Are you using cloud accounting to its maximum potential?
We recently shared an introduction to the Xero cloud accounting technology that we use at EKWilliams, to help meet our clients’ accounting needs. One of the main benefits to using Xero is how customisable it is to your business’ needs, thanks to the multitude of apps available on Xero Marketplace.
Each app is designed to streamline a different element of your business operations. From importing documents, to enhancing your reporting, you can tailor Xero’s functions to your business. With this in mind, we thought we’d introduce the Xero-compatible apps that we use, as well as several others that may benefit your operations.
Importing paperwork
As a business owner, it’s highly likely that you’re inundated with bills, statements and receipts, amongst other documents, which need transferring across to Xero, so that we can complete your accounts. To input each document manually takes away from the valuable time that could instead be spent analysing the results. There are two main apps that can help to overcome this; Hubdoc and Dext Prepare.
Hubdoc
Hubdoc is included with your Xero plan, and allows you to upload your paperwork (both electronic and paper) to be converted into usable data. You can upload photos or scan your paper documents into the software, as well as uploading emails and electronic documents directly – these are automatically backed up on the cloud.
Hubdoc reads the key information from your documents, such as supplier names, amounts, invoice numbers and due dates to create transactions in Xero. To facilitate seamless data processing and collaboration, you can grant us access to your bookkeeping directly from the app.
Dext Prepare
Dext Prepare is a paid subscription, but some may find that its service offering better suits their business. Like Hubdoc, you can upload your business’ paperwork to be processed for data analysis, saving large amounts of time. However, Dext Prepare offers valuable features that are not included with Hubdoc, such as:
- Identifying missing invoices
- Being able to organise documents into specific projects and departments
- Adding payment methods
- Sales invoice extraction
- Bank statement extraction
- The ability to customise permissions for each user, as well as access to an audit log.
Reporting with Syft Analytics
At EKWilliams we also use Syft Analytics to enhance our reports, allowing us to efficiently review, analyse and forecast your financial data. The Syft Analytics app integrates seamlessly with our Xero software to turn your accounting and bookkeeping data into comprehensible reports and insights.
Using Syft Analytics, we can access real-time reports of your business’ performance, allowing us to analyse the data alongside you. Even before the analysis takes place, Syft helps us to identify mistakes as they occur, allowing us to tackle them together, before real issues arise.
Other apps to consider
At EKWilliams, we use Hubdoc, Dext Prepare and Syft Analytics to streamline our service offerings. However, several other aspects of your business may benefit from further Xero apps.
Sales recording
Have you considered automating your sales recording with a payment platform such as Airwallex or Stripe? Depending on the scale of your business, different merchants will be better suited to your business. If you deal with payments from around the world, then Airwallex is ideal; it allows you to accept different types of payment methods internationally, in your client’s local currency. When connected to Xero, your data will automatically integrate into a live bank feed so that you can keep track of it. Stripe, however, facilitates the acceptance of payments for online invoices sent from Xero, so that you can receive payment faster! If you deal with repeat clients, Stripe allows you to set auto pay recurring payments, to ensure that you always receive their payment on time.
Internal processes
It’s vital not to underestimate the value of streamlining processes between departments, to create a more efficient process for your clients and employees. Xero integrates with a number of Customer Relationship Management apps to help users keep track of sales opportunities and contacts.
HubSpot facilitates the processes between your sales and accounts team. The sales team is able to draft an invoice in the app, which can then be approved by the accounts team and sent to your client from within Xero, keeping your documents all in one place!
ApprovalMax is also a useful tool for automating the process of distributing invoices. It allows you to build an efficient system for approvals, selecting which member of the team is responsible for reviewing which expenses at each stage of the process. This is a valuable tool for making sure that the appropriate people are involved in the process, without having to share access to your complete accounting information.
If you would like to find out more about which Xero-compatible apps would benefit your business, please do not hesitate to get in touch with one of our team at 01942 816 512, or via email:
Paul Murphy, Audit & Accounts Manager: [email protected]
