The Xero App Store is giant, featuring over 1,000 apps you can add on. But having the options available means there’s always likely a solution for your issues. You can sort by specific function or narrow down the options by industry. Some popular add-ons include Timely, Shopify, Stripe, PayPal and Airwallex. A great convenience in Xero is that you can link your bank account to the Xero software. Like invoices, you can also create and send credit notes directly to your customers.

Xero processes payment through a payment gateway like Stripe, GoCardless and others. Keep in mind that these services charge a fee to process payments (usually around 2.9% plus 25 cents per transaction, though this varies by the payment processor). Xero includes extensive features that make it suitable to handle complex accounting processes for small- and medium-sized businesses as well as larger ones.

Best Accounting Software for Small Businesses

We found ourselves carrying forward those leads to nurture the following month. However, with HubSpot, we have proper categories and follow-up processes in place enabling us to easily handle leads a month,” says Ng Wing Siang. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided. Instead, customers can visit the Xero Central support site or raise a case online. Reports also are customizable, with adjustable formatting and the option to add your own formulas and groupings.

• Many of which are run by someone who previously worked in the industry, has a very smart team and is running the operation from their front room.
• Connecting your bank accounts to XeroShould your bank allow it, you can connect your bank to Xero in order to automatically import transactions.
• Xero has a number of add-ons to help optimize your accounting procedures and ensure time-saving within your business.
• If you need to speak with a person, you can only do so between 9 a.m.

Xero has a complete set of support features, including video tutorials, FAQs, and online customer support. Xero payroll feature will allow you to track, manage and process staff pay and pension in one place. This feature will allow a business owner to set up a bank feed that automatically updates and imports your bank statements to Xero Software. It allows you to pay and manage multiple bills through Xero using your preferred bank account. Those days are gone when businesses used Excel spreadsheets to track all incomings and expenses, and then create invoices in a Word Document. Use the Dashboard to discuss your business’s financial health with your dedicated account manager.

Run your business anywhere

You can even reconcile bank accounts and convert quotes to invoices. It’s free with every subscription and compatible with iOS and Android. Although the accounting function is vital for business success, the detail of capturing and logging all entries can be time-consuming, pulling employees away from more vital work.

Ensuring Data Security and Confidentiality with Xero Accounting

But rest assured –  the cloud is one of the most secure ways to store information. Xero has also been geared towards cloud-based functionality from the start, and security comes standard. In today’s digital-first era, e-commerce has become a significant revenue stream for many businesses. Xero’s integration with e-commerce platforms empowers you to manage your online sales and finances from a single platform by automatically importing sales data, tracking inventory, and reconciling payments.

Celebrating the South African winners of the Xero Beautiful Business Fund

For instance, you can drag and drop certain expense categories into a single subgroup — an “office expenses” subgroup could include office equipment, supplies and utilities. And if you don’t like how the dashboard looks, you can reorganize panels and hide the ones that aren’t useful. Includes tools that help automate the reconciliation process, along outsource invoicing with a global search function; has a simple layout and a customizable dashboard. Invite your advisor to work with you on the online accounts anywhere, anytime. Accounting online with Xero will protect your data through multiple layers of security, such as encryption. So AI really has a ways to go before it’s figuring out accounting problems.

Read on to know what makes Xero accounting software a better choice for your small business than other accounting software. By combining the high-level financial and strategic insights of your OCFO consultant  with Xero’s myriad easy-to-use features, you are setting your business up for financial success. When using Xero, two users simply need access rights to the same system using their unique passwords in order to work together. If you also need to share financial information with an accountant or possible investor, you can easily grant access temporarily. With daily bank feeds available you can reconcile your bank transactions regularly so you know where your business stands. You then have the option to categorize each transaction in Xero or simply confirm what Xero suggests.

Manual processes can be time-consuming, error-prone, and hinder productivity. However, with the powerful built-in features offered by Xero Accounting, owners and their finance team can streamline their financial operations and achieve greater efficiency. Over the next 12 months we’ll start to see accounting software get smarter. So rather than just seeing the data that you entered presented back to you in a clean, beautiful format, we can actually use the servers to do the processing and automate decisions.