Coming to grips with a new tech platform in any context can be a tricky task. Each and every virtual business tool comes with an array of alluring yet often confusing features these days. Therefore many people don’t feel the need to delve any further than the most basic of functionalities on offer.
When it comes to using Xero, we definitely recommend that you take advantage of all the features on offer. It’s no secret that here at Raedan we love Xero. We know the platform inside out, so when we see someone failing to go beyond the Xero invoicing features we can’t help but try to enlighten them.
Here are some of the best Xero features that are often overlooked (but really shouldn’t be):
Business Performance at a Glance
This may sound like something that is very much something that is used on a regular basis by Xero customers. However, you would be surprised how many overlook this incredibly useful feature.
The business snapshot feature offers a high level overview of your business. Get to grips with the incoming and outgoing that give you an overall idea of how things are operating. It allows users to get an idea of where things have gone right (or wrong) once a noticeable shift in your business occurs.
A selection of easy to read graphs give you a tangible overview – with some more relevant to certain industries than others. These answer the basic questions that every business owner wants to know, such as: “How much bacon am I bringing home?” or “How much of our dosh is going on bills this month…?”. Meanwhile, the ability to “Favourite” certain aspects of the page brings that appealing Xero-esque aesthetic and personalisation to the fore.
It’s one of the things that sees it rise head and shoulders above the competition.
Track Your Latest Projects
Xero Projects allows users to keep tabs on everything that is going on all in one place. Allowing you to track time, add up costs and update projects on the go, this tool gives you an ideal overview of all the projects that you have on the go.
Manage the finances for each client that you are working for, accurately judge how much time each job is taking and use this to better quantify how much you should be charging. The tool also shows you the profit margins for each project that you undertake. In turn, this gives you a simple insight into how to make your business more profitable.
Keep Track of Your Assets
The guys at Xero really did think of everything. The fixed assets element of the platform helps you to keep all of your company assets in one place. Using this, you can work with your accountant to manage them more easily.
New desks? Add them in. Fresh round of company laptops? They can be chucked in here too. Whacky new post-modern furniture for your reception space? Whatever floats your boat. From here you can run reports based on your assets’ value, manage depreciation and disposals and make the most of all your tax-deductible goodies.
See Your Business’ Future
Of all the underused Xero features, this one is one that you definitely shouldn’t overlook. Xero Analytics allows you to see into the future. We’re not talking about Mystic Meg staring into her crystal ball. We are referring to a collection of useful data and statistics that shape how your business is doing now and suggest how it may look further down the line.
Using analytics, you can compare the likes of potential ramifications between paying a bill now and paying it later on. And as with most Xero features, you can tailor what stats are being used to suit your business’ unique needs. As experienced accountants for creatives, we know that accountant-client clarity is key. Xero Analytics covers this too, allowing you both to check the oh-so important stats simultaneously, even when you aren’t together.
Top Accounting, No Matter the Currency
Have clients all over the world? Whether you have overseas clients or are just thinking about taking some on, Xero has your back. With tech that converts currencies on the go, you won’t have to worry about bothersome exchange rates. Plus, the platform gives you insight into how currency markets could affect your cash flow.
With over 160 currencies available, you have the ability to offer your services in just about any country on the planet if you want to. On top of that, reports can be viewed in any currency, adding clarity for both you and your overseas clients.
We don’t mean to brag, but here at Raedan we are Xero experts. If you would like to learn more about the Xero features that you should be using or perhaps discuss the services we offer, contact us here.