12 min read
17 helpful Xero software features for businesses
1. Prioritise cash flow management to ensure business sustainability
2. Cloud-based accessibility
3. Xero pricing flexibility
4. Real-time financial data
5. Multi-currency support
Xero supports payments in over 160 currencies, making it ideal for businesses with an international presence. Avoid the hassle of currency conversions with Xero’s built-in feature that gives insights into your financial performance across geographies.
6. Financial reporting
7. Inventory management
The Xero software has an inventory control system that automatically populates orders and invoices. This also helps you stay on top of what’s selling and when it’s time to restock.
8. Bank reconciliation
9. Expense tracking
Xero comes with expense management tools that allow you to easily submit and reimburse expense claims. You can review and approve claims from your phone and use the analytics feature to monitor expense patterns. Besides, set up tracking categories to see your expenses by department, location or product line.
10. Easy to migrate
Switching to Xero accounting software from your old accounting system is super easy! After some preliminary setup work on Xero, import all your data – contacts, bills, invoices, books of accounts, and so on – through CSV files.
11. Data extraction
Xero offers an app, Hubdoc, that lets you extract data from printed receipts and bills as well. All you need to do is take a picture – the app will automatically read the data and create an entry in your books of accounts. Ease the pain of bookkeeping with Xero!
12. Data security
Xero leaves no stone unturned to ensure your sensitive financial data is always safe. Business owners get comprehensive user access controls, meaning they can ensure that data is only visible to users with the right level of clearance. They also frequently conduct their audits to check for and address any vulnerabilities.
13. Branding
Customise your invoices, statements and quotes with your company’s logo or header or add different themes to suit each department. You can also personalise the text on the reminder alerts you send out.
14. Invoicing
15. Billing
The Xero software makes it easy to pay your bills on time and gives insight into your cash flow and accounts payable. In addition, schedule batches of payments in advance.
16. Payroll
Xero software has a built-in payroll management feature that lets you manage salaries, deductions, and tax compliance hassle-free. Not only do you eliminate the risk of errors, but you also ensure that everyone is paid on time and in full, making employees happier. Employees can also upload their expenses, make claims and manage their leave on the same platform.
17. Filing
A glance at Xero pricing
- Starter – £15
- Standard – £30
- Premium – £42
- Ultimate – £55
How Xero training by Golding can help
1. No more stress
Accounting, especially during the year-end, can be a stressful process. But once you know the ins and outs of the Xero software, you can complete tasks in a fraction of the time and set up automatic processes for things like payroll and invoicing. Investing in some training time upfront saves you a lot of hassle later.
2. Greater adaptability
The industry is constantly evolving, and it’s more vital than ever for teams to be comfortable with the latest technology. By investing in Xero software training, your team will have gained transferable tech skills that they can use to navigate other new platforms as well.
3. Enhanced productivity
With Xero software training, your team doesn’t have to waste time figuring out how to execute basic functions and can start implementing accounting processes from the get-go.
4. Tailored to what you want
Perhaps the biggest reason to invest in Xero software training is that the best trainers will meet you where you are. They will design courses and timelines based on how much or how little experience you have with Xero and can conduct detailed training or crash courses depending on what you’re looking for.
5. Better planning and forecasting
6. Make your accounts do more for you
With our Xero training, you’ll know how to prepare your accounts for tax deadlines, HMRC audits and any reports that potential investors/lenders might ask for before providing your business with financing.
Accounting, especially during the year-end, can be a stressful process. But once you know the ins and outs of the Xero software, you can complete tasks in a fraction of the time and set up automatic processes for things like payroll and invoicing. Investing in some training time upfront saves you a lot of hassle later.
