Cloud-based accounting software such as Xero continues to increase in popularity and the benefits are particularly noticeable in the small business sector. Xero comes pre-bundled with a load of tools including managing inventory, purchasing, bookkeeping, invoicing, and expenses – but there are also several hundred add-ons available that can integrate seamlessly with the software and add a layer of customisation where and when you need it. In this article, we look at five useful add-ons that could really enhance your business.
- Evernote
A personal note-taking, reminder and general organisation app that’s accessible from multiple devices, Evernote also has a plugin that fully integrates with Xero. This opens up an additional set of flexible features that enable you to capture vital information as you go (be that in memo, image or video format), attach files and gather information from a variety of sources. How you choose to use it is up to you; with so many possibilities you’re bound to find the most effective implementation for your environment. This plugin can become a great asset in the way you communicate with your colleagues, manage the financial aspects of your business and put strategies in place for future developments.
- GoCardless
GoCardless gives you an easy method of collecting regular online payments on their due date. If you choose to integrate it with Xero, you’ll have an automatic payment collection system that takes monies owed directly from your customers’ bank accounts via Direct Debit on the agreed date. This can be for variable or fixed payments, against subscriptions, invoices, or any other type of finance plan. This means that there’s no need to chase up payments and your administrative efforts will be considerably reduced. In fact, as Direct Debit is almost instant (and a huge improvement on waiting 30 days for invoice payment) and far more convenient for customers, it’s no great surprise that both small businesses and accountants are quickly adopting technology such as GoCardless.
- Debtor Daddy
Of course, if you’re in the kind of business where regular Direct Debits don’t suit your model and the risk of late payment comes as standard, you might be looking for a different type of add on. Debtor Daddy brings debt collection into the 21st century by eliminating the need for you to do the chasing emails and awkward calls. You can set up an automatic, personalised reminder schedule that works for your company – and then forget about it, as Debtor Daddy becomes the buffer between you and the customer. The result is a reduction in the time, energy and money – and general stress – spent chasing up invoices and hopefully an increase in timely customer payments.
- Constant Contact
Xero might be known as accounting software, but that doesn’t mean you can’t integrate it with other aspects of your business. Constant Contact is a marketing add-on that can be used to create professional email campaigns with very little technical know-how required. In addition to emails, you can develop and distribute online surveys and event information, not to mention make it extremely easy for both you and your clients to find your company and share your content on all the major social media platforms.
And how does this connect the worlds of marketing and accounting? You can see the results of your email campaigns and assess customer engagement through reports. In addition, Constant Contact sends an update to Xero for every marketing email that produces a sale. What better way to evaluate the effectiveness of a campaign?
- Float
Forecasting your cash flow is something you should be doing but many companies find it to be a painful process, if they have sufficient time to do it at all. Whether you’re doing all your accounting in-house or using an accountant such as aktax.co.uk, Float makes cash flow forecasting simple to understand and quick to accomplish. By taking live accounting information such as invoices and bills from Xero, Float can automatically create and maintain a forecast that helps you see how much cash you will have available at any time over the next three years. What’s more, you can use the forecasts to drill down further for additional insights and to compare possible scenarios. This provides accurate forecasting without the time-consuming process of manually entering data: something that will benefit any business.
Finding the right add-ons for your business from the hundreds out there might seem a complicated task. However, the plus side of there being so much choice is that you’re highly likely to find something perfect for your company. Regardless as to your particular industry, the add-ons highlighted here have important aims in common: to simplify vital tasks in your workflow, thereby streamlining your business and making your role that bit easier.
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