Additionally, you can also keep track of your projects’ or jobs’ profit margins to avoid unnecessary overspending and losses. Monitoring the time and cost spent on jobs or projects is also made easier using the built-in timer and location-based tracking on the Xero app. It allows you to estimate and prepare quotes that you can convert into digital invoices. This feature provides you with essential project management tools. International transactions can also be automatically converted based on the latest exchange rates, thus allowing you to see the impact of currency markets on your profit and cash flow. Xero’s Established plan allows you to send and receive payments, as well as view reports in more than 160 currencies. The Standard plan is ideal for small businesses that have gone past the startup stage of establishing their business and are now in the process of scaling up. In this section, let us examine the features included in Xero’s most popular package-the Standard plan priced at $32 per month. Payment service integrationįor added convenience, you have the option to add a payment gateway provider of your choice from the list of available apps in the marketplace, such as Paypal, Stripe, Zapier, Debtor Daddy, and more. Xero’s bank reconciliation feature also helps detect if there are deleted, duplicated, and missing transactions by simply running a bank reconciliation summary report. In this way, you no longer have to manually check every transaction and match them with bill payments. Moreover, you can set rules to categorize every transaction and match them with each receipt, bill, or invoice. Additionally, all data from your bank transactions that have been transferred to Xero are ready to be reconciled with receipts, bills, and invoices. By simply connecting your Xero account to your bank account, all bank data will flow automatically to your Xero platform. With Xero, you can enjoy the convenience of having your bank transactions automatically fed into your Xero account on a daily basis. Receipts and bills can be uploaded to the Xero platform by taking photos or scanning them. Additionally, Xero supports more than 160 currencies that you have the option to automatically convert to your local currency based on up-to-date exchange rates. Other notable features include quick reconciliation of bank transactions, automatic sales tax computation based on the tax rates you added in the system, as well as being able to access accurate and detailed reports whenever you need them. Moreover, quotes that have been accepted and fulfilled can be converted into invoices, thus saving you time that you can use to focus on other urgent matters. You can also create online quotes and estimates using existing templates or by customizing your own. All reimbursement claims can be easily approved from your end, thus making the process faster.īeyond basic accounting functions, Xero also allows you to manage your inventory, as well as create and send purchase orders on the go. The reimbursement process is made easier with the help of Xero’s powerful data capture feature that automatically extracts information from photos of receipts uploaded to the platform. Xero also functions as an expense management solution to help you keep track of your or your employees’ expenses. Xero’s accounts payable feature not only gives you a detailed view of your upcoming bills but also helps you prioritize which bills should be paid first. With Xero, you have your own accounts payable tools accessible from any device. As an award-winning accounting platform, Xero combines functionality, usability, and budget-friendliness to accommodate the needs of small- and medium-sized enterprises, as well as independent professionals from the startup stage and as they grow.Ī powerful accounting solution, Xero offers robust features that allow you to automate various tasks, such as invoicing, reconciling bank transactions, reporting, calculating sales tax on various transactions, and more. Xero is one of the leading cloud-based accounting solutions designed for SMBs as well as for accountants and bookkeepers. But aside from getting help from professionals, small businesses can also benefit from having the right accounting tools that fit their needs and their budget. According to a survey that looked into the impact of the pandemic on small businesses, owners and operators of SMBs in struggling industries need guidance when it comes to navigating through their finances. The growth of businesses and freelancers in these industries amid a global crisis can be attributed to the rise in the demand for their services.