Business environments are changing and much of the back end software that was traditionally used for administration and accounting is now cloud-based.
One such piece of software is Xero, which is specifically designed for small businesses. Because it is cloud-based, Xero can be accessed from any computer, tablet, smartphone or any other device that has internet browser capability. Dexterous Group uses the software suite in conjunction with other platforms. We use Xero because of its wide range of functions, ease of use, reliability and security.
There are three service plans that you can choose from, according to your business needs. All plans allow the account holder to invite an unlimited number of users to the software and set permissions to manage what information they can access.
The starter plan includes most functions, including accounts payable, but limits the account holder to five invoices, five bills and 20 bank reconciliations per month.
The standard and premium plans include payroll, federal and state eFile and ePay. The premium plan can also handle different currencies, which is useful if you have deal with international clients.
Xero integrates with more than 500 applications, so you can add features to customize the program to your business’s specific accounting needs, though some may cost extra.
Accounting Functions
It’s easy to set up an account with Xero. It gives you several starting tasks to acquaint you with the program, such as connecting your business bank account, creating your first invoice and first expense claim, and so forth, and many of the pages have how-to videos and link to a step-by-step guide in case you need additional help.
The interface is well designed and easy to navigate. Features are easy to access from drop-down menus at the top of the screen.
Accounts Receivable
When you create a quote, you can easily convert it to an invoice. You can configure this bookkeeping software to generate recurring invoice and send payment reminders to customers. After you receive and record a payment, you can email your customer a receipt or thank you.
Accounts Payable & Inventory
You can use Xero to manage sellers, create purchase orders and track inventory. When creating a quote or invoice, the program will show how many items are in stock. The software can also manage fixed assets, track bills and print cheques.
Banking
Xero allows you to run more than 40 different reports, including an aged receivables report and a general ledger. The program allows you to archive them or export them as PDF, Excel or Google Sheets files.
You can sync your bank and credit card accounts to this bookkeeping software, and it imports data daily. It also has bank rules and cash coding features designed to help make the reconciliation process easier to accomplish.
You can read more about Xero on their website
