1) Bank Integration

Manually updating bank transactions into your accounting books is time-consuming with loads of paperwork. Some bank feeds don’t even automatically refresh and you catch yourself manually refreshing the page just to get an update.

One of Xero’s best features is its sophisticated bank integration. For Malaysian businesses, simply connect your CIMB BizChannel to Xero to set up automated bank feeds and have a secured transaction flow in your business each working day. Xero integrates with MULTIPLE banks and allows multiple bank connections to your Xero account!

Check out the list of bank integrations with Xero.

You can easily keep track of your business’s bank account with accurate and updated transactions happening. Each transaction is put into specific categories daily to have an organized summary displayed on your dashboard. It keeps all your financial data in one central place so you can easily access the numbers of your business bank account.

2) Bank Reconciliation

Daily transactions require you to match multiple bank transactions to your books for tax preparation. It is challenging and tiresome when you are subject to screen those statements manually without any help from accounting systems or tools.

Xero’s Bank Reconciliation feature gets your daily transactions automatically reconciled after connecting your bank to Xero. Importing your bank statements to Xero is another alternative to reconciling your business bank transactions if your business bank account is not connected to Xero. Get it done even quicker with Xero’s automatic matching – the cloud accounting software will suggest matches of the bank transactions to invoices or bill payments to get the reconciliation process going faster and easier.

A summary output is generated for you to check any missing or unreconciled transactions. Xero will even notify you in the event of having different balances in your real bank balance and Xero account balance.

3) Xero Performance Dashboard

The sophisticated and futuristic accounting software not only sorts out your financial and accounting needs but also displays a neat and easy-to-understand summary on your performance dashboard.

Integrated multiple banks into your Xero account? Choose which bank you would like to be displayed on your Xero dashboard and you will see your statement balance, Xero account balance, and reconciliation matters at a glance. You can also edit your Xero dashboard by clicking “hide” or “show” to any panels you wish to be displayed on your performance dashboard.

Get real-time financial information through the graphs and numbers displayed on your dashboard to know your current business cash positions. This will empower you as a business owner in making precise decisions for your business!

4) Xero Analytics & Analytics Plus

Managing a business is all about planning ahead and being quick on preparation.

With your normal subscription to Xero’s plan, you have an Analytics tool to get a short-term cash flow projection to assist any of your business decision-making. It provides insights and metrics for your own analysis into the impacts any invoice or bill that might have on your bank balance on a 7 to 30-day view. With graphs and charts displayed, you will be more aware of your cash and financial position in your business.

You can even forecast cash flow decisions using the AI-powered predictor if you upgrade to Xero Analytics Plus. It gives you a longer prediction view up to 60 to 90days, and you can even add/remove events in your scenario planning. It is like running a simulation to test out decisions before making these decisions in real-time.

Get insights into your past, present, and future projections to help you make business plans easier.

5) Online Invoicing

Do you have clients contacting you frequently on individual quotations to your business services and you have to send out multiple invoices a day? It can get tiring and repetitive inputting client details manually.

Xero has an online invoicing feature that allows you to easily convert a quote into an invoice without having to input their information again. Invoice customization and automation can be sent to your customers through the Xero app for convenience, while your customers can instantly make the online payment through third party apps from the e-invoice (there is a variety of payment methods like using direct debit or a debit or credit card). Have a recurring invoice to send? Use Xero to send repeating invoices or even automated reminders to be sent to your customers on payments. Have client invoices due soon? Send invoice reminders with Xero’s handy invoicing feature.

All you need is a few clicks and your invoice is sent! Remember, the sooner you send out your invoices, the faster you get paid!

6) Expense Claims

Managing expense claims is one of the most tedious works there is. There are piles of receipts to sort out and it does not get any better when you have missing receipts. It is double the work when it comes to approving claims.

Imagine this – your employee takes a simple picture of the receipt and submits the claim, you get notified on your phone and tap on ‘approve’, your employee gets reimbursed instantly without waiting. This is all possible with the Xero Expenses app. The robust cloud based accounting software has OCR technology that will automatically fill in the details of your claims so you can save time inputting those details.

The best part is that you can do expense tracking, monitoring and spot trends on the expenses, and use this information to budget for the future! It’s one way to know the cash flow movement of your business.

7) Xero Reporting

Can you relate to this? You are out of the office but your advisors ask to send the company’s accounting report NOW. The reports are back in your office and you are nowhere near to sending those reports needed. What to do?

With just the internet and your mobile phone, you can get access to your accounting reports with Xero anytime, anywhere. Export the needed report in PDF, share it by email, or even send it in the form of a spreadsheet from the Xero app! You can even make it interactive by inviting your advisors, accountants and bookkeepers to collaborate in the report in real-time. Now, you have no excuse for delivering those reports!

Besides the customization that it comes with, you can decide to set lock dates on reports that are needed to be prepared at the end of the year or at the end of a sales tax period. The Xero software is efficient and advanced, making you professionals in the accounting space!

8) Xero Security

People say that online software is prone to cyberattacks, but that is not true with Xero.

All banking data and bank transaction are securely protected by encryption using TLS in their servers, whereby only Xero can open such files. They build multiple layers of security control to ensure tight surveillance on the networks.

Even if you have unlimited users accessing your Xero platform, you can still control their roles and level of access. But of course, Xero has their security team available to monitor the system, and Xero also has a support team to help you.

9) Xero Power Search

Imagine sifting through piles of papers to find that one specific finance report you’ve been looking for? Or even opening up multiple file locations on your laptop to locate that one invoice? If you are a firm that has a big database of files, are you going to look through them one by one?

With Xero’s power search button, you can get to your specific report, bill, invoice, payment, quotes or transaction that you want to get your hands on in just an instance. You don’t have to go paper-hunting anymore because all your business files are organized automatically for easy locations. Can you imagine all the hours saved from manually searching these reports?

Interested?

We are cloud specialists that offer a service in implementing Xero Cloud Accounting Software to your business. Locally, we have helped over 100 SMEs in adopting the online accounting software successfully. Find out if your business suits the top-notch cloud accounting software with a FREE Clarity Call with us!

Imagine sifting through piles of papers to find that one specific finance report you’ve been looking for? Or even opening up multiple file locations on your laptop to locate that one invoice? If you are a firm that has a big database of files, are you going to look through them one by one?

With Xero’s power search button, you can get to your specific report, bill, invoice, payment, quotes or transaction that you want to get your hands on in just an instance. You don’t have to go paper-hunting anymore because all your business files are organized automatically for easy locations. Can you imagine all the hours saved from manually searching these reports?