What is Xero and how can business owners benefit from it?
The Xero “Ecosystem”
More than 500 add-on programs form the Xero Ecosystem and integrate with the Xero platform. Some of the top add-ons include Expensify for employee expense tracking, Bill.com for invoice and bill tracking, Hubdoc for document filing, TSheets for employee time tracking, and Gusto for full-service payroll. Xero, in combination with its add-ons, provides business owners with a vast selection of tools, specifically engineered to handle the most convoluted of back-office processes from one convenient platform. These tools cost a fraction of the price, compared to traditional enterprise accounting systems.
The Xero Mobile App
Xero offers a sleek mobile app to compliment the web version. The Xero app gives users the ability to reconcile bank statements, invoice clients and capture expenses on the go. The best part? The mobile app is available for free on both Android and Apple devices.
The User-Friendly Dashboard
Xero’s dashboard is easy to setup and intuitively designed to be accessible for users with a non-accounting background. The dashboard offers a snapshot of your company including, but not limited to: bank and book balances, outstanding accounts receivable , overdue payables, and a fully customizable watchlist of accounts critical to your business decisions.
One of Xero’s most amazing features, the bank feeds! After connecting your bank account, Xero will automatically import all of your transactions which allow for real-time reconciliations. You will also have the ability to create custom bank rules which will match recurring transactions with specified expense categories or revenue.
User Security and Permissions
To ensure specific financial content is viewed by only those who have the authorization to do so, Xero provides an array of customizable permission sets directed to control separation of duties. Individualized permission sets based on company or firm roles can be created, and two-step verification ensures the intended user, and only the intended user, can access their specific allotted Xero content.