The Xero ecosystem – complete financial management

The Xero ecosystem – complete financial management 150 150 Purple Lime

Xero is probably one of the single biggest accounting software solutions on the market right now. It is used by over 1.5 million companies, and that number is growing every day. You may be amongst those users, but did you know that Xero has a vast ecosystem of apps, which bolt on to the core Xero programme and provide a whole host of features and capabilities – all designed to give you more knowledge and control around your business finances. There are over 800 to choose from, and each one is designed to either complete or assist with the numerous tasks involved with running a business.  You can find them all in the Xero App Marketplace, where you can filter by task, industry or even what Xero recommends based on your activity – and download them directly into your Xero account.

As Xero Champions, achieving Gold status in 2020, the team at Purple Lime love being able to help business owners get the most from Xero, and, in fact, currently have 100% of our clients happily using Xero. Today we are going to show you just some of the tasks we can help you complete with Xero, and the apps that help us to do that for you.

Banking

In the core model, Xero allows you to connect your bank account directly to the software, and keep it updated. This makes it simple to reconcile payments, run reports, and keep a close eye on what money is coming in and out of your business in real time. But there are a couple of apps that can take it one step further, and give you control over your banking and payments within Xero itself. Whether you want to make multiple bulk payments, set up regular direct debits or manage payments coming into your business, there is an app that can keep your banking in-sync and on track.

Invoicing & receipts

Manage the money around every project from start to finish with an invoicing, job management & receipts app. This can be used from the initial consultation, where you might raise a quotation, to sending an invoice, assigning expenses and receipts to a client account, and reconciling it all when the client pays. You can even match purchase orders to invoices, so you have an exact trail of what is going on in your business at all times. This can be particularly useful if you or your team work away from the office a lot, but you all need to know the status of a client project. You can even track the time you spend on each client with the touch of a button, so you know when a time-based invoice is nearing its limit.

Reporting

High-level and granular reporting are both very important to understand how your business is performing, and where improvements can be made. Xero and its apps allow you to really dig deep into your own data and produce detailed reports on everything from high-level insights into general invoice volume, profitability and cashflow, down to granular details like individual client profitability, time spent per client or expenses per employee. At just a click of a button, you can generate reports and insights in a visual or text format, allowing you to instantly see the key information, and use it to inform your decisions.

Inventory

Make managing inventory and orders easy, in real-time. Keep track of your stock levels, monitor sales, manage suppliers and customers, assign stock to projects and keep it all in the cloud, ready for access at a moment’s notice. Product-based businesses depend on their inventory levels being accurate, and by integrating inventory software with your accounting systems, Xero can manage your stock levels based on what is being invoiced for. So you have a clear idea of what stock you have available, and where it is, in real-time. You can even automate your reordering, thanks to apps that integrate with your stock management and send order signals when a stock level reaches a certain number.

Expense management

Every business needs to keep an eye on their expenditure, make sure they are not over-spending, and that all spending is authorised. The Xero expense management system allows you to manage all employee expense claims, mileage claims and reimbursements in one place. Approval and reimbursements can be automated, saving time and admin costs, while also keeping employees happy.

Credit control

Credit control is an essential part of running any business, but it can be a challenge to enact. Xero can become your ‘outsourced’ credit control department, thanks to apps that track the progress of invoices and trigger a reminder sequence when they go overdue. Automating your invoice chasing process helps you get paid faster, maintain your relationships with clients and is a hassle-free way to unlock cash from unpaid invoices. You can also use these apps to gain credit insight into your new and existing customers, check their payment histories, scan their credit scores and even get notified when your customers’ risk level changes, so you can act quickly and protect your business from bad debt.

Of course, this is just a small snapshot of the processes and tasks that can be managed easily and efficiently with Xero and Xero apps. Xero apps have all been specifically chosen or designed to give the user a more powerful tool for their business, allowing you to control every aspect of your business from just one place. After all, being able to do business anywhere is wonderful, and Xero gives you the freedom to do that. From expenses to capturing bills, projects and payroll, the Xero apps are made to keep your business moving.

At Purple Lime, we are Xero Gold Champions and Advisors, and we can help you set up efficiently, transition to and manage your Xero journey right from the start. If you would like to know more about Xero and which apps could benefit you, please just email hello@purplelime.uk.com, or calling us on 01249 691360.