Xero Bookkeeping Services

Xero bookkeeping services offer many different useful features. Some of these features include:

• Invoicing – Xero bookkeeping services allow for personalised invoicing. There are templates available, and businesses can include payment terms, branding themes, and even a company logo. Xero can also send out invoice reminders, and a business can set when and how often they will be sent out. This also allows businesses to see if a customer has seen an invoice and if it has been paid.
• Inventory – The inventory feature Xero offers allows for businesses to see what their best-selling product lines are. This shows how much profit is made, which in turn helps businesses decide how much product to order and how to price that product. Inventory management also allows for stock levels to be tracked daily.
• Payroll – Xero’s payroll features manage all payroll tasks a business has to complete, and automatically updates all accounts. This feature can be used to track all employees’ working hours. Leave can be approved with this feature. Employees are able to use this feature to view their own payslips, apply for leave, and submit timesheets thanks to the Xero Me app (available on iOS and Android).
• Bank Connections – Xero can connect to bank accounts, which in turn allows for bank transactions to be imported into Xero. This helps business owners log exactly what each transaction was for, and gives visuals on a business’s cash flow. Due to this feature, tax time is a breeze. Income and expenses are already categorised, and payments are matched to invoices.
• Multi-currency Accounting – Australian businesses can conduct business internationally thanks to Xero bookkeeping service’s multi-currency accounting. Gains and losses can be automatically tracked for over 160 different currencies. Invoices, quotes, and purchase orders can all be sent, and payments can be received in almost any conceivable currency. A contact can be assigned a currency, so all orders and invoices will be sent to that contact in their assigned currency.
• Dashboard – The Xero bookkeeping services dashboard gives the perfect visual for Australian business owners looking to monitor how their business is performing. Simple charts and graphs monitor cash flow, while customised reports track important monthly trends for a business. PayPal accounts, bank accounts, and credit card accounts can all be viewed on the dashboard feature.
• Advisor Tools – The advisor tools available on Xero are perfect for accountants and bookkeepers. Cash coding is available for reconciling imported bank statements. This time-saving feature reduces time spent reconciling and increases accuracy. Errors can be found and fixed easily, and multiple transaction lines can be re-coded at once.
• Pay Bills – Xero’s bill pay feature allows businesses to schedule payments ahead of time, and pay multiple bills at once. This allows for less time and resources to be spent on admin work. The purchases dashboard gives a complete overview of all bills and purchase orders. It’s easy to understand and manage cash flow with charts showing which bills are due for payment.
• Asset Management – Business assets can be tracked with the asset management software. Some examples of assets that can be tracked for accounting purposes include cars, office equipment, and hardware. Once a business has all of their assets and bills uploaded into Xero, their advisor has everything they need to record them in the asset register. Depreciation and disposals of business assets can also be managed. Xero will automatically create the accounting journals. This feature is also able to regularly run reports.
• Other Features of Xero Bookkeeping Services – Other incredible Xero features include reporting, files, expense claims, and more.

Outsourcing bookkeeping and accounting tasks overseas has many benefits for a business. Most of these benefits are extremely cost-effective, which allows a business to use their funds in different areas. Outsourcing offshore allows businesses to gain a competitive edge as outsourcing helps a business run more efficiently.

Maintaining an in-house accountant or bookkeeper is expensive, which makes it hard for businesses to expand. Offshore outsourcing can cut staffing costs significantly, which leaves businesses with more revenue to expand with. When businesses outsource their accounting tasks, those tasks may be completed quicker, which leads to improved client satisfaction. A business can assign all lower level tasks to an outsourced accounting and bookkeeping expert, which significantly reduces staff costs. Working hours can also be extended with the use of different time zones.

Another important benefit of outsourcing is it provides a solution to staff shortages. This is especially true in areas without many employees, such as rural Australia. Office space problems are also reduced because of outsourcing. Capital expenses can be reduced when less rental office space is required. Previously fixed assets, such as computers and office space, can now be considered variable costs.

Outsourcing bookkeeping and accounting responsibilities give businesses a certain flexibility that they just don’t get with in-house staffing. For example, businesses only pay for outsourcing when they actually need it, compared to paying an employee a monthly salary. Businesses could also choose to outsource during peak seasons only, to reduce overtime costs. If a business still wanted an in-house employee but also wanted to cut costs, they could outsource part-time and staff their own employee part-time.

When a business is able to outsource their accounting tasks, they may be able to shift more focus towards core competencies. Businesses may be able to change their business process to the best practice possible. This also allows for additional time to implement new systems or new technologies. Australian small and medium-sized businesses that aren’t outsourcing their accounting tasks are putting themselves at a disadvantage as businesses that do are able to focus on improving their business.

To find out how outsourcing your account and bookkeeping tasks could improve your business efficiency and lower your costs, contact Free My Cloud today.