Industry News
February 6, 2023
  •  
3 mins

What are the benefits of using Xero?

Running a business can be demanding, and keeping up with the finances is no exception. If you're looking for an accounting software that will make managing your small business easier, then Xero accounting could be the answer. This software offers a range of features that make day-to-day accounting tasks simpler and more accurate. Let's take a look at five key features of Xero that can help save you time and money. 

1. Bank Reconciliation - Xero's bank reconciliation feature helps keep track of income and expenditure and other transactions with ease. All you have to do is connect your business's bank account to Xero, and it will automatically download the transaction onto Xero within 24 hours. Then all you have to do is match them to the relevant invoice or nominal code. 

You then take this to the next level and set up bank rules to automate reconciliations and you’re flying saving yourself hours of time.

2. Invoicing - With Xero's invoicing feature, you can easily manage invoices in one place either at your desk or using the mobile app to raise them, reducing paperwork and speeding up payment processing times considerably. The software also allows clients to pay their invoices directly from the invoice itself using a free online payment service securely- improving your cash flow. And if they aren’t paying on time? The software can automatically chase late payments. 

3. Reporting - Generating reports is a breeze with Xero's reporting feature; you can generate reports in just a few clicks using data from all areas of your business. This enables you to view performance metrics such as cash flow or profit & loss at any time without having to manually enter data into spreadsheets or worry about inconsistencies in data entry errors. There is a neat report designer 

 

4. Time Tracking & Payroll: Keeping track of employee time can be tricky but with Xero’s time tracking tool it couldn't be more straightforward. Employees can clock in and out each day while managers have an overview of all their staff's hours worked – perfect for calculating payroll efficiently!  

5. Multi-Currency Support - If your business deals with customers from different countries, then Xero’s multi-currency support feature will come in handy! The software allows customers to pay invoices in their local currency while still keeping track of all foreign exchange rates – eliminating manual calculations and reducing room for error considerably! 

Conclusion: 

If you're looking for an accounting solution that will make life easier for your small business, then look no further than Xero Accounting Software! From bank reconciliation to multi-currency support, this software has everything you need to streamline day-to-day operations and ensure accuracy when dealing with financial matters – allowing you more time to focus on growing your business! Try it out today!

How can Gravitate Accounting help?

We are Xero Gold Partners and all our team know the software inside out. So if you:

  1. Want us to setup a Xero account for you or you just want to switch from another accounting software we can assist 
  2. Are using Xero but think you could use it better we can provide training
  3. Want to know more automations and utilise Xero to it’s maximum potential 

Get in touch with us straight away

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