Xero is a fast and efficient cloud-based accounting software designed for small and medium enterprises, accountants, bookkeepers, and financial advisors. The software offers features like e-invoicing, inventory management, bill payments, dashboards, bank connections, and claim management.
As it is cloud-based one can access the information anywhere anytime from multiple devices and even share the information easily with the concerned people. They also have a mobile app that helps users perform all the tasks on the go.
Xero’s website: https://www.xero.com/sg
Key Features of Xero
Here are some of the things you can do with Xero faster and with ease:
- Link your bank account with Xero to get all your business transactions into the software and reconcile them with ease at the end of each business day.
- Send electronic invoices with online payment options and keep a track of the same. You can customize the invoice, send automated reminders to your clients, send bulk invoices, and also get notified when the invoice is viewed and paid.
- Easily record, claim, and manage employee expenses like travel, food, or mobile expenses. You can also assign an expense to a particular client or project to get the amount adjusted in the next billing cycle.
- Get a quick glance at all your key financial details with the help of a customized dashboard. You can track your cash flows; view your bank, credit card, and PayPal transactions and balances; and manage and follow up on pending invoices all through this one dashboard. You can further drill down on each of the areas to get more details. You can also make customized reports and share them with your employees, advisors, or shareholders.
- You can pay your bills through Xero by scheduling and grouping payments. The software also gives you a view of all the bills and purchase orders and highlights that are due for payment so that the payments are made on time every time.
Xero is also IRAS (Inland Revenue Authority of Singapore) compliant which makes filing annual returns a very simple process for companies. Singapore government provides grants to all businesses who want to adopt IT solutions and equipment to enhance business processes. This is to encourage digitalization and provide online solutions in all industries. One such grant is the Productivity Solutions Grant (PSG) which is a joint initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore. Xero has a list of pre-approved partners who can offer their Xero services with PSG.