Xero accounting software has impressed everyone with its unique, scalable, and easy-to-use features that can be accessed from any internet-connected device. This online software has become an essential business gizmo and is undoubtedly the leader in every way to keep your business growing.
It lets you keep a close track of payments, business operations, and accurate yet concise financial information, which is much easier to comprehend. Correctly set up the Xero dashboard offers a precise snapshot of your business’s financial standing.
11 Best Features of Xero Online Accounting Software
Yes, you can find many alternatives, but Xero has something extraordinary to offer with its extensive accounts management tools. To name a few, here are Xero’s best features, making it the most critical part of your accounting.
1۔ Integrate Add-ons
One of the striking features of Xero is its ability to let other powerful pieces of software (3rd party developers) add functionality with quick and seamless integration. It has the most advanced “application programming interface (API),” which combines add-ons to make your business systems more productive and highly efficient.
Each add-on connected to an online accounting software comes with a different yet valuable purpose for the sake of better management of finances. It is equipped with more than 800 third-party software integrations۔
2۔ Free-of-cost Updates
Xero accounting system receives software updates regularly to keep all functions cutting-edge. Luckily, downloading the latest version is free worldwide for all users.
How to upgrade your Xero subscription? Well, you don’t have to! As soon as the new feature is released, the update is installed whenever you are logged in to your account. It improves project administration and better collaboration.
3۔ Direct Bank Feeds
Reconciling bank accounts every month can be frustrating, tedious, and time-consuming. You can put away your problems by replacing traditional desktop accounting software with Xero!
Xero bank reconciliation has a feature (included in all plans) that enables you to link your bank accounts directly with your Xero account, bringing in all data and importing your bank statements at the end of every business day to keep everyone updated with banking activities. It reduces bookkeeping time and banking errors updates financial data and induces greater accuracy by providing daily feed automatically.
4۔ Cloud-Based
Xero is online software that saves and updates information in the cloud, letting you access it from any part of the globe and any internet-enabled device. The easiest way to access vital business metrics in real time!
Multiple users can access or edit information and projects simultaneously, giving a better chance at collaboration. You have the authority to restrict access of particular employees to confidential data for safety purposes.
Now, you don’t have to use USBs for repositioning or sharing data with your accountant – kiss goodbye to alignment journals. Give your trusted business consultant or accountant the login details; they will make all the vital entries to keep your finances straight.
5۔ Quick Quotes
Xero has a remarkable feature of providing quotes rapidly and accurately by offering quick inventory setup and updating pricing information timely. In addition, the software updates your system according to the client’s activity (acceptance or refusal to quote). If the customer leaves comments, you will be notified to maintain a trouble-free follow-up process.
Upon project completion, the original quote can simply be turned into an online invoice guaranteeing faster disbursements.
6۔ Multi-Currency
Xero Premium Plan multi-currency feature allows you to receive bills, make or accept payments, provide quotes, forward invoices, and place orders in more than 160 currencies to support international trade with excellent flexibility. You can also set a default currency for a particular client to save the hassle. Xero currency conversion is worth the appreciation!
Moreover, it has a feature where it converts foreign currency automatically into local dollars (money you spend or receive). Xero conversion keeps updating foreign exchange rates.
7۔ Online Invoicing – Xero Custom Invoice
Xero Accounting Software has many inspiring features, but fast and straightforward “online invoicing” has been the best. It lets you receive payments up to 35% faster in comparison to bank transfers. This feature allows you to:
- Create professional invoices online.
- Send invoices to customers through email, even in bulk.
- Set an automatic payment reminder.
- Replicate invoices.
- Send invoices in multi-currency and forward customer account statements (with payment add-ons).
- Make customised templates with the company’s logo or business information.
- Track invoices.
- Forward recurring invoices automatically.
- Create and send credit notes to consumers (with payment add-ons).
- Receive payment directly from the customers from your invoice.
Manage the entire payment process from one place, even via mobile phones!
8۔ Add Files
You can upload files online and attach them to particular invoices or almost any transaction because Xero produces a PDF of each invoice, expense, and journal entry. Integrate any add-on, such as Invitbox, and save the time that can be wasted in searching through your filing cabinet.
Xero attaches a file to invoices – it is easier to keep track of any manuscript this way.
9۔ Paying Bills
This feature is one of the most resourceful as it has various amazing features installed within. Xero system saves every bill inside the cloud, letting you access it when needed.
- Due bills for payment– giving a quick summary of bills while observing and sending alerts for unpaid bills.
- Schedule payments– make scheduling payments for bills easier.
- Hubdoc integration– assisting you in collecting critical data from every receipt.
- Repeat and replicate bills– helping you save time by duplicating the old bills and editing the amount automatically.
- Xero batch payments – letting you pay in bulk simultaneously.
- Money back– valuable for reimbursing money to clients directly.
- Records bills online– offering a chance to go paperless completely.
With innovative O.C.R. technology, the Xero finance system extracts essential data that may be names, amounts, or dates.
10۔ Customised Dashboard
You can personalise the columns, blocks of text, formulas, and drag-and-drop accounts according to your business needs. You have access to more than 55 accounting reports that can be customised to get the desired updates. It lets you view and share data regarding sales, inventory, cash flow statements, and balance sheets.
Xero has another classic feature of ‘Journal Report’ that solves your research issues.
11۔ Payroll & Pensions
Xero has mastered the skills of processing payrolls and pensions. Add payroll to Xero and rest on your seat.
This feature gives every member an “employee portal” for letting them view group certificates, access receipts, submit time sheets, and apply for leave. It keeps payroll and pension activities under balance with efficient management and constantly modifying the required aspects of payroll assistance.
Xero – Business & Accounting Software
We all agree on how important it is to keep accounting information safe, updated, and accurate. Xero helps you maintain all sensitive and confidential data online while implementing various security procedures.
Profits Plus tax consultants always use Xero cloud accounting software to allow companies to bring accounting automation to save time and money. Rest assured, we give you real-time assistance with Xero, the best VAT-compliant accounting software in the UAE, to train your admin or secretarial resource. Our British accountants, with over 20 years of experience, will ensure every piece of information is 100% correct.
