Beyond Bookkeeping Unleashing Xero's Hidden Gems for Small Businesses

Beyond Bookkeeping: Unleashing Xero’s Hidden Gems for Small Businesses

In the growth path of all small businesses, there are tedious operational challenges to overcome, particularly due to the lack of manpower, experience and resources. As a result, many opt to put in place technology-enabled systems. Xero is one such leading solution for accounting. 

While Xero’s accounting essentials can be a tremendous force multiplier in helping your business handle its bookkeeping tasks, these standard features are only the tip of the iceberg. Just as your small business will evolve to handle bigger challenges, the same applies to the tools of your trade as well. This is why we’d like to invite you to go beyond and unleash your businesses’ true potential with Xero’s advanced features.

Take Control of Your Stock

Keeping track of every single item in your inventory can be a nightmare for many small businesses. No number of staff can completely eliminate the potential for human error, which may disrupt your business with issues such as overstocking or understocking.

Thankfully, our Xero’s inventory software can do the heavy lifting for you with its advanced features: 

  • Track Stock Levels In Real Time: Our inventory tools make it easy for you to keep track of all your stock in real time, letting you check the quantity of every item and the total value of the stock for any given item, even as they move in and out of your premises. 
Products and services
  • What’s Selling (And Not): Get an in-depth view of which products are selling best, worst, and which items are the most profitable. This helps you make informed decisions about which items to reorder and how to price them to get the most out of your inventory. 
  • Invoicing Made Easy: For fast-moving items, you can save their details, add them to an invoice, quote, or purchase order template to help your administrative team save time. Even when prices change, you can simply update the information to ensure your invoicing stay up-to-date and efficient throughout the year.

Projecting Success

In most projects, the end results often vary drastically from the original project brief. Throughout the course of a project, the goalpost can constantly shift with changing budgets, timelines and feedbacks, which can make keeping track of it feel impossible. 

This is where Xero Projects comes in, to help you and your project team keep track of everything in one place:- 

  • Monitor Time and Costs: You can create as many projects as you need, give an estimate of your time and materials, send a quote to your customers, record your time on any given job, and have all of that be directly reflected in your invoice with just your smartphone on hand. 
  • Track Project Cost: Once your project is set up, you can keep track of all your project costs and add bills and deposits to a job. Even if a project changes, your invoices will be updated accordingly. 
  • Update Projects On The Fly: Using the Xero Projects mobile app, you can manage your jobs, add tasks, track your commute to each job, and stay on top of your budget with just a touch of a button. 
  • Financial Dashboard: Our Xero Projects mobile app also comes with a dashboard that lets you quickly view a project’s accounting metrics and monitor progress on a specific project versus its projected budget to ensure you always stay on track.
Projecting Success

Payroll Made Simple

Nothing lowers employee or contractor morale quite like missed or late payroll payments. However, when you allocate too little resources to handle your company’s financials, it can be hard to properly keep track of your payment schedules and how much you owe every individual or party. 

If all of this sounds too familiar, then Xero’ payroll software is the solution you need:-

  • Process Pay Runs Online: Calculate deductions and record leave for a small team of staff members by entering their working hours, rates, taxes, and deductions. From there, you can simply copy a previous pay run, make any changes accordingly, and email their payslips from Xero itself. 
  • Transfer Directly To Bank Accounts: Choose to either pay your employees manually or upload a batch payment file to your bank. Rest assured that Xero keeps your employee pay records and bank account details safe online while letting you upload batch payment files to your bank with salary and wage payments reconciled with a single click of a button.
Payroll Made Simple
  • Connect to Payroll App: Our Xero payroll software can also be integrated with any local third-party payroll app which helps you efficiently sync your client’s data and payment details with Xero.

Custom Reports

While it is true that all businesses strive to grow and prosper, relevant and significant performance metrics could vary from one company to another, across various industries. 

Recognising the need for having reporting that is tailored to each company’s unique needs, Xero’s reporting software gives users unparalleled customisation options:- 

  • Get Reports Any Time: Generate and view up-to-date financial and accounting reports at any time, giving you greater insights on specific criteria and KPIs that matter to your business specifically. 
  • Customised Reports: Tailor the content and layout of your reports by reordering data rows and columns, adding formulas, details, and notes, as well as tracking categories to highlight information that deserves the most attention.
Custom Reports
  • Compare and Calculate: You can insert new formulas to calculate variances between columns in your report that help you compare actuals versus proposed amounts, use IF statements in formulas, and present results as percentages with business reporting software. 
  • Understand Your Business: Thanks to Xero’s wide range of standard and customisable report templates, you get access to a powerful reporting software that anyone in your team can effectively utilise to create quick and easy reports that help you plan for the future.

Scaling New Heights with Xero and FastLane

As you grow your business, you need tools that grow with you. Xero’s advanced features are designed to help you overcome today’s challenges and prepare for tomorrow’s opportunities. Its flexible features for every growth phase, customisable solutions for different needs, and streamlined processes for efficiency, ensure that as your business grows, Xero grows with you.

And by choosing Xero through FastLane, you’re embracing a scalable solution that promises to evolve with your business, as a long-term partner. Let FastLane, as your certified advisor and platinum champion partner of Xero, guide you through optimising Xero for your business, ensuring that you leverage all it has to offer.

Take the next step in your business journey with Xero and FastLane — the combination that helps unleash your growth potential and scale new heights!