Xero is an online double entry accounting system that is growing in popularity daily. The company, based in New Zealand, has developed a very unique package. It is easy to use, even for the small business owner who knows absolutely nothing about accounting. The documentation for learning this software is written in simple terms with easy to follow directions. Screens are simple and uncluttered which makes learning this software incredibly easy.
Features of the Software
Add users for free: You can add as many users as you need. Have your Accountant, Bookkeeper and your CPA available for all of your accounting questions, updates and reviews. There is no limit to the users you can add and you have the ability to set access levels for each user. For instance, you may not want your accounts payable clerk viewing your financial statements, set the access for those accounts they can view. Making managerial decisions will be fast and easy with this feature.
Free updates: Every three to six weeks Xero releases new updates and features.
Mobile Access: This software works on any browser at any time of the day. It can be used from any device that connects to the internet. This is truly a remarkable feature, as business can happen at any location at any time of the day or night. Your books are in the cloud totally accessible with the ease of connecting to the internet.
Ease of use
Dashboard: The dashboard is laid out with simplicity in mind. Tabs are visible at a glance with accounts, reports, contacts and settings. Check bank balances, recent sales, upcoming bills and expenses. See what accounts need to be reconciled, know the last login time and the last transactions. It also has a watch list feature that allows you to add accounts. If you are watching an expense account it can be added to your watch list. Your business is there at a glance with all of the information you need to run it efficiently.
Online Invoicing: Create invoices that updates when the invoice has been opened by the customer. Create recurring invoices and send and receive electronic payments. This software even has a feature to create a draft invoice, excellent as a sales tool to show a customer what type of expense they may be incurring. Allows you to alter and change as needed. For accounts payable it shows the invoice and allows you to schedule your payments so that you stay current and even get the discounts for timely payment for the vendors that offer them. Receive and send payments electronically which automatically update your bank balance and your accounts at one time.
Payroll: Pay staff, file tax returns and make payments. The payroll program updates everything automatically. Time sheets need to be inputted but there is an add-on that can be purchased that will make this even easier to use. Never miss the deadlines for tax reports.
Purchase orders: Create custom purchase orders to be matched with payables for payment.
Fixed Assets: Easy to update fixed assets and depreciation schedules.