Xero is an accounting software fit to use for any kind of business- small or large. It offers lots of help to business owners. It has everything you need for your bookkeeping- invoicing, bank reconciliation, reporting, bills payment and contacts. It automates admin work from anywhere, anytime! With Xero, you can store documents online for quick access, capture bills and receipts via email or scan files from your mobile. Furthermore, Xero offers the following benefits:
1. Secures your account with multifactor authentication (MFA).
2. Allows you to upload up to a thousand documents to Hubdoc.
3. Shares receipts with XERO expenses.
4. Display and sort reports by account code.
5. Split transaction across accounts and tax rates.
6. Manage activity statements in Xero tasks.
7. Save time and energy with document packs.
8. Manage payroll and stay updated on payroll changes.
New Features for Xero Including Accounting and Bookkeeping Features
2021 is an exciting year for Xero users as the company added some new treats to cater to their clients’ needs. Here are some of the new features added to Xero.
Improved iOS App Version
The company announced its integration with the Apple watch app, providing an improved iOS app that gives its customers an enhanced experience. Through the Apple watch, Xero users can now see notifications of their latest bank transactions or check their financial activities for the day. Xero is also exploring on providing a direct sign-up process on its app so users won’t need to access its site anymore when signing up for an account.
This is an interesting iOS application that allows your employees to check their payslips and update their personal information through their mobile phones. What’s even better is they can also fill in their time sheets and apply for leave through the app.
Global Search Function
The Xero software itself now provides a global search function. This lets you easily search for things, like your customer’s name, vendor account, etc by simply typing keywords on the search bar.
Xero Smart List and Customer View Feature
Xero smart list and customer view feature help you effectively manage your business network. With this feature, you can facilitate your contacts much easier. It displays a list of your clients depending on your specifications and criteria. It also allows you to sync your gmail contacts and mails to Xero.
Billable Expense Feature
Another stunning functionality of the new Xero is the billable expense feature which allows you to manage your expenses more efficiently. This feature is best for industries that accept special job orders. With this, you can bill the corresponding costs of material, labor, or overhead to clients who requested the order. Upon releasing the invoice, Xero will also automatically send reminder emails to customers who are one week late in paying their obligations.
Additional Asset Types and Multiple Depreciation Methods
Setting up your fixed asset accounts properly just became handy with Xero’s improved asset type and multiple depreciation methods. You can now indicate some details regarding your assets, like serial or body number and warranty expirations. You can also set a cost limit for it. Reversing incorrect asset disposal entries is easier with Xero’s new version, too.
Xero’s new and improved features make it easier for you to manage your bookkeeping, allowing you to level up on your financial management.
If you’re thinking about using Xero in your business, but you’re not sure how or where to start, contact us. ACT Bookkeeping Group is a certified Xero partner. Using Xero, we can help you with your bookkeeping, reports, returns and other bookkeeping related needs. Our expert bookkeepers can also help your business identify your current position in your marker, explain what your financial statements are telling you, project profits and address losses. Set a free consultation today.