Another 4 Great Xero Features
By Greg Verhoef Chartered Accountant
In the last few months I’ve covered 9 Great Xero features, there are of course many more. If you would like to see my thoughts on the others, check out the blog on my website – gregvca.nz
- Invoices online – The key of a cloud based accounting system is you can access it from anywhere. You can create invoices from the office, when on the road or while having a coffee. You can email the invoice direct to your client as a PDF document or a link. The benefit of link is it can also contain online payment options and allow the customer to view other outstanding invoices. The neat thing about this feature is it logs when the customer viewed the invoice. You can see when the customer has viewed. Maybe they haven’t taken the time to look or maybe you should follow up with the customer to make sure you’re going to get paid on time.
- Xero to Xero Invoicing – Do you have a customer or supplier on Xero you do a lot of business with. Rather having to type in all the bills you can swap Xero Keys. This does NOT provide the other party with access to your Xero. However when either party sends an invoice via Xero Network, it will turn up in the customers’ bills as a draft bill. Approval is still required before being added into the accounts payable.
- Payroll – Xero has a functional simple payroll. It does all the payroll basics online including processing, holiday pay tracking, bank batch payment and preparation of IRD files for uploading. It also posts the wages to the Profit and Loss when processed, can split expense reimbursements to the correct code, has an employee porthole that allows for payslip viewing and holiday leave applications online.
- Inventory – Xero allows for both tracked and untracked inventory. Tracked inventory uses simple average costing to keep track of the quantity and value for stock on hand. Costs of sales are allocated to the profit and loss when items are sold. This is not a full feature stock control system but for simple applications it’s fine. If stock is a major part of your business then check out the Xero marketplace. www.xero.com/nz/marketplace
Happy to give a demo and see how Xero might fit for your business.