Feature 4: Xero Network API (Connecting Xero account to your customers’ Xero software)
The Xero Network API allows you to connect your Xero account directly to your customers so all the invoices billed by you will appear as a new bill to pay under their Xero account. This automation will help to reduce data entry work of your Xero customers.
Feature 5: History & Notes
The History & Notes feature records the history of transactions with every user in your Xero account. Other accounting software have a similar feature termed as “Audit Trail”.
The feature also allows you to filter the users’ activity through selection of specific date range, user, type of transactions that they have completed in Xero.
Feature 6: Accurate Short-Term Cash Flow projection
The Xero Analytics Plus dashboard provides projected cash flows for 7 and 30 days which are inclusive in the normal Xero plan. To get a projected cash flow of up to 90 days, an upgrade to the Xero Analytics Plus plan is required.
The projection is accurate as it pulls directly from your company’s actual expenses and incomes. And if you feel something is missing, it lets you add an expected payment date from a customer and the payment date to a supplier to make the projection even more precise.
Feature 7: The Cash Coding feature in Bank Reconciliation
It gets so frustrating when you’ve a lot of transactions to reconcile at one time – and many transactions have the same account code or tax code.
Xero’s cash coding feature allows you to reconcile data in a quick way to complete your bank reconciliation.
To try this, start by sorting the list of unreconciled transactions by date, name, spent, or received. Then select similar transactions and allocate the account code and tax code to one transaction – and it will apply to the rest of the selected transactions immediately. Magical, right?
Feature 8: Billable Expenses
An often-overlooked feature in many accounting software is the ability to add on-cost to your client’s invoice.
Xero makes it easy with the Billable Expenses feature, which allows you to tag certain expenses your company has made to a specific customer. These expenses will appear in the section of sales invoice creation and can be added to the invoice – saving you the hassle.
