If you’re a business owner, you will no doubt have heard of Xero. This is a cloud-based platform that allows for real-time updating of accounting information and highly accurate record-keeping.
But, why use Xero? Our Gold Coast accounting firm has put together a guide that will help you get to know the benefits of the platform.
Popular Xero Features
Some of the tasks business owners and their financial support teams use Xero for include:
Creating and sending invoices
- The platform allows you to set due dates and issue automated reminders.
Reconcile accounts
- Bank reconciliation in Xero can help you match transactions with categories such as office supplies, consultant payments or different types of sales. The platform recently updated its memorisations feature, which reduces the need for manual data entry.
Pay bills
- You can use Xero to track and pay bills on time and get a clear overview of accounts payable and cash flow.
Connect to different bank accounts
- Xero can connect with multiple bank accounts so you can check your activity across all of them by logging into one place.
Accept payments
- Xero makes it easy to accept payments online and get paid up to twice as fast by connecting to Stripe, GoCardless and others.
Issue quotes
- This platform helps by keeping a range of business tools in one place, quote templates included.
Calculate GST
- Your BAS becomes a lot easier for everyone when you use Xero because it is automatically calculated (although it is advisbale to have a professional to make sure everything is reported correctly and submit it to the ATO).
Performance tracking
- Use Xero to almost instantly compare time periods so you can see how your performance compares to the previous year, half-year, quarter or month.
As Gold Coast accountants, we help our clients by showing them what’s possible and encouraging them to check in with Xero on a regular basis. The features above are actually the tip of the iceberg: you’ll find more features here.
Manage and pay staff via Xero
Some of the key HR support features include:
Single touch payroll
- Use Xero to calculate tax and report essential information to the ATO as part of your staff payments.
Expense claims
- You and your team can submit expense claims for faster reimbursement.
Superannuation and leave calculations
- Everything is automatically calculated and kept track of under each employee’s name.
Self-service
- Your staff can view their payslips, access their EOFY tax certificates and submit leave requests via their Xero account, which their managers can easily approve.
Integrations
One of the key reasons why business owners use Xero is because it can connect with a range of other digital platforms to make your life easier. The PayPal and Stripe payment platforms are two examples.
Key Xero integrations that you might find useful include:
- Receipt Bank (for receipt tracking)
- BigCommerce (online shopping platform)
- Shopify (online shopping platform)
- Airwallex (for making and receiving payments to/from global enterprises and customers)
There are plenty more integrations so speak with your Gold Coast accountant to find out how to make the best use of this intuitive and ever-evolving platform.
You + your accountant + Xero = better business finances
Xero costs as little as $59 per month to use at an enterprise level. There are many benefits to using the platform for your business finances. Your accountant can help you get the most out of the software, so you have better control over your money and know where you stand financially. They will let you know how you need to interact with the platform so they can optimise its value for you.
Want an accountant who uses Xero to streamline workflow and reporting? Contact Crest Accountants today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.
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