How Xero is useful for StartUps!

We at StartUp U, an official delivery partner for Virgin StartUp.

We work with dozens of small businesses and StartUps every week - we ourselves are a StartUp. One of the most common issues that the new businesses we work with face is how to keep track of and make sense of their finances.

Finance can be very confusing for even the brightest minds but we don’t think that it should stay that way! We have many clients who come back to us after receiving their startup loan, who praise Xero as their favourite financial sidekick, here are some reasons why:

It helps with Invoicing
No-one likes invoicing, it is long winded and arduous but Xero helps the people we work with to keep up to date with it more easily. It is also very useful for making sure that you get paid on time each month – a common issue, especially when you and your customer are working through different time zones. Xero also has the added functionality of being able to track your invoices in any currency meaning that you do not have to try and figure out how to convert different currencies and their exchange rates.

It links to your bank
A particularly useful feature that saves a lot of time and confusion. Xero imports your bank transactions each day so you will always be able to see exactly how much is going where and keep on top of it.

It manages your expenses and payroll
If you have employees, expenses and payroll can be confusing to keep track of and manage – something that Xero allows you to easily sail through. It allows you to easily record, claim and manage your finances in one place – saving you time and effort.

You can use it on your other devices
Business is no longer confined to an office, here at StartUp U we are at THIS Workspace a co-working space. All of us within the building often move between floors and rooms – this is not conducive to a desktop system but ideal for a laptop, tablet or mobile device. Xero will work through all of these devices; whether you are on the train to your next meeting or out on your lunch and waiting for your food to arrive – with the app it doesn’t matter which device you are using.

It will track your stock and orders
Tracking your stock flow can often be confusing, especially if you have a lot of different products or returns happening. Xero will help you catalogue what your products are, how many you have on hand and how much you are charging per unit – saving you the hassle of a binder or separate document to keep track of them.

Most importantly, all of the above are linked on Xero – no awkward flipping between screens and tabs. They are accessible quickly, easily and securely through one programme that is clearly laid out and easy to understand. If you are unsure about investing, Xero are currently offering a free trial – More information here

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