At Tradies Accountant we’re continually searching for tools and ways to increase productivity for our clients. Xero software has proved to be progressive and revolutionary in the development of businesses owned by traders.
Through bringing in automation, it has made simple a plethora of business processes such as a swifter creation of invoices, bank reconciliation, settling of vendor accounts, and easier management of taxes.
With all its wonderful functions, it’s important to know how to use Xero for maximum efficiency in your painting business.
Here’s how you can get started.
What Is Xero Software?
Xero software is a cloud-based accounting system developed for small and growing businesses. It is useful in connecting you with trusted advisors (through collaboration features) and you’ll be able to view your painting business’ financial position on the go.
Since it is web-based, you’ll require an internet connection to access the resources that Xero has to offer. Amongst its infallible accounting features is the option for small businesses to view their cash flow, manage accounts, and view details of their account whilst clearing off other critical tasks.
With unlimited user support, Xero also offers integration with a couple of your favorite systems such as Vend, Paypal, Bill.com, and ADP among others. If this sounds useful to you, Xero gives you a 30-day free trial period to test the system and assess whether the features are relevant for your painting business.
Appreciable Xero features for painters
Xero aims to help you clear your mind and bring better organization into your painting business. Cashflow immediately comes to mind and guess what? The financial reporting feature on Xero makes sure that you can see how much you’ve made on a job, and how much you have in your account so that you schedule jobs accordingly to match your business goals.
It is also easy to use and accessible from wherever you are if you have a device and an internet connection. Xero has a mobile app to ensure that you can take care of your finances whilst on the go.
Ever imagined that you could tend to one job and return to the office with, say, two extra completed jobs? You no longer must wait to go back to the office, draft a quote, deliver it to a potential client then wait for them to confirm a job.
With Xero, you can send a quote in seconds, complete a painting job, and get paid on the spot. It puts your business in your hands, literally through your mobile device. If you haven’t guessed, this also means you’re able to capitalize on jobs.
Professional and affordable accounting software
Xero offers premium features at an inexpensive cost. You won’t have to run the expense of going to the bank because Xero helps you match multiple invoices to bank deposits. The software also uses a well-known and trusted importing service ensuring that you experience importing data from financial institutions.
This feature will remain relevant even as your painting business grows. It would then be critical to outsource an accountant that has experience working with painting businesses and has Xero knowledge.
One of the most commendable features on Xero is how it is user-friendly and can be comfortably used without much accounting knowledge and experience. It completely transforms difficult to understand concepts and turns them into an enjoyable task.
A quick example is how it makes double bookkeeping conductible by non-expert users. If anything, it assists in helping to close accounting gaps. All-in-all, it helps you to extend its usefulness in your painting business regardless of your history with software.
Most of the system’s functionality is fixed on the Dashboard, where you can easily monitor invoice statuses and billing, whilst comparing finances on aesthetically pleasing charts. You’ll be able to directly access all action sections that correspond to your painting business financial management.
This means no one at the office will go through overtime or dreary complex training to understand the system. Once integrated with the system, all transactions and contacts will be manageable from the same page.
Overall, there are seven tabs to look at, but most of the programs are packed into the settings tab. This is where you can adjust financial settings and enter relevant corporate data. Another high-priority tab is the Accounts menu, this is where you’ll find and adjust bank accounts, checks, expense claims and generate records for your payroll needs.
Our accountants are constantly gushing over Xero’s multiple approval model and two-factor authentication that narrows down the chances of financial fraud. This is powered by a system that provides a detailed list of performed actions for every transaction, inclusive of manual notes, users, and dates.
For a more personal feel, there is an option to select from a variety of templates. Purchase files are editable within seconds and you’ll be happy to find templates of the same that are ready-made in case you’d rather skip drafting individual ones.
On days that you don’t feel particularly creative, you can select a template, check/uncheck the data fields you like to match it better to your painting business.
Say hello to ultimate convenience. Xero has built a name that smirks of flexibility. With this feature, you can access all your information from anywhere. Their mobile app ensures that you don’t have to be on a desktop to deal with critical accounting aspects of your business.
Considering that with painting businesses most of your time is spent on jobs outside of the office, this feature comes in handy.
If you have decided to pay your employees based on time worked, you’ll love this feature. Xero makes it effortless to manage employee accounts by allowing them to view their data, tax calculations, and leave.
Your employees will also be able to request for leave through the portal, allowing you to keep up-to-date records for payroll.
Overview of Xero Features
- Bank reconciliation
- Contacts – Keep track of suppliers and customers
- Expense claims
- Files – Attach documents to your financial data
- Financial reporting
- Free, unlimited email support
- Invoicing – Create and send invoices automatically
- Log in from anywhere
- Mobile apps (Android, iPhone/iPad)
- Online accounting – Access Xero anytime, anywhere
- Purchase orders
- Quick and easy 1099s
- Receive bills electronically
- Smart lists – Segment contacts based on purchase history
- Fixed assets
- GST returns
Xero’s robust functions have made it a competitor with other accounting software such as QuickBooks. You will truly get your money’s worth considering you’re gaining better financial management, bookkeeping, invoices, and convenience. It is also a software that can help your business grow and remain valuable as it grows along with it.
Xero is a Tradies Accountant partner which means that when you need an accountants’ help with your accounting reigns, we can equip you with talent that has extensive knowledge about your industry and knows their way around this useful software.