Xero is designed to meet the requirements of small and medium size businesses regardless of their industry. Xero Accounting software is referred to by Accountants as the "best asset for managing financial activities". Users with no accounting knowledge find Xero easy to manage, as it transforms some of the most standardised and detailed financial concepts into easy to follow logic.
The Xero Accounting system was founded in New Zealand in 2006 and achieved outstanding growth rates in South African market. Forbes magazine has twice named Xero the World’s Most Innovative Growth Company. The Xero product resembles enterprise-grade functionality. Integrated with several accounting systems and third-party apps, Xero gives you the opportunity to extend its functionality.
Xero is a competent accounting management system that works in line with your businesses’ rules and priorities and manages money in and out of their budgets in a way that will coincide with your companies’ goals.
Launching Xero won’t require overtimes and complex training. From data entry to deep accounting, Xero is designed to facilitate the already cumbersome financial operations, and reduce the time spent capturing data. Xero allows editing, the advantage of it being fast and accurate transacting from the outset.
Most of Xero’s functionality is available on the Dashboard, where you can monitor the company’s billing and invoicing status and compare finances in useful charts. You can directly access all action sections that matter to your companies’ financial management
Xero is easily configurable, and transaction forms allow users to experience the configurability. Purchase files can be edited within seconds, in that the system offers preconfigured forms for those who prefer to skip drafting individual ones.
Xero’s transactions offer a multiple-approval model and two-factor authentication, which minimises the probability of financial fraud. For each transaction, there is a detailed list of performable actions which includes dates, users, and manual notes. In the sales section it is possible to control purchase orders, and categorise invoices as drafted, awaiting approval, awaiting payment, or delayed.
Financial reporting is one of Xero’s strongest advantages, as it can summarise the effects of all your activities, by simply filling the filters you’d like to see included. Even standard reports can be tailored to your specific needs.
Standard reports available in Xero, including Balance sheets, Income Statements, and Cash Flow records. Xero’s advantage lies in the ability to do additional analysis. The Xero system’s reports can be highly specific, tackling sales per items, expenses per contacts, aged payables, etc. Using filters, you can report on transactions per category, or draft invoicing histories for each client.
Accountants use the Business Performance tool to track equity ratio debts and net value per sale, and the Management Reports reveal the full picture of the company’s profitability based on ROI and cash flow observations.
Xero allows you to create and keep detailed possession records to use automatically in your financial and inventory transactions. These records are detailed, and include details such as tax status, purchase costs, committed quotes, and relevant descriptions.