QuickBooks refers to one or more registered trademarks of Intuit Inc., a publicly-traded corporation headquartered in Mountain View, California. Intuit QuickBooks and the QuickBooks ProAdvisor Program are proud sponsors of Insightful Accountant’s 2022 Top 100 ProAdvisor and the ProAdvisor of the Year Awards.

“Scaling New Heights” is a registered trade name of Woodard Events LLC of Canton, Georgia. “Scaling New Heights” is a proud sponsor of Insightful Accountant’s 2022 Top 100 ProAdvisor and the ProAdvisor of the Year Awards.

Any other trade names used herein, including those of the sponsors (vendors) featured within this article, refer to products that may be registered, trademarked, or otherwise held by their respective owners; They are referenced for informational and educational purposes only.

This is an editorial feature, not sponsored content. None of the vendors within this article have paid Insightful Accountant or the author any form of remuneration to be included within this feature. The article is provided for informational and educational purposes.

The publication of this article, nor the inclusion of this product within the related series, does not represent any endorsement by either the author or Insightful Accountant.

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