In the world of accounting, Xero is widely regarded as the gold-standard of cloud software. Not only is it cost-effective and easy-to-use, it also offers a range of automation features to save you time and give you access to all the data you need at your fingertips. Let's take a look at the five best automation features Xero has to offer.
#1 - Bank Rules
One of the most useful automation features Xero offers is bank rules. Bank rules allow you to automate the process of categorizing and matching your transactions, so you don't have to do it manually. You can set up bank rules for all your accounts, or just specific ones, and they can be as simple or complex as you like.
This saves you a lot of time and gives you an accurate insight into where your money is going, empowering you to make better spending decisions. When you know exactly how you're spending your money, you can save more of it or reallocate funds to ensure a greater return on investment.
#2 - Invoicing
Another great automation feature in Xero is invoicing. With Xero, you can create and send invoices in just a few clicks, and they'll be automatically scheduled and sent to your customers. You can also set up recurring invoices, so you don't have to worry about forgetting to send one.
Xero will also automatically send out invoice reminders for you so that you don't have to waste time working out who has and hasn't paid, and chasing up late payments.
Xero's automatic invoicing features help you to get paid much faster, which in turn is great news for your cash flow. Since cash flow is one of the biggest struggles small business owners face, the importance of automated invoicing really can't be overstated.
#3 - Bank Reconciliation
Xero's bank reconciliation feature is another great time-saver. With bank reconciliation, Xero will automatically match your transactions to those in your bank statement. This means you don't have to waste time manually checking and reconciling your accounts.
Automatic bank reconciliation also ensures greater accuracy in your bookkeeping, so you can be confident that your financial data is up-to-date. This helps you avoid wasted time fixing errors and possible penalties further down the line.
#4 - Real Time Financial Reporting
One of the best things about Xero is that it offers real-time financial reporting. This means that as soon as a transaction is entered into the system, it's automatically reflected in your reports.
This gives you an up-to-the-minute view of your finances, so you can always make informed decisions about where to allocate your resources.
#5 - Automatic Backups
This may not sound like a big deal, but trust us, you don’t want to lose all of your accounting data! That would truly be a disaster for your business.
Fortunately, with Xero, you don't have to worry about that because it offers automatic backups. This means that all your data is safely stored off-site, so you can rest assured knowing that it's always there when you need it.
In the event that a disaster does occur, you'll be able to get your data back in minutes, so that you can get on with business as usual.
Xero's automated features do so much more than save you time - they empower you with a sharper financial insight into your business, so that you can make better strategic decisions. There's a reason so many accountants and small businesses swear by Xero - it simply makes life easier (and more profitable).