Xero Cloud Accounting, WorkflowMax, Add-ons
aBIZinaBOX is a Xero Gold Accounting Partner that deploys Xero Cloud Accounting, WorkflowMax, Add-ons from the Ecosystem for its clients.
A general overview of Xero appears below. If you have specific questions about:
- How Xero sets up for businesses in a Specific Industry
- Details about Xero’s Feature Set
- Guides To Xero
- Small Business Guides – tips for running a small business on Xero
An overview of the features and functionality in Xero.
If you have questions or would like to discuss how Xero could work for you, schedule a virtual conference here.
Functionality in Xero
IF YOU WOULD LIKE TO BETTER UNDERSTAND HOW THE ACCOUNTING FUNCTIONALITY IN XERO WORKS, OR HOW TO USE A FEATURE, JUST PICK ONE OF THE ITEMS BELOW AND EXP
A bit more about some of Xero’s feature set:
- Multi-currency accounting – We built our core accounting engine with multi-currency right in the center. Xero lets you calculate and display real-time gains and losses on-the-fly. And you can do so in both the Profit & Loss and Balance Sheet – something even large-scale ERP software doesn’t do.All foreign currency transactions are converted into the local currency in real time. With foreign exchange rates updated hourly, you instantly know exactly how gains and losses are affecting your cash flow.
- Bank reconciliation – Xero transformed the bank reconciliation from a painful monthly, quarterly or annual catchup process – to an addictive daily activity. The connection of bank feeds into Xero and the revolutionary workflow of the bank reconciliation process have powered this transformation. Financial transactions are automatically imported into Xero and linked to the corresponding accounting transactions. All the user has to do, in order to confirm that the match is correct, is to press the “OK” button and the transaction will be reconciled. Users can import feeds from multiple bank accounts, credit cards and PayPal accounts in minutes.You can create custom rules to match bank transactions automatically to invoices, bills, and purchases recorded in Xero – which makes reconciliation seamless.
- Cash coding – allows the rapid coding of a large number of transactions from imported bank statement lines or bank feeds. As well as being fast, cash coding ensures greater accuracy. You can select accounts and tax rates for multiple statement lines at the same time, so items are coded consistently.And when you save and reconcile, Xero creates a matching spend or receive money transaction. This means fast and accurate processing – in bulk.
- Find & Recode – is a powerful tool for accountants and bookkeepers, giving you the ability to update up to 2,000 line items at once. Accounts, tax rates, tracking, and contacts can be easily updated on both paid and unpaid transactions. Xero does the work Xero does the work, reducing hours of effort to just minutes.
- Machine learning – on invoice creation As of March 2017 Xero introduced machine learning to a pilot group of customers that automatically suggests the account code on an invoice when it’s created. Our customers may all use the same accounting system, but each has a unique setup and business process. There are more than ten million different account codes in active use by Xero customers and our solution is tuned to learn account code preferences for every single individual customer. It notes any mistakes recognized by accountants or bookkeepers and learns the corrections.
- Online invoices and payments -Xero data shows customers that use online invoicing with a payment service attached can get paid up to twice as fast as those that don’t, so businesses spend less time chasing unpaid invoices and have a healthier cash flow.Shifting from paper and PDF invoices to online invoices is a more secure and transparent way to invoice. You simply email customers a link to a live invoice, which shows the most up-to-date details including payment status, history, and a Pay Now button for taking online payments via credit or debit card – or PayPal. Xero lets you see them when the invoice was received and opened and sends automatic invoice payment reminders on outstanding invoices.
- Files – puts your filing cabinet online so you can always access it, wherever you are. Compliance record keeping is taken care of so lost paperwork and managing endless back and forth with customers and suppliers becomes a thing of the past.Files let you store contracts and other documents either in a general library or attached to a particular transaction. Documents can be uploaded or emailed directly to Xero. For example, attach your terms and conditions to an online invoice or quote – or attach a photo of a product or completed a job. With a central repository for all important files, in the context where they are required – you eliminate the paper chase and related stresses.
- Xero Reporting – changes the way accountants and bookkeepers provide reports to their clients. Reports that previously took hours are now completed in minutes. Xero recognized this bottleneck in financial account production and released Xero Report Templates, giving advisors the tools to make client reporting fast, simple and dare we say – fun. Report templates remove the long-standing issue of multiple charts of accounts in your client base by introducing one standardized mapping system called report codes. With report codes, you can continue to maintain separate charts of accounts. Or generalize as you please at the client level.Every account in your client’s chart is mapped to the relevant report code and your reports are then built using the report codes standardizing the data within, regardless of source.
- Xero App Marketplace – with over 500industry-specific apps, seamlessly integrated with Xero, all businesses are bound to find one that suits their needs. With advanced solutions for payments CRM systems, time-tracking, inventory management, point-of-sale, ecommerce and more, these integrations remove double handling, improve productivity and make businesses way more efficient.
Xero Cloud Accounting, WorkflowMax, Add-ons
While the functionality in Xero is pretty good, the power comes from the ability to integrate other SaaS software, let’s call it “apps” with Xero to add functionality or configure for a specific industry or task. Check this out…an example of a retail add-on integration.