What is Xero?
Xero is sophisticated accounting software. It runs through a secure online interface. Businesses can use it reliably to store all their bookkeeping records externally, without risk of data destruction as might arise when relying on physical paper records or on an office computer.
How good is Xero?
Xero has grown massively to be arguably the world's leading accounting software. Why - because it's easy, powerful and low cost. Users love it.
Is Xero better than Quickbooks?
This can only be a matter of opinion, but we at BookCheck rate Xero as being significantly superior.
Features of Xero
- Invoice clients through the Internet – including online payment options
- Perform stock management and inventory tracking tasks
- Link your business bank account to allow automatic import of live financial transactions
- Receive daily updates on your business bank account balance
- Pay bills on time and to a schedule
- Track cash flow with the help of graphical data presentations
- Pay employees and automatic issue of payslips using the add-on Payroll software
- Keep records of expenses that can be claimed against tax liabilities
- Track the amount of time and money spent on different tasks and analyse their profitability
- Make use of the dedicated mobile app to carry out key tasks while travelling
- Automate the issuance of professionally presented online sales quotes
- Issue custom financial reports tailored to your priorities and needs
- Track gross profit, net profit, debt-to-equity ratio and other business metrics graphically
- Set and track performance goals for key metrics in the integrated business dashboard
- Integrate Paypal, Stripe and other online payment service providers
- Partially automate and fully track your purchase orders
- Send invoices, quotes and purchase orders in over 160 currencies
- Track exchange rates to keep an eye on the conversion values of foreign currency payments
- Store transaction records in the cloud for ease of access
- Store your contacts and a potted history of your key interactions with them
- Track, manage and file your VAT dues to HMRC, including for purchases from other EU countries
- Track your business assets and manage depreciation and disposals
Xero has a huge strength in working with add-ons covering a wide variety of tasks such as processing orders, stock, purchase invoices, payments, expenses and credit control. These add-ons are plumbed into Xero and work seamlessly. They lead to much greater efficiency and sometimes, quite literally, transform a business. BookCheck expertly supports the choosing and installation of add-ons.
Xero sounds great, but I just want to run my business and leave the bookkeeping to the specialists. Who can help me?
BookCheck can. By setting up Xero to fit your business and based upon sound book-keeping we will regularly issue you with reports to help you manage it more effectively. We won't overload you with information you don’t need.