If you are looking for a suitable choice to stay ahead of bookkeeping and ensure the security of the financial data, it is recommended to opt for the Xero ERP system. You will be able to work from any place, at your convenience, as long as you choose this system.
If you want to keep physical copies of the bank statements, invoices, and receipts or adopt the spreadsheet, you can consider installing the Xero system. Hence, you do not need to carry the hassle of waiting until the financial year is over. It is also possible to use the Xero ERP system while using another system currently. As you go through this article, you will learn about different aspects of the Xero ERP system.
What is the Xero ERP?
XERO ERP happens to be the cloud-based accounting software that is used on a wide scale by startups, medium-scale businesses, and well-established brands. Though it is regarded as complete enterprise resource planning, the integration of 3rd-party add-on software helps to enhance the functionality along with a wide assortment of business processes. This kind of software is beneficial for automating accounting and bookkeeping. It is inclusive of bill capturing, cash flow management, reconciliation of the bank account, financial reporting, general ledger, purchase of the orders, receipts with the Hubdoc, invoicing, customer quotes, inventory management, business management, and accounts payable. This kind of software allows a plethora of users to scale with the extensive growth of the company. Thus, you can access the XERO ERP system on Windows and Mac OS computers.
Benefits of the Xero ERP system
The use of the XERP ERP system is a suitable choice for small businesses, as the software suits their needs. Now, we will tell you about the different benefits of adopting the XERO ERP system:
Get a quick payment
Late payments can prove to be a major problem. According to statistics, around 30 percent of invoices do not get paid within the duration of the agreed terms. Hence, if you are looking for a suitable opportunity to get rid of the hassles of cash payments, it is recommended to adopt a prerequisite strategy for account management.
Choosing the Xero ERP system is worth mentioning in this aspect as it offers twice the speed of payment. Hence, potential customers are capable of paying their bills twice as fast. It is possible to automate the chasing of unpaid invoices with the adoption of Xero add-ons. It also helps to customize the payment reminders and schedule them, catering to the needs.
Saves time
The Xero ERP system happens to be 100% cloud-based software, as it is capable of storing documents online. Hence, you do not need to go through the hassle of keeping any kind of paper record. You will be able to save an ample amount of time as you do not need to go through the bank statements, bill folders, boxes, receipts, and invoices. Bank transaction management happens to be a time-consuming aspect of the bookkeeping process.
Choosing the Xero ERP system is notable in this regard, as it connects you to the bank and imports the transactions daily, thereby saving an ample amount of time. Hence, you will be able to say no to several hours of manual data entry. As you opt for the automatic bank feeds, you will have the opportunity to reconcile the accounts every day. It offers accurate and updated information on different business finances.
Accessing from any place at any time
The Xero ERP system is regarded as cloud accounting software that can be used from any place at any time with the aid of a smartphone or computer and internet access. If you use any kind of traditional software, you need to install it on the computer first. However, such limitations are completely removed with the ERP system. It allows countless users to work on the accounts simultaneously. You will be successful in collaborating with the whole team in real-time while using the Xero ERP system. You can access the XERO system through a mobile app for iOS and Android platforms. Also You do not require a laptop to use the specific software.
Improving business efficiency
Another notable benefit of the XERO ERP system is that it is useful in improving business efficiency on a wide scale. It is because it boosts productivity, thereby saving an ample amount of time. Xero ERP has become the latest buzzword as it allows more than 700 integrations. Thus, it facilitates the automation of different accounting processes, like employee management, reporting, financial monitoring, and expense management, to name a few. It also allows you to schedule and pay the suppliers automatically, recording the mileage.
No need for backups, upgrades, or updates
A primary benefit of adopting XERO ERP software is that it does not need any kind of update. Such kind of software remains updated as automatic updates occur in the background on the company’s server. Choosing the dedicated IT support team ensures that the specific financial platform can run smoothly throughout the time without any challenges. Adopting the Xero ERP system provides a suitable choice to upgrade to the higher-up version and access the additional features with a few clicks of a button.
This kind of system offers data protection. Hence, you do not need to lose your night’s sleep due to data detection and corrupted drivers. The Xero system has the ability to keep the prerequisite backup. Such servers function as data replicas to reduce the risks of outages and data loss. Moreover, it helps to switch to the backup, thereby assuring that the business is running and restoring the information.
Why use the XERO ERP System?
The XERO ERP system happens to be a well-known and fastest-growing piece of software that boasts versatility and user-friendliness. It is loaded with different integrations and features, owing to which it is considered to be an excellent choice for different kinds of sectors and businesses. Such an accounting platform connects different businesses with payment services, banks, and accounting, thereby offering complete business information. Moreover, you will be able to tailor the system according to certain business needs.
Importance of the Xero ERP system for the business
Choosing the XERO ERP system has become the need of the hour as it helps save valuable time. Moreover, it helps boost accuracy. In addition, it allows for control over cash flow management. Thus, you will be successful in making decisions based on accurate financial information.
XERO ERP System Pricing
At present, there are about 2.7 million people who are subscribed to the XERO ERP system. It is equipped with different powerful features, owing to which it is used on a wide scale by bookkeepers, small business owners, and accountants from different parts of the world.
Easy Pricing System
The XERO ERP system is equipped with a 3-tier pricing system. Such a structure is inclusive of premium 10 packages, standard, and starter, which provide a wide assortment of options for the software. The outlay of this software comes with three different pricing systems: starter, standard, and premium. The starter pack costs $10 every month. It is equipped with different features, such as 20 bank reconciliations, 5 bills uploaded, and 5 invoices, to name a few. The standard pack, on the other hand, is available for $24 per month. It is loaded with exclusive features, like unlimited bill entry, unlimited invoices, payroll for about 5 people, and all bank transactions reconciled, to name a few. The premium package is available for $30 per month. Other features include a multi-currency system, payroll for up to 10 people, reconciliation of all transactions, and bills and invoices included, to name a few.
What makes the XERO ERP system a popular choice?
The XERO ERP system is loaded with different features that make it the number one choice of potential users across the globe:
Dashboard
One of the primary benefits of the XERO ERP system is that it offers a clear and in-depth financial and business overview. It includes a unique dashboard display, which provides a suitable option for business owners to view the total amount of cash inflow. It offers faster links to the crucial parts of the business’s accounts. Moreover, it offers a snapshot of the bank balances, overall expenses, debtors, and creditors. Such software allows you to monitor the payments and avoid bookkeeping errors. It also helps personalize the information according to your needs.
Business Snapshot
XERO ERP system boasts displaying performance dashboard-style measures, which help understand the financial position of the business. If you want to ensure that the information present on the dashboard remains updated, you need to reconcile the bank transactions regularly. It is recommended to opt for the dashboard to discuss the financial health of the business with the dedicated account manager.
Bills to pay
It is recognized as a critical module of the XERO ERP system. The primary features of the specific system include recording the bills within a singular location online, seeing the bills due for payment, repeating and replicating the bills, scheduling the payments, hubdoc integration, and getting the money on different billable expenses back, to name a few.
Tracking
You will get the suitable option to monitor the options and categories in the XERO ERP system to manage the accounts chart and view the department and cost center-wise reports. You will have about 100 tracking options for every tracking category. The XERO ERP system allows the submission of non-MTD and MTD VAT returns to HMRC. It is available at no cost and is an integral part of the standard, starter, and premium packs. The XERO payroll feature is beneficial for processing, managing, and monitoring the pension at a single pace. It offers access to the employees so that they will be able to request leave and submit the timesheets. The use of the XERO payroll system helps manage and edit different aspects of the payroll system.
Invoices
As you use the XERO ERP system, you can customize the invoices according to your business needs. Moreover, it helps to create, send, and track invoices. The XERO system helps create the invoice from the laptop, computer, and mobile phone. The primary features of this XERO invoicing system include bulk sending invoices, setting up repeating invoices, immediate payment, multi-currency, and replicating the last invoice, to name a few.
How to use the XERO system to run startups and small businesses
With the reconciliation of the bank feed, you will be able to explore different reports. These reports include budget manager, account transactions, cash summary, profit and loss by the cost centers and departments, balance sheet, state of cash flow, budget manager, aged payable, and aged receivable. Such reports are equipped with completely customizable features so that you can execute them in no time.
Conclusion
The XERO ERP system is equipped with different supported features, such as FAQs, video tutorials, and online customer support. The presence of such features helps make bookkeeping and accounting easy for startups. Thus, you will be able to have a competitive edge. It is regarded as the most flexible and user-friendly package to facilitate business growth. Moreover, it offers access to accountants, thereby boosting the preparation of tax submissions and reports.
