Xero is a cloud-based accounting software that aims to reduce costs and time business spend on accounting and finances.
Xero has many helpful features and services which aids business owners in managing their finances better by providing critical information to make important decisions.
Automation is a hallmark of the Xero experience, which assists business owners in reducing time spent on managing their finances. The following describe three of our favorite automation features in Xero.
Xero has collaborated with a large number of financial institutions to provide bank feeds directly into Xero.
A bank feed syncs all of your bank transactions into Xero automatically, thus eliminating the need for exporting bank statements and re-creating each transaction into an importable format. Bank feeds allow business owners to instantaneously reconcile transactions to the appropriate general ledger (GL) account, and eliminate timely manipulation of data every month.
Xero has also worked with ZenPayroll to automate payroll, reduce payroll costs and fees, and lessen the time spent on this critical business process.
ZenPayroll provides an online web portal for business owners to create employee profiles; input business information (such as account and routing numbers); and automate weekly, biweekly, or monthly paychecks.
Once the initial setup is completed, ZenPayroll will automatically run payroll, issue direct deposits, and generate reports for future reference. In Xero, ZenPayroll syncs down an invoice with all of the appropriate information for the corresponding payroll. These functions allow accurate and timely information that can immediately be reconciled against the bank transactions via the bank account feed.
Many of our clients have repeating services on a monthly or annual basis.
Xero allows for repeating invoices where you create the invoice with the appropriate fields completed, such as amount, description of service, invoice date, and due date. Once completed, you tell Xero how long to run the repeating invoices and Xero will automatically create an invoice the following month until noted within the repeating invoice template. This feature not only saves time, but prevents invoice errors which can be costly and a time waster.
Xero has many features and services that make the managing of finances simpler and cheaper. These features also save you time that can be better spent on other aspects of your business. The features mentioned here are just three of our favorite, and we know if you try them out, they will soon become your favorite too!