In this technologically advanced age, business owners need to upgrade their budgeting techniques in order to keep up with financial management best practices.
Financial mismanagement due to lack of budgeting sometimes leads to business misdirection and loss of money. Therefore, businesses continue to struggle in financial planning, forecasting, analysis, reporting, and most especially budgeting because they rely on redundant financial management practices.
However, the implementation of automated business solutions can enable a business to thrive in the competitive market, minimize cost in running several business processes, and maximize their profits while improving employees’ efficiency and overall productivity.
On the other hand, budgeting takes a central core in financial management; therefore, it is a necessity for a business to automate budgeting by utilizing budgeting software. Budgeting software provides business users with a platform which streamlines their accounting processes while keeping their accounting records safe and secure.
Xero budgeting software is one of the best budgeting software in the accounting field that automates financial management processes.
What is Xero?
Xero budgeting software is a cloud-based software which automates accounting processes most especially budgeting for businesses. It comes with several accounting tools which enable users to manage invoices, inventories, purchases, expenses, account books and many more.
Founded in 2006, Xero has a global reputation as an account management solution most especially in countries such as the United States, United Kingdom, Australia and the general Europe continent. Similar to QuickBooks due to their similar features although Xero comes with advanced features most especially the bank feeds integration feature. Xero budgeting software a track record of being the Forbes magazine World’s Most Innovative Growth Company two years in a row both in the years 2014 and 2015.
Besides Xero budgeting software is a cloud-based accounting software which gives users 24/7 access to its platform from anywhere in the world. With Xero, business users can oversee their finances from anywhere and anytime in the world from their computer or mobile devices thereby making accounting easier and faster.
In addition, Xero is designed for all businesses regardless of the industry they specialise in. Moreover, users with no accounting or technical knowledge can easily manage their finances using Xero whether as an individual or a business user.
Furthermore, Xero budgeting software eases out complicated financial processes by providing easy into a simple and design. Keeping your books will get easier when the Xero budgeting software is used as it can track back the books back to the origins of the business as a whole.
Xero also integrates with several tools such as Expensify, FreshBooks, Shopify, MailChimp, SugarCRM, Podio, Nexonia Expenses, Capsule, and many more Xero is reputable to be one of the most used accounting software today by several multinational companies.
Having partnered with numerous accounting firms and third-party applications, Xero budgeting software provides business users with the extension of numerous accounting features applicable within a business environment.
Benefits of Xero
Easy to use
Xero budgeting software provides users with tools for handling bookkeeping, purchases, bank reconciliation, expenses, and many more. Xero users can automate accounting processes without the need to acquire advanced accounting knowledge.
With Xero, employees can collaborate on accounting tasks from any location in the world through Xero cloud-centric platform. Therefore, businesses can increase efficiency, productivity and revenue while focusing on other business processes non-related to accounting.
Cost effective accounting solution
Xero provides business users with accounting tools and features for automating accounting activity. Unlike other budgeting software, Xero comes at a relatively cheap price which is lower when compared with the cost of hiring an external accounting firm or accountant. For instance, Xero’s Starter plan is available for as low as $20 which is affordable even for new businesses.
Xero users can easily get an oversight of their finances in relation to their budget through the reporting tool. Hence, users can obtain records such as cash flow records, income statement, and balance sheets for making a financial analysis. This enables Xero users to get complete feedback on all their financial operations taking place in their account.
Xero budgeting software controls access to users account by implementing an extra layer of security to help protect users’ account. For instance, only authorised personnel within a business organisation can have access to the company’s account in order to create, modify, track, or print out account information.
In addition, Xero utilizes a military-grade data encryption protocol as in securing users data and information. Also, their servers and data centres are heavily monitored to prevent security threats and service disruptions.
Xero comes with Android and iOS applications which enable users to access their account information via their mobile devices. This enables users to update their expense information while on-the-go and add new expenses as well.
Reliable customer support
Xero budgeting software offers one of the best customer support services. Xero users can reach out to their customer agents via phone call, email, and online support. Also, their resources page consists of a knowledge base, podcasts, tutorials, and many more, which enables users to find the answer to technical issues they might encounter.
Key features of Xero budgeting software
Cloud-based expenses manager
Xero budgeting software streamlines expenses tracking process by reconciling transactions with the account information automatically. Users are provided with a better visibility of their financial information through their dashboard which provides the user with a glance at their cash flow and expenses.
In addition, Xero provides the user with real-time reporting and analytics tool to monitor their finances in order to make better financial decisions in relation to their budget.
Xero enables users to create personalized invoices from its repository of professional invoice templates. With any of the available invoice templates, users can add on-brand images, logo, theme, as well as payment terms and send to the clients in order to receive payment.
Furthermore, Xero also enables businesses to send automated reminders to notify clients concerning when the payment should be made. In addition, business users can also track the invoice as well to see whether the client has seen the invoice and also when the payment has been made. On the other hand, users can protect their invoices from unauthorized editing by enabling the two-step authentication for security.
With Xero, users can effectively track their inventory stock levels and values in real-time. Xero uses the average cost method to calculate the value of available goods so as to enable business owners most especially wholesalers or service providers to effectively price their goods. Moreover, Xero enables users to add photos of their stock to their inventory items as a visual reminder.
In addition, Xero provides users with CSV template for importing their inventory items from a spreadsheet. Also, users can easily create quotes, bills, and purchase orders accurately through the Xero platform. With Xero, businesses can handle their supplier contracts for other business purposes.
With Xero budgeting software, business users can link their bank accounts with Xero for real-time account monitoring. On the other hand, business users can manually edit the description of each transaction while Xero automates the reconciliation of each cash flow; this provides the businesses with automatic bank feeds.
Business owners can automate pay run information for employees through the Xero’s payroll journals. Also, businesses can make batch payments as well by paying multiple bills in one single transaction.
In addition, Xero budgeting software enables business owners to schedule payments most especially employees, suppliers or vendors.
Xero budgeting enables users to create and manage projects through its platform. Users can monitor job costs and budget; record time spent on each task, and add task estimates easily. Also, users can create fixed time, price, and monitor project progress.
Xero budgeting software seamlessly integrates with a variety of over 700 business web applications and software. Some of the applications categories include inventory, Xero HQ, payments, CRM, time tracking, invoicing, payroll, eCommerce, reporting, bills, documents, conversions, practice manager, and many more. Therefore, business users get access to a wide range of business tools for efficiency and productivity.
Currency barrier is eliminated due to Xero’s hourly exchange rates updates which automatically reconcile foreign currency accounts. Businesses can get paid in more than 150 currencies worldwide using automatic exchange rate or their own manual exchange rate.
In addition, authorized business users can use a default foreign currency to send quotes, bills, purchase orders, and invoices to specific contacts.
Xero is accessible via mobile devices by providing users with a comprehensive overview of their account information and also enabling them to access Xero’s desktop-like features. Hence, business users can perform tasks such as approving expenses, sending invoices, capturing receipts and reconcile with their account, etc via their iOS or Android devices from anywhere and at any time.
Other notable Xero budgeting features include:
- Asset management
- Advisor tools
- Business performance dashboard
- Contacts and smart lists
- Sales tax
Xero budgeting software offers clients three pricing packages namely Starter, Standard, and Premium. These plans cater to the needs of SMBs and large enterprises.
Here are the pricing plans for Xero:
Starter – $20/month
- 5 Bills
- 5 Invoices and Quotes
- 20 Bank Transactions
Standard – $30/month
- Unlimited Bills
- Unlimited Invoices and Quotes
- Unlimited Bank Transactions
- 5 Payrolls
Premium – $40/month
- Unlimited Bills
- Unlimited Invoices and Quotes
- Unlimited Bank Transactions
- 10 Payrolls
Supported devices: Web-based, Windows, Mac, iOS, Android.
Locations Serviced: Worldwide
Pricing model: Monthly payment
Supported Language: English
Typical Users: Freelancer, Small Business, Mid Size Business, and Large Enterprise
Popular Integrations: Accelo, Actionstep, ActiveCollab, Acuity Scheduling, Administrate, Agile CRM, ApprovalMax, AroFlo, Authorize.net, AutoEntry, BarTab, Base CRM, Batchbook, BigCommerce, BlueFolder, BookingBug, Buildertrend, Capsule, Chargebee, Chargify, Chaser, Checkfront, Checkmybooks, Chrometa, Cin7 Inventory Software, ClicData, Clio, CollabSpot, Constant Contact, Copper, Corecon, Current RMS, CustomerSure, Cyfe, Datamolino, DEAR Inventory, Debtor Daddy, Deputy, Dryrun, Ecwid, Entryless, Epos Now, Everhour, Exsalerate CRM, EZRentOut, ezyCollect, ezyVet, Fathom, Fergus, FieldAware, Financial Driver, Fishbowl, Float, Float Cash Flow, FreshBooks, Freshdesk, FUTRLI, G Suite, GeoOp, Grow, Handshake, Harvest, Hike, Hotelogix, Hubdoc, Insightly, InvoiceSherpa, JobAdder, Kickserv, Klipfolio, Kounta, LivePlan, Magento, Magnetic, MailChimp, Manu Online, Microsoft Office 365, Microsoft Power BI, MINDBODY, MinuteDock, Momentum, MRPEasy, Nexonia Expenses, Nobly, OnePageCRM, OneSaas, Onsight, Panalitix, PandaDoc, Payment Evolution, Payoneer, PayPal, Pepperi, PieSync, Plooto, Podio, Practice Ignition, ProfitSee, Proposify, ProWorkflow, Quotient, Qvinci, Qwilr, Really Simple Systems, Receipt Bank, Re-Leased, RESULTS.com, Rydoo, SalesSeek, Sapaad, Satago, ServiceM8, Shoeboxed, Shopify, Simple Salon, simPRO Software, Socket, Solve CRM, Spotlight Reporting, Square Point of Sale, StarShipIT, Streamtime, Stripe, SugarCRM, Synchroteam, Synergy, Tallie, TidyBuild, Time Tracker, TimeCamp, Timely, TradeGecko, Tradify, TriggerApp, TSheets, Unleashed Software, Veeqo, Vend, Verizon WORK, vWork, Web EDI, webexpenses, WooCommerce, Workato, WORKetc CRM, WorkflowMax, XO Cashflow, Zahara, Zapier, ZENOTI, Zoho CRM, Zoho Reports, Expensify.
Deployment: Cloud-Hosted, Open API