As most business owners and entrepreneurs are aware, when your business grows, your accounting headaches grow exponentially. It almost seems to work like Christmas lights – you wind them up all nice and neat at the end of the season and somehow, in the dark box left alone in the attic for eleven months, they magically twist around themselves until it is one big nightmare to untangle all of it. Xero software can help you make sense of the chaos.
Four basic tips and advantages to Xero software:
- Automated Daily Feeds – Let the software do the work! You can have your daily bank statements automatically imported straight into the software itself. No more manually entering all of those checks and deposits.
- Cloud-based – Many independent business owners know that very little of the work day is spent sitting at a desk. With cloud-based software like Xero, you can do your business from anywhere in the world.
- Invoicing – Of course you want to get paid. But how many of us start our own businesses with the goal of typing out invoices instead of actually getting the work done? Since all of your data is already in the software, let Xero do the work for you. Plus you will also get notified with the client opens the emailed invoice.
- Dashboard – Any software worth its sticker price should have a good dashboard, and Xero is no exception. You can quickly see at a glance what your cash flow looks like, and how much is going in versus going out.
6 More Advanced Tips for Experienced Users
- Customizable – In case you were unaware, inside the software itself you can create different profiles for different types of users. Your primary accountant may need access to a larger scope of data than your bookkeeper. And it helps keep information protected from employees who do not necessarily need full access.
- Reports – Most business owners like to have a ‘snapshot’ of their financial information available easily. Granted, the data may change from day to day (or even minute to minute), however sometimes a fixed idea of the status is handy.
- Built-in Features – If you are used to tracking information in Excel, you will love this one! Some of the fields actually accept basic calculator functions directly. This is a great way to minimize math errors made at 2:00AM when you are on your fifth cup of coffee.
- Invoicing (again) – But of course we need to mention this feature twice. The bottom line is getting paid! And along that line, you can actually set up invoice reminders for yourself inside the software. No more trying to remember!
- Daily Feeds (again) – Some features of this software really do deserve to get mentioned twice. If you have your automatic daily feeds set up, you can also set up rules to help reconcile the data that comes in. It can save hours over trying to check line items manually.
- Inventory – Not all businesses maintain a physical inventory, but many do. Using the built-in CSV template makes the process of updating inventory so much less painful.
If you are ready to take your Xero usage to the next level, don’t untangle those Christmas lights by yourself. Spend less time untangling and more time moving your business forward. In addition to all of these great tips, Numbersowl also has several individualized consultant packages available, depending on the needs of your individual business.