Xero Online Accounting Software

Technological innovations have brought several benefits in different industries. The online trend for example is a powerful witness of the rising internet technology. It’s not only embraced by hundreds but gazillions of people worldwide. The accounting industry is not an exception to this increasing domination of internet or web technology. A business could run even if not in the office. Invoicing, financial reporting, inventory, bank reconciliation, and other accounting tasks can be done anywhere and anytime because of the presence of online account software such as Xero.

Xero was founded by Rod Drury and Hamish Edwards in 2006. It is used primarily in Australia and New Zealand where it is listed in their Stock Exchange and considered to be one of the fastest growing companies. Xero makes user’s experience easy and simple. If the user knows basic accounting system, then she or he can definitely do well in Xero. It’s like full packaged online accounting software that provides complete and efficient tools to home office, small and growing businesses.

Installation:

Getting started with Xero is very easy. It only takes simple steps of 1,2, and 3 and next buttons to complete the installation and its ready to go. The installation wizard of Xero guides the user to enter the necessary information like tax rates, existing account information, currencies used, and other details of the business. Export of data is also easy and there is no need for an additional system for data transfer.

Features:

Online Accounting: Working with your finances anytime and anywhere is achieved through Xero’s online account capabilities. Whether you want to work on it with colleagues over dinner or at home, create no big difference than working in an office. The software also allows the business to invite unlimited users for free.

Since it’s online, updates are always ready and free! Xero is continually developing innovative and creative designs to further enhance the functions in delivering excellent accounting service to businesses.

Security is also not an issue because Xero’s hosting and backup services are protected by the highest level of security measures. It’s understandable that privacy and security in the online world is quite scary but with Xero’s safety measures, a business would be ensured that nothing disastrous could happen. Encryptions used in the software are just like those from internet banking. User accessibility is set up with strict permissions and confidentiality. Firewalls are also used for controlling servers.

Bank Reconciliation: Xero supports automatic bank feeds which enable the business to easily access bank transactions. Currency rates can also be accessed through Xero which will be easier for users to know the effect of the rates in the business cash flow.

Invoicing: Xero has made invoicing so easy for both customers and the business. Cash flow management will be faster because online invoicing allows scheduled billing and payments. Customers will be presented an easy way to make payments in the invoice coz they can just click and pay option and you get the payment instantly. The business could also manage credits by setting up notes and reminders on over dues.

Inventory is also made easy through Xero coz they are providing advanced inventory management tools such as Unleashed Software, SimPRO, OrderHarmony, and CIN7 to choose from.

Useful Add-ons: Xero provides a wide range of add-on selections to business depending on their needs.

WorkflowMax – manages invoices, contacts, and tracking details.
Automated Data Processing Inc. – provides outsourcing tools.
Zen Cash – follows up payment from customers.
Vend – online point of sale system.
Receipt Bank – manages paper receipts and invoices and turns it into an online data.
Capsule CRM – manages customer status in your business.
Highrise Connector by Xero – manages Highrise contacts.
Paypal – manages online payments and reconciliations.
Shoeboxed – converts paper receipts into payable invoices.
Debtor Daddy – credit control service for small businesses.
Xero online accounting software is best for home offices, small businesses with 1-10 employees, and growing businesses with 11-25 employees.