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Full Xero Tax Software Review – All You Need to Know About Xero

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Xero
Xero

What is Xero?

Xero is a web-based digital accounting system that aims to diminish and condense difficulties in handling manual financial and accounting works. The New Zealand software developer, Xero, caters the needs of different industries in providing accounting solutions. And since all businesses are obliged to handle accounting and financial matters, Xero is suited for any business types and sizes.

The tax software boasts its vigorous accounting features that will be loved by accounting departments. Small industries can now view their transactions, cash flows, and details from a different account in any location. Bank transactions can also be set to be imported automatically to the system enabling accounting departments to overview detailed transaction information and avoid inputting little details manually.

Online bill payment also helps to track money-spending activities and ensure that companies will be on top of their bills, greatly improving the client-vendor relationship between companies. And because of its intuitive and attractive interface and functions, even workers with little to no accounting experience and knowledge considered it as very easy to manage and use software, as it transmutes some of the most standardized and multifaceted financial models into an easy to learn the concept.

Xero

Xero, the public software developer, was established in 2006 at New Zealand and has been the most anticipated and outstanding company in terms of growth rate in different markets all over America and Europe. They even managed to be a million-worth company with a number of 20 offices in different parts of the world.

The highest recognition received by the corporation is being named by Forbes as the World’s Most Innovative Growth Company in 2014, as well as getting the same accolade in 2015. And that is generally proven by almost 500 thousand users who had experienced the cutting-edge software innovation of Xero and helped them to reduce the cumbersome manual accounting works.

What makes Xero greater than other accounting systems is that they have collaborated and partnered with third-party accounting systems and apps ensuring to do an overall coverage of integral accounting methods and procedures into simplicity. The pricing plan of Xero is never a problem for any business or company considering its functionalities and key utilities. This  makes Xero a great investment to have, providing an efficient use of all the tools needed to simplify your accounting workflow.

Xero Benefits

Easy Setup and Responsiveness

The problem with software that is loaded with numerous features and handles hundreds to thousands of account is the setup and the responsiveness of the software. Some CRM systems take almost 10 minutes to be fully loaded until users can finally input data and use its functions. Additionally, users need to familiarize the software well within a month or so before actually able to expertly maneuver it.

Unlike other computing systems, Xero won’t require extra hours and difficult training to be expert in using the software. Xero is perfectly designed and programmed to expedite bulky financial operations and minimize the amount of time spent on encoding capacious and huge records.

Once Xero is pulled on the system, all of the transactions, account, and contacts are ruled in the same page. And unlike other software, you can also expect Xero to be fast and fully responsive to your actions, making it reliable for working with efficiency.

Xero is best known for its advantage in terms of flexibility and being intuitive software, and that is true by allowing its users to edit data on the go using your smartphone. And many software also offers this feature with additional cost, Xero, on the other hand, gives this kind of flexibility with no extra cost and most small businesses are really appreciating it.

Simplify your Transaction and Sales

 Transactions sometimes are easy, but most of the time it’s very hassle and painful considering that you have to draft multiple profiles and fill out many documents. Xero is substantial in terms of configuration and providing templates for transaction forms. Files for purchases can be easily edited and the ready-made templates made it easier to fill data fields and make the documents more personal.

The other feature that Xero provides in terms of simplifying transactions is the two-factor authentication and multiple-approval system that aims to minimize the possibility of financial fraud. Additionally, For every deal, there will be a comprehensive list of completed actions, users, dates and manual notes.

In relation to sales, this comprehensive method made it probable to regulate purchase orders, awaiting approval, pending or delayed payments and categorize invoices. With all these features, users can hasten their performance in transaction and sales.

Xero

View Your Financial Health

Companies really concerned with the growth of their business, hire a specific department or a third-party accounting firm to handle financial matters and create comprehensive reports based on the company’s financial activities. That is very essential as it can affect how a company could improve and find financial sinkholes. And we would really love if a software would be smart and effective enough to do that task. Financial reporting is one of the best assets of Xero as it can recap and summarize all the company’s activities and its effects by filling the fields and filters you want to include.

Moreover, even when dragging a regular report out of Xero’s system that specific report can be personalized to the user’s needs. Those standard reports can be accessed on Xero that includes Income Statements, Balance Sheets and Cash Flow. But the best part about Xero’s financial reporting capability is its additional analysis features like reports being very specific, expenses, sales per item, contact expenses, aged payables and more. Aside from that, Xero also gives you the ability to filter transactions based on its category and draft histories of invoices for each client.

Simplify Inventory Management

When talking about accounting tasks, that shouldn’t exclude processing of payrolls and managing Inventory. And Xero wouldn’t also let to exclude that from their highlighted feature. Currently, the software runs and processes payrolls and can identify and automatically adjust taxes in 20 states in the US. And that doesn’t stop in that, it also shows detailed information of the purchase such as the purchase cost, tax status committed quotes and other important descriptions, Many small businesses have accomplished that using Xero’s versatile features.

Xero

 Xero Features

 Invoicing – You can customize and create your own invoices. Xero provides a series of optional invoice templates. You can add a branding theme, insert a logo or include payment terms. Xero can also send an automatic reminder for your invoices and decide how often the reminders would be sent to you. Additionally, you can view if a customer has paid or seen the invoice, set a repeating set up of invoices, send the bulk of invoices, use your mobile device to send invoices, get instantly paid using the “pay now” feature on the customer’s end and implement invoice replication.

Bank Connections – You can let Xero manage your bank transactions automatically and it can securely flow on Xero every day. Users can also indicate the purpose of the transaction or let Xero give a suggestion. Using also the software dashboard, you can view the business finances and the cash flow. And lastly, you can connect Xero to your bank to receive automatic updates.

Information Security – Xero uses an encryption to protect your business files and replicates those files to different server locations for better security. The software also implements a Two-step authentication to protect your account, lets you control who has access to your organizational data and give you security warnings whenever a potential treatment in your device has been detected.

Xero

Inventory – Manage and arrange your stock using Xero’s tools for inventory management and monitor your stock real time, you can also view and get knowledge about the most profitable products of your company. Companies could also keep track of on the quantity of your stock and their value, quickly import inventory items, attach different documents to the inventory record, receive description such as prices in quoting stock, and quickly search for an item using one of the descriptions of the item.

 

Bank Reconciliation – Let Xero manage your bank transaction. When you connect Xero on your bank, you will receive an automatic flow of your bank transactions and you’re good to go for reconciliation. Xero would also suggest for the purpose of the transaction. Additionally, you can use your smartphone to categorize the bank transactions in the Xero Dashboard and reconcile multiple transactions by grouping similar transactions as one.

 

Pay bills – Using Xero you can pay multiple business bills, or bundle those bills and create an automized schedule when those bills would be paid. Xero automatically store your bills in a single location and send you emails containing its information and details. In that way, you can save time in admin work and avoid paying company bills late.

Xero

Dashboard – Track all your invoices, bank balances, company bills in the dashboard. You can also track your cash flow with Xero’s graphs and charts, choose bank account to be used for paying bills, filter the invoices by amount owed, due date, and other information, monitor your companies sales, and track other parts of your business.

Expenses – Manage the expenses claims of your business, destroy hidden costs, monitor important information of your expenses and flow stand, access important real-time reporting to monitor business patterns and make valuable decisions in your expense costs with Xero Expense.

Quotes – Generate and Send professional online quotes and estimates whenever you need to, you can do it in minutes using Xero Quote apps in Smartphone.  You could also customize your desired quote that will suit your company, check the quote status online, turn those quotes into invoices and avoid human errors in encoding data.

Mobile App – Xero has developed a mobile version of their accounting app on both IOS and Android for you to easily access accounts, reconcile and input expenses and send invoices.

Xero

Pricing

Xero has provided a set of enterprise plans with a variety of excellent features. They also provide a 30-day free trial for a customer that is interested to try the product first before purchasing.

Starter

Price: $20/month

Features:

  • Can send 5 quotes and invoices
  • Can enter and have 5 bills
  • Reconcile and enter 20 transactions in the bank

Optional extras:

Projects: $7 for 1 user every month and $5 for each additional user/month. The first month is free for any of the users and applies to the existing Xero users only.

Expenses: $4 every month for one user and an additional $4 every month for an additional User.

Standard

Price: $30/month

Features:

  • Can send unlimited quotes and invoices
  • Can enter unlimited bills
  • Can reconcile unlimited transactions in the bank

Optional extras:

Projects: $7 for 1 user every month and $5 for each additional user/month. The first month is free for any of the users and applies to the existing Xero users only.

Expenses: $4 every month for one user and an additional $4 every month for an additional User.

Premium

Price: $40/month

Features:

  • Can send unlimited quotes and invoices
  • Can enter unlimited bills
  • Can reconcile unlimited transactions in the bank

Optional extras:

Projects: $7 for 1 user every month and $5 for each additional user/month. The first month is free for any of the users and applies to the existing Xero users only.

Expenses: $4 every month for one user and an additional $4 every month for an additional User.

Xero

Technical Details

 Xero supports all platforms such as Windows, Mac OS, Web-based, Android and IOS. The system supports English language only. The Deployment method is using cloud hosted and Open API and is suitable for small businesses and for freelancers.

Support Details

 Xero and their other products are well supported by the company. They even pledge in giving full support in their client’s businesses as what they have done for other small and progressing companies for the last years.

Users and clients can reach Xero’s team 24/7 via email to ask for important questions or live to chat support employees on their website to troubleshoot or verify an at real information real time.

You can also reach them using the phone number posted on their website to inquire about product prices and inquiries.