Xero has become immensely popular with small and medium businesses for its simpler approach to bookkeeping. With over a million subscribers, Xero is soon to become the most used cloud-based accounting solution across the whole world. But what exactly makes Xero stand out from the rest?
In this post, we will list all the reasons that make Xero our favourite accounting software. So read on to find out more!
Improved Accessibility and Ease of Use
Xero makes accounting a breeze! You don’t need to be an accountant to manage your books when you use Xero. It’s the most user-friendly and suitable for people without an accounting background. For instance, Xero uses a simplified terminology to make things easy- “purchases” instead of “accounts payable,” and so on.
Xero is a web-based solution and you can access it from any device, from anywhere. It offers up-to-date information and even records and codes bank transactions automatically in real-time. You can also attach supporting documents with each transaction to add crucial information.
Xero also makes your office paperless and clutter-less. Everything is stored and done in the cloud, creating a smart setup that needs no paper or physical documents. You can cut costs, streamline workflow and improve the efficiency of your business.
Easy and Endless Integrations
You can integrate Xero with business-critical applications to foster collaboration and streamline your processes. Xero has a vast App Marketplace with countless apps in categories like CRM, eCommerce, financial services, payroll, inventory and more. Popular solutions like Shopify, PayPal, Gusto, MailChimp and more support Xero out-of-the-box.
Xero also lets you develop your own integrations using Xero API.
Enhanced Currency Conversion
You can use Xero to manage transactions in different currencies. The solution will automatically make the conversion and record the transaction in your native currency. For example, you can pay a supplier in Pound Sterling, and Xero will convert it automatically to the US or Canadian dollar (based on your settings).
The multi-currency feature is available only in the premium version of Xero.
Xero makes accounting as easy as pie! The solution essentially makes recording and managing transactions simplified. For instance, you can easily edit purchase files and use inbuilt templates instead of drafting individual ones. You can also personalize the documents by checking and unchecking your preferred data fields.
Xero also uses two-factor authentication and multiple-approval model to eliminate the chances of financial fraud.
You can create custom reports in real-time to make better business decisions through Xero. You can also simplify your periodic reporting by easily customizing your reports. The solution also allows you to track specific KPIs and share reports with your team and supervisors.
If you are still unsure about Xero, we recommend you take the free trial and check out the software for yourself. We, at Maroof HS CPA Professional Corporation, have helped countless companies set up Xero to reduce manual work and bookkeeping costs. Though we are Toronto based, our happy clients come from all corners of the world and reward us with 5-star reviews, always! We also offer periodic reporting and bookkeeping for clients across the world.