Xero is cloud-based accounting software that is designed for startups, small and medium-sized organizations. The software was founded in the year 2006. Besides, it is a good option for individuals who have limited knowledge of accounting and want to manage their finances properly. Xero links with a business’s bank account and can upload all transactions into the program. Moreover, you can access the software from anywhere anytime, if you are connected with the internet. With the help of Xero you can generate and email invoices, automatic import of bank and credit card statements, manage expenses and track cash flow. After availing the basic information of what is Xero software, let’s explore this more and move ahead by discussing its features.
Features of Xero
Knowing different features will help you in understanding how seamlessly you can handle your business accounting:
- Uncoded Statement Lines
This feature in Xero makes it easier for clients and colleagues to comment on the bank items that haven’t been reconciled. You need to click a button to download and edit PDF that has been shared. With this, the client or colleague will type the comment and click on the send option.
- Cash Coding
The particular feature helps in quickly categorizing a large number of transactions in an organized manner. The cash coding feature is helpful for businesses that are working with cash transactions.
- Xero Mobile
With the help of a Xero mobile, you can send invoices, record transactions, and code bank transactions. Also, the particular feature will help you in making the process of recording purchases simpler.
- Files
Xero files feature gives you permission to store contracts or other documents in a general library. Along with this, it can also be attached with the transaction. Along with this, you can also upload the documents or email them.
- Find and Recode
This feature helps you in the case when you need to make changes to the existing pattern of cash coding. With this, you can move the transaction from one code to another one.
- Mobile Capabilities
It allows you to fulfill the accounting task more efficiently. With the help of iPad and iPhone versions of the app, it’s easy to view your cash flow. Furthermore, it is easy to access vendors and customer contacts.
- Inventory Tracking and Purchase Orders
After creating quotes and invoices with the help of the software, you can check the quantity of the item in your stock list. You need to use the software in case you want to reorder inventory, create and send purchase orders. With this, you can convert all your purchase orders for bill payments.
Next, let’s discuss the pricing plans of Xero accounting software and how each plan would be helpful for your business.
Pricing Plans of Xero
- Early plan
It will cost you $9 per month and it is limited to five invoices, five bills, and 20 bank transactions per month.
- Growing plan
The particular plan of Xero will cost $30, and it supports unlimited invoices, bills as well as bank transactions.
- Established plan
The Established plan of the software costs $60 per month. With the help of the plan, you can create limitless invoices, bills, and bank transactions. Along with this, the plan comprises of expenses, projects, and handles multiple currencies.
Now, let’s have a look at the benefits of using Xero software in your business.
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Benefits of Xero Software
These points will help you to understand how to do things better, faster and more efficiently:
- Flexible Invoicing
With the help of the software, you can keep an eye on your money. Along with this, you can create, send, receive, and report on your invoices all from one particular place.
- Get Access Anytime
The user of Xero can access their accounts and can manage the business from anywhere. They can log in to their account and view the accounts whenever they feel like.
- Real-Time Reporting
With the assistance of real-time reporting features in the software, you can generate and view interactive reports. Besides, the financial adviser you can create and publish reports without any hassle.
- Real-Time Dashboard
The dashboard feature in Xero provides you the facility to view the business account detail in one place. It gives you a snapshot of all your transactions.
- Saves Time
The software saves your time because you don’t have to install it on multiple machines. The updates automatically get handled from the cloud.
- Real-time Overview
The software provides you a clear real-time overview of your company’s financials. Most importantly, you can get an up-to-date picture of your organization.
- Automated Bank Feeds
With the daily automated bank feed, you can mechanically import your bank statements into Xero software. The particular process saves your time from having to do the daily import manually.
Conclusion
Hopefully, the write-up has given you the idea of what is Xero software, its features, pricing plans, and benefits. Xero not only keeps track of your cash flow but also meets your business needs on time. If you have just started your business or thinking to start your small or mid-sized business, then you can choose Xero software. Furthermore, it provides tons of automation to save your precious time.
To know more about what is Xero contact toll-free Xero Support Number.
Frequently Asked Questions
A: Xero helps in improving cash flow by getting invoices paid quicker. It helps in accessing real-time accounts information and business tools from your personal computer, Mac, phone, and tablet. And, this manner the software helps you to take better business decisions.
A: According to the various researches, Xero software is well-suited for Mac users. The software is well-designed and its users can use it without any hassles. Also, it fulfills the accountancy needs of startups, small and mid-sized businesses. Along with this, you can also track the cashflow of your business.
Ans- These are the steps to add a salary in Xero:
1. In the beginning, you need to choose an employee on the payroll menu.
2. After that, you have to click the employee’s name.
3. Then, choose the employment tab.
4. Next, click on a new salary option and then wages.
5. Add the employee’s new salary and wage details.
6. You have to choose the option to change the salary to begin.
7. Finally, click add and then press the save option.
Ans- You need to follow the steps to pay salary with Xero:
1. To begin with, you need to choose Pay run on the business menu.
2. After that, open the approved pay run that you want to make payments from.
3. Next, click on the amount to the employee you want to pay.
4. You have to fill the given fields.
5. Finally, click on add a payment option.
A: The basic plan of Xero is “Starter” that costs $9 per month and is limited to five bills, five invoices, and 20 bank transactions. Apart from this, the next plan is the “Standard” package that price $30 per month and provides an unlimited number of bills, invoices, and transactions.
