Xero Ecosystem

Are you looking for an accounting software system that assist you in running a successful business? This week Nathan enlightens us on Xero’s Ecosystem and how this accounting software and other relating apps drives business success. So, if you are currently looking for an effective accounting software with an extensive ecosystem, then this week’s topic is perfect for you.

What is Xero:

Xero’s accounting solution helps you manage the daily demands of a small business owner.

That is because Xero immediately connects you with your numbers and your business. Xero is easy to use and accessible anytime, anywhere across any device. And since Xero makes short work of managing your books, you can now spend more time doing what you love – running your business.

Xero helps businesses in all aspects of financial wellbeing such as….

• Easy invoicing: create professional recurring invoices and receive updates when they are opened.
• Fast bank reconciliation: your latest banking, credit card and PayPal transactions are imported and categorised.
• Unlimited users, for free: invite your key advisors (Accountant, Business Coach and Financial Planner) to view data remotely for valuable real-time advice.
• Go mobile: the Xero mobile app works with iPhone, iPad and android phones and tables.
• Pay your employees: calculate the payroll, get full leave management and automatic super payments.
• Connect to 300+ third party apps: inventory, invoicing, time tracking expenses, and more all integrate with Xero.

What is the Xero Ecosystem:

As we continue to evolve, cloud-based technology has help industries such as Accounting become more efficient and helped make work easier.

There are many apps, that are evolved within the Xero ecosystem, many which we use here at NGR. Below we’ve listed a few apps that we think are useful for many businesses.

Dext Prepare (Previously Receipt Bank):

Dext Prepare is a platform used to manage the receipts, invoices, and other documents that businesses depend on to keep accurate, secure financial records. You can capture and upload your bills and receipts using:

• The camera on your mobile phone.
• Email
• Documents on your computer.
• Automatically fetching them from online platforms.

After you’ve sent in a document, Dext Prepares automated extraction engine will read off of the key information and displays it in an easily manageable format, perfect for downloading or processing with a connected accounting software, such as Xero.

An image of the document and its associated date will be kept on file for a minimum of 10 years. Feel free to throw away that receipt; Dext Prepare will always have you covered for compliance and keep your financial documents securely stored online, where they can be shared with your colleagues, accountant, and bookkeeper.

Dext also makes reconciling your Xero file 10 times easier! Dext, will create a bill in Xero with the name and the amount spent on the invoice forwarded to Dext.

Practice Ignition:

Practice Ignition is a powerful way to run your client-focused (or service based) business. Create and track proposals with build in contracts and engagement letters, bill clients with variable payment options and get important business insights all in one place. Then you can automate your accounting and workflow task through integrations. Practice Ignition will help you sign more clients, improve cash flow, streamline client on-boarding, and forecast your company’s success.

Practice Ignition is best for:

• Any business that sends proposals to engage their clients.
• Excellent for business who need to have their clients sign an engagement letter.
• Service type businesses.
• Businesses who want to improve their cash flow.

Square:

Square is another software app that can be used closely with Xero. Payment processing methods that fit your businesses. Whether you’re selling in person, online or on the go, Square can help your process nearly any kind of payment, any way you want.

In-person EFTPOS payment, Square allows you to take payments in person at your counter or on the go. Download the free Square app, that works seamlessly with our range of hardware options.

Square also allows you to process online payments. When setting up a free online store, square allows for pickup and delivery options or sell through social media.

Remote payments and manually entered payments are also available on Square. Create and send digital invoices, and track when you get paid. Or send your customers a checkout link to pay via text or email. For taking payments over the phone, key the card information directly into your Square app or web browser.

There are a lot of reasons to start selling with square, such as:

• Simple, flat rates (around 1.6% to 1.9% & no monthly fee).
• Get up and running quickly (Hardware starts at $59).
• Get paid fast, every time.
• Keep your business data secure.

If you have any further questions on Xero’s Ecosystem or the use of Xero as your accounting software, reach out to us here at NGR. There is so many apps besides the ones mentioned above, and a lot of them can add significant value and save business owners lots of time. When choosing an app, you want to do the research on it and try to identify what benefits it brings, will it pay for itself and importantly save you or you staff time.

Reach out to us at NGR Accounting if you want to explore apps that could compliment your business and Xero file.