It is essential for employees and owners to keep a close eye on the business finances if they want their company to grow and expand. Moreover, managers also have to have access to clear and up-to-date financial information because it helps them assess the performance of different operations as well as the business as a whole and can be used for decision making. But, in order to do that, you first have to create and maintain accurate financial information. How do you do that? This is where Xero accounting software can be helpful. While there are numerous accounting software that you can find in the market, Xero has gained considerable recognition due to the benefits and features it offers. What are they? Let’s take a look:
It gives a clear financial overview
One of the biggest benefits of using Xero accounting software is that it can provide a clear financial overview of the business. It boasts a unique dashboard feature that enables business owners to keep track of how much money is coming in and going out. You will find quick links to the most important elements of your accounts and it can also provide you with a quick snapshot of your overall debtors, creditors, expenses and bank balances. This also makes it easy to track payments and reconcile bookkeeping errors.
Access from anywhere and anytime
Since this accounting software is cloud-based, it allows you to access accounts from wherever you want and whenever you want. Also, it means that you don’t have to be limited to a single PC. With Xero accounting Singapore, you can access all financial information on your smartphone and it doesn’t require any type of IT maintenance or software installation. Furthermore, you also have the freedom to decide who gets to view what.
Making and tracking invoices is easy
Those days are long gone when you had to use excel sheets for tracking your receipts and expenses and then use a Word document for creating invoices. With Xero accounting, you can now customize invoices for your business and it also makes it easy to track them. It only takes a few clicks and you can easily create an invoice on your PC or your smartphone and then send it immediately. All invoices are recorded and saved, which makes it easy to track payments. The best part is that there is a ‘payment enabled’ feature with the invoice, which enables clients to pay immediately when received. This can also lead to quicker cash flow, instant reconciliation of customer payments and fewer outstanding receivables.
Interactive credit control
Xero has also made it immensely simple to manage outstanding sales invoices, as there are numerous graph solutions and diagrams. Moreover, the software also allows you to share financial information with your colleagues and financial advisors and there is no limit on how many people you can add. You can add as many as you like and don’t have to worry about paying extra.
With this accounting software, managing your business accounts can be a breeze.