How Xero Can Save Time, Boost Productivity and Output
It’s been argued by many that the most valuable commodity in business, and Life itself, is time. An increase in productivity and output is the natural result of finding a way to simplify and streamline our systems and make our processes more efficient and effective.
Xero is a fully integrated accounting system that makes keeping up with the books a process that’s easier, faster and less prone to error.
The following is a list of the top 8 ways that Xero reduces the hassle, stress and drama surrounding the process of keeping up with one’s accounts. This system frees up time so that owners and managers can get back to focusing on what they do best: running their business!
Automatic Tracking of Sales, Purchases and Inventory
If you are still using older, outdated software to keep up with your books, it’s likely that you have a separate system to track your company’s sales, purchases and inventory. Xero saves you time by automatically tracking these and other integral components of your business. Users can access this data and quickly produce reports and lists, from the same fully integrated dashboard, and at the click of the mouse!
Gone are the days of manual data entry, which not only saves time, but reduces the chances of errors. Xero also makes it easy to sort and catagorise transactions. If a user handles a lot of cash transactions, they will find that one of Xero’s best features is cash coding. This feature allows users to sort through long lists of transactions quickly and easily!
Automatic and Integrated Payroll
Many businesses also have a separate system to keep up with their employees’ benefits and payroll. If a user is still using one of these outdated systems, then some manual entry may be necessary. This is mainly because tax codes and regulations frequently change, which can affect everything from withholding to GST.
Xero keeps up with all of that, from changes in the tax code to the actual tax calculations, while also keeping up with employee data. This data is automatically kept separate from lists of clients and vendors to save time.
Since everything is stored in the cloud, Xero allows users to invite their employees to log in and see their pay stubs and vital information, such as hours worked, benefits, paycheck history, all from the same fully integrated dashboard.
The system generates payroll journal entries automatically so that there is no need for manual data entry, and users can also invite their bookkeeper or accountant to log in and collaborate on the books!
Fully Integrated Email and Office 365
Xero can be fully integrated with Office 365, including the email feature, which gives users better management of contact information. Where both programs work together, it’s easy for users to see who owes them what, and the best way to contact them. The system makes it easier and faster to produce both quotes and invoices.
The Xero files feature makes document management easy. Simply upload or email any document into a general library file, or, attach documents, directly to transactions. Whether it’s an image, receipts or actual contracts, users can now group and attach their important documents directly to the related contact’s information.
Better Cash Flow Management
Financial transactions at banks, credit card companies and 3rd party payers, get imported, entered into the journal, and tracked automatically. The reports feature makes it easy to see items such as current cash, year-to-date and interim business performance, profit margins, budgets and projections!
Users can enter bills, pay expenses, make large batch payments and schedule payments from the same convenient and intuitive dashboard.
Xero features uncoded statement lines that makes it easier than ever for users to be able to follow up on unreconciled bank items. Create a PDF of the transaction, with a simple click of the mouse, and then forward it to a bank representative or accountant for further information.
Keep Up With Finances on the Go!
Xero offers a fully functional mobile app that allows owners to access their dashboard from their smartphone, laptop or iPad and keep up with the books while on the go!
Users data is stored in the cloud, so not only is it easier to access at any time, it’s safe from potential destruction should the effects of extreme weather phenomena and other natural disasters affect the physical location of the business!
Over 450 third party apps have been created and designed to work smoothly with Xero. This increases users’ flexibility and allows them more options for customisation and control!
In the past, completing common bookkeeping tasks meant spending hours on manual data entry and other equally tedious assignments. Xero is fully automatic and integrated, which means that the need for manual entry has been eliminated; saving time, and dramatically reducing the chance of error, regardless of which section of the business the user is trying to track and evaluate.
Have you made the switch to Xero? Why or why not? Why not share your experience of making the switch to Xero in the comments section below?