What is Xero?
Xero is a beautiful, intelligent software platform designed to make life better for small businesses and their advisors, and to help them grow and thrive.
Xero’s online accounting platform provides the foundation on which businesses can build a complete business solution. It connects businesses with their bank, accounting tools, their accountant, payment services and third-party apps, so everything is securely available at any time, on any device.
Additionally, with Xero, accounting and bookkeeping practices gain access to efficient compliance
tools, smart practice management software, and a cloud-based single accounting ledger for every
client, in one place.
Product features for small business:
– Automatic data entry – Xero can eliminate data entry by pulling records of sales and expenses directly from banks, invoicing apps, point-of-sale systems, ecommerce sites and receipt scanners.
– Bank connections – business transactions are copied directly out of the business bank account over a secure online connection so no one has to key the data.
– Smart bank reconciliation – the software learns how users classify certain expenditures and makes suggestions. This can make bank reconciliation a simple click-to-confirm process.
– Online billing – the software can be used to send invoices and offer customers multiple payment methods (such as credit/debit card and direct debit). It can also send automatic payment reminders for unpaid invoices.
– Automated financial reporting – balance sheets and financial statements can be produced with the push of a button. Tax returns can also be prepopulated in some regions.
– Business dashboards – vital stats in real-time such as money in, money out, money due, and money owed are constantly available on a visual dashboard.
– Integration with other apps – Xero integrates with hundreds of other business apps for things like processing payments, managing projects, costing jobs, scheduling and recording employee time, paying staff, managing inventory and more.