Are you aware of the benefits of Xero?

20th December 2013

Are you aware of the benefits of Xero?

 

Xero is a popular accounting package here at the office, a couple of years ago when Xero first got introduced to us here at Plus Accounting as the new development in the world of ‘in the cloud’ accounting, I was very interested to see how it would progress across the practice and growing industry.

From the basic package which got released I have seen dramatic changes in the way this package has evolved over the years and without upgrade costs every few months either. Xero have been listening to its users and making the changes, bringing in the new features which you, the users are requesting.

I  must say the best selling point for me is the auto recognition of the Bank Reconciliation screen and once you’re up and running I can’t get over how quick and simple it is for small businesses. At the click of the button you can mark invoices as paid, match income received with your invoices and with using the recent cash coding feature, large batch reconciliations can be done all in one go for regular items.

As the bank feeds are refreshed frequently the ability to access to real-time data and manage your cash flow is enhanced. Just from the main dashboard, the information it gives you is great, it shows you a snapshot of your current bank position, graphs of actual and expected cashflow from the data you have input regarding your payment terms on invoices and money already received in the bank.

The bank feeds come directly from your bank, or via a Yodlee feed, this means no more typing up bank statements just logging into Xero and telling Xero what it is. If you have regular payments say by direct debit, Xero will start remembering where you posted it last month and suggests the expense code for you. Or one step better you could set up a bank rule if a payment contains any split expenses. For example BT bills may contain a fixed line rental cost and the rest is internet charges, here you could specify that £14.50 goes to telephone and the balancing amount of the direct debit goes to internet costs. The different types of rules you can create are a great benefit to saving time during your bank reconciliation.

For more information, please contact Emma Hardwick – Accounts Assistant

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