Xero was designed with small businesses in mind. It’s a cloud-based accounts receivable software which facilitates online collaboration with clients. Xero works closely with advisors, customers and partners to keep constantly improving the software. Xero provides up-to-date information, quality advice and allows accountants and owners to collaborate using a single ledger.
This accounts receivalble software also makes use of machine-learning, Aritificial Intelligence (AI) and Amazon Web Services (AWS) in order to deliver an innovative, competitive, cloud-based solution. It has also been awarded the UK Cloud Awards’ Financial Product of the Year, Real Business FD’s Excellence Awards’ Software Vendor of the Year, and the Institute of certified Bookkeepers, LUCA Awards’ Best Bookkeeping Software and Best Payroll Software.
What Is Xero Accounts Receivable Software?
Xero is an innovative accounts receivable software which supports integrations with services such as PayPal, and is capable of multi-currency accounting. Xero uses powerful features such as machine-learning on invoice creation in order to spot possible errors. Online payments are supported, and in-depth reports provide useful information on the health of businesses using Xero. Potential users should take note of the Xero app marketplace which provides access to over 700+ industry-specific apps which seamlessly integrate with Xero, allowing for features such as customer relationship management (CRM), and time tracking.
Xero Accounts Receivable Benefits
- Xero is built in the cloud: In order to avoid confusion, Xero provides the same information across the board to all users given access to the application. This is the benefit of using cloud technology.
- Simplicity: You don’t have to be an accounting professional to use Xero. However, it is still powerful enough for the use of accounting professionals. Xero facilitates collaborating with business partners, and integrations with leading business tools. Visual reporting also makes it easy to understand your business’ cash position.
- Important business metrics displayed in real-time: Xero automates key business performance data feeds. This allows for insights to be displayed non elegant dashboards, allowing for business owners and advisors to deliver the best service to clients.
- Automation and machine-learning deeply ingrained: Xero automates many functions, and makes use of machine-learning in order to help prevent errors. This takes the hassle out of accounting and makes carrying out day-to-day business much easier.
- Stay connected with Xero: Xero allows you to connect to your bank which allows transactions to be automatically downloaded. In addition you can have access to your accounting data even when you’re on the go with the mobile apps. Also, every Xero plan supports an unlimited amount of users which means that colleagues can collaborate easily.
- Xero is community focused: Xero’s forums are teeming with passionate users who know the ins and outs of the software’s features. They share their expert opinions with others which is an asset to those new to Xero. This type of feedback facilitates a constantly improving platform.
- Free Support: With Xero, free unlimited email support is provided. An extensive knowledge base is also present.
- Beautifully designed: Xero is designed to be easy to use from the first time someone uses it. This takes the hassle out of taking care of your accounts.
Xero Accounts Receivable Features
Xero’s has many powerful features which make it a competitive accounts receivable solution. Let’s explore them below.
In this global world, you may attract clients from anywhere. Xero allows you to get paid in over 160 currencies. You can even assign currency preferences to contacts. With this accounts receivable software solution you won’t have to worry about manually converting foreign currencies to your local currency. Foreign currency transactions are automatically converted to your local currency. Moreover, foreign exchange rates are updated hourly.
Connect Your Bank Account to Xero
By connecting your bank account to Xero, you can easily keep track of transactions. This also allows for easy reconciliation since your transactions are constantly being updated.
Xero Cash Coding
Xero makes it easy to categorize and match bank transaction to their corresponding invoices and accounts. The cash coding tool makes it simple to reconcile transactions in bulk. This tool saves time since it lets you quickly group similar items together and carry out your reconciliation.
Change Transaction Information In Large Batches
Xero easily facilitates changing transaction information in large batches. This feature is called Find & Recode. After carrying out a search for the transactions that need to be recoded, users can choose to change the contact, account code, tax rate, or tracking categories assigned. It should be noted that this only available to those with the Adviser user role.
Machine Learning Enhanced Invoice Creation
Xero makes use of machine-learning to detect errors based on the accounting practices of a business. This makes detecting mistakes much easier and can even result in preventing mistakes before they happen.
Online Invoices and Payments
Facilitating online payments has been shown to spur customers to pay faster. This is an asset to small businesses who can sometimes experience cash flow problems. Additionally, online invoices are a more secure and transparent way of invoicing. It’s easier to keep track of transactions carried out this way instead of having to keep track of paper invoices.
With Xero you can also set up repeating invoices and bulk send invoices. It also lets you save time by simply replicating invoices where needed. You can then just update the necessary sections of the invoice.
Xero supports payments via credit/debit card, or PayPal. It lets business owners see when an invoice was received and opened and even sends automatic reminders to customers about unpaid invoices.
Store Relevant Files In The Cloud
Xero allows for the storing of relevant accounting files in an online filing cabinet so that they can be accessed from anywhere. Documents can be directly uploaded or even emailed into Zero. This is a measure which can reduce paper clutter in offices. Simply let everyone access files suitable to be stored in this way from the online filing cabinet.
In Depth Reporting
Users can quickly generate important reports such as profit and loss reports and reports on the progress of projects. Reports can be exported as PDFs as well. Custom reports can also be created.
When running your business you will want to make sure that business is being carried out within full compliance of company policy and the law. Some errors and anomalies can be difficult to spot but the assurance dashboard makes this easier. This feature allows for the monitoring of user activity and can highlight errors and potential fraud before these issues get out of hand. It will allow for invoices which have been backdated or edited to be highlighted as well. This feature is similar to an audit but it happens from directly within your accounting software.
Xero provides an advisor directory which can connect users to local accountants and book keepers across various industries such as the e-commerce and retail industries.
Xero contacts + Office 365 Integration
This accounts receivable solution allows for syncing with Microsoft Office 365. This allows for the importing of contacts directly into Xero and for the viewing of emails from directly within Xero. This saves time and effort since you can have all the information you need to do business with a client directly within Xero with this feature.
Sync With Microsoft Power BI
Xero can be synced with Microsoft Power BI. Microsoft Power BI can give valuable insights into your business in seconds. It’s an analytics app that can analyze your Xero data, giving you clues to areas that can be approved upon based on the data. Understanding the data is simple due to the visual manner in which it is presented and can easily be shared with your team.
Xero App Marketplace
Xero can integrate with over 700 industry-specific apps. This enhances the app’s functionality, adding features such as CRM systems, inventory management, and ecommerce features. Instead of using separate tools, several features can be introduced into Xero with various integrations.
Xero has 3 pricing tiers for users to choose from.
The starter package goes for $20/mo. It lets subscribers send 5 invoices and quotes, enter 5 bills, and reconcile 20 bank transactions.
The Standard package goes for $30/mo. It lets you send unlimited invoices, quotes, bills and carry out an unlimited number of bank transactions.
The premium package is priced at $40/mo. In addition to the features made available in the standard package, the premium package allows for the handling of multiple currencies.
Xero is available for both Android and iOS. Apps are also available on Windows, and Mac as well. There is a web-based interface that can be used as well. Xero also backs up user data, and protects it with multiple security layers. Please note that only English is supported at the moment.
Xero provides support via tickets. Support is available 24/7 which is quite convenient. Informative material is also provided by Xero using media such as videos, various guides, and training courses. There are also forums where users can communicate with each other.
Xero is a beautifully designed accounts receivable application. Xero uses advanced technologies such as machine-learning and AI to enhance its already powerful functionality. With features like multi-currency accounting, cash coding, cloud file storage, and in-depth reporting, Xero delivers an effective and powerful application for handling your accounts receivable needs. The pricing ranges from $20 – $40/mo which is quite affordable given the powerful feature set provided.