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A Beginner's Guide to Xero Accounting Software

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What You Need to Know

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What is Xero?

Xero is a cloud-based accounting software that has a very sophisticated interface from both the front-end and back-end. Xero is highly appropriate for small-to-medium businesses since it emphasizes ease of use and mobile utility. Xero can be synced across multiple devices and provides users updates in real-time, giving business owners the latest information wherever they may be.

The Main Benefits of Using Xero

1. Save Money

With Xero, you can significantly reduce your costs by saving on hardware infrastructures such as servers and internal floorspace, and by minimizing associated insurance costs.

2. Save Time

Using Xero's invoicing features, you can get your invoices out the door quickly. The faster you send the invoices, the faster you'll get paid. When you raise an invoice, create a new contact, or select an existing one, Xero automatically populates your customer's default settings. You may also set up automated invoice reminders to give customers a friendly nudge before invoices are coming up due or overdue. This ensures that there will be no more awkward follow-up phone calls. You can save hours from manually chasing up customers each month.

3. Cloud-Based / Accessible Anywhere

One of the amazing things about storing data in the cloud with open banking is the technology exists to be able to grab the transactions each day from your bank and pull it straight in to your device. Xero can be accessed anywhere on an internet browser or smartphone. As a business owner, you can travel while staying connected with your business information.

4. No User Limits

Xero allows multiple users to be logged on from anywhere they can access the internet. As a business owner, you can be looking at the same files and discussing what needs to be done with your accountants or business advisors. The traditional software on your computer was very much driven in cost terms wanted to access it at once. On Xero, everyone can use it at the same time. Since Xero is not physically installed on your computer, all you need is an internet connection.

Why Should I Use Xero Over Other Software?

1. Bank Reconciliation Process

Xero’s bank reconciliation process makes it easy for you to record the money coming in and out of your business. With bank feeds, Xero imports the bank statement lines for you, reconciles statement lines by matching them with existing transactions, or creates new transactions on the fly. After that, Xero updates your financial reports in real-time so you can make more informed business decisions. Xero finds existing transactions that match the statement line details.

Xero also suggests coding for you, saving you time by reducing manual data entry. As part of running your business, you might use multiple systems to manage your day-to-day operations. You might also spend hours entering the same set of data across these different systems. On Xero’s marketplace, not only can you find apps for all your business need but even better. These apps connect seamlessly with Xero, which means the data entered one system flows into the other systems reducing double handling and improving accuracy.

2. Integration With Other Apps

Xero’s packages on their web portal are very straightforward and work seamlessly with your business. For example, businesses that strive through website sales may need to integrate with other software packages to do their accounting. Suppose you have an operational system that doesn’t handle the accounting for your business, and you need to plug into another accounting system to handle your reporting and payroll. In these cases, Xero is an excellent platform to consolidate your activities and leverage one of the most integrative products on the market.

3. Reporting

Xero has a lot of standard reports like all accounting packages do. Xero allows you both to set the system up in a way that allows standard reporting to give more meaning to the business but also the tools within Xero to adjust that reporting. You could have a report more meaningful to your business without having different reports everywhere.

How Can Shypyard Help You Integrate Xero and Shopify?

Using Shypyard’s Xero connector, you can easily sync your eCommerce data and automate your accounting workflows between your online Xero account and Shopify store. Our connector ensures seamless synchronization between your invoices, payments, products, and stock levels within your Shopify and Xero accounts. Shypyard can save you time and money by automating your sales and accounting workflows. Start today with a 14-day free trial, no credit card required.

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