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Xero is a great tool for anyone that is self-employed, and is one that fits perfectly with my business. I am going to explain 5 reasons you should be using Xero for your business.
What is Xero?
Xero is an accounting and book-keeping program that is perfect for use in small businesses, so especially for those that are self-employed. Xero is a perfect match for my different revenue streams, including blogging and reselling.
Why is Xero so good?
Xero is easy to use
This is perhaps one of the biggest reasons in which to use Xero as it is incredibly simple to use. I can use it easily and I don't do too well with learning how to use programs, so usually it takes me a while to learn. The website has plenty of resources and up to date tips to help you to learn how to use Xero, which saves so much time not having to Google and try to use something only to find it is for an out of date version! Been there before.
Being cloud based means that you can access Xero from any device, anywhere by whoever you want or need to access it, as long as you have an internet connection. This is perfect as there is nothing you need to install onto your computer as well as you avoid the risk of losing everything if your computer crashes or breaks, as which happened to my poor laptop. Everything is automatically backed up as well which gives you even more peace of mind when using it.
The Xero app makes the process of using it on the go even more quick and easy.
For our reselling business being cloud based makes a big difference as I can easily have access to Xero to check on stock levels, which items haven't been selling well which I will then know to avoid and those that are selling well in which to look out for.
Managing your cash flow
Any business needs to keep track of it's money, it is one of the most vital parts of any successful business. Book keeping, invoicing, paying or refunding, these are all things that you will need to be keeping track of that Xero matches perfectly with. Invoices can be made immediately via Xero, which prevents delays or even forgetting to make them, that will mean the money can be in the business account all the faster.
PayPal can also be linked into Xero, which makes things even more easy, especially for reselling. It isn't just PayPal though that can be linked into Xero, there are over 500 apps that can be connected to it. As you can imagine having PayPal linked with Xero makes our reselling even simpler since we do not have to continuously move between the two sites looking for the correct information.
Keeping an inventory
Inventory is of course a very important thing to keep track of as resellers, and can be so easy to mess up. Xero allows you to quickly and easily manage stock but also can give reports on the items within your inventory and see which items are selling best and earning you of course the most profit.
Using it for reselling we find that it is much more useful using Xero for this than having to scan through manually and calculate the profits, as this can take time and a lot of effort. It has allowed us to avoid some things that we used to think would do well and focus more on those items we know will do well, without having to remember everything ourselves which can end up being a lot to remember.
Easy control over the payroll & bills
For anyone who needs to hire staff, then it can be a mine field of information and expenses when you have to include paying wages, pensions and HMRC. This is another great feature of Xero, allowing you to not only track working hours, manage their leave and easily set up their payment and pension, which Xero will automatically update. You can even allow your staff to have limited access so they can see everything is in order with their pay and pension.
Any of your business related bills can allows be set to go through Xero. This means less paperwork juggling and you can easily keep track of the bills and see if any might need be altered due to graphs you can set up, meaning you have more control over your business money.
If you have liked what you have been reading about how useful Xero is then you will love the fact that Xero offers a free trial. You can experience for yourself all the benefits and easily make up your mind on using Xero for yourself in the future.