Far Reaches of Xero

Are you using Xero to its full potential? Whether you are from ecommerce, healthcare, farming or the construction industry, JOSH SMITHURST from our cloud accounting team has some top tips.

It's no secret that each business is unique. Whether it's the size of their offices, the number of people they employ or the figures on their financial statements. They are as individual as people. Every business needs to follow a different path in order to reach its potential. But when it comes to accounting software, there are same standards that apply across all kinds of companies.

Xero is a piece of accounting software that is packed with functionality. It can cater from small sole traders to complex limited companies. In the rest of the blog, I will go into detail on how using Xero, along with some other pieces of software, can make a huge difference to the management of your finances – particularly in specific markets.

Ecommerce

Ecommerce is arguably one of, if not the highest growing industry throughout the pandemic. A lot of start-ups and side hustles were created as people looked for extra money through the tough period.

From an accounting point of view, ecommerce businesses can be rather difficult to manually account for, as they often involve a large number of transactions from multiple sources. This is where you would use a software like Dext Commerce, which works hand in hand with Xero. It integrates all the stores, such as Woocommerce and Etsy, and the payment providers, like Stripe. It then reconciles all the transactions in Dext Commerce and posts summarising journals daily into Xero.

Healthcare

Healthcare is a massive industry, from dentistry to surgery and NHS-funded to private practices. It requires a keen eye for GDPR, and patients are always a priority. So, with all of this going on, you will be wanting a smooth operating system that makes sure everything can be integrated and no steps are missed from booking the initial consultation, to the final contact with the patient summarising what has been discussed.

A couple of pieces of software that go hand in hand with Xero, if you are working in this sector, are Dentally and Heydoc.

Heydoc is designed to manage your clinic from anywhere, including admin tasks and managing your patients' medical data. With the integration to Xero, it takes care of a huge chunk of administrative tasks without the need to duplicate any work.

Dentally is the UK's leading cloud dental software. Like Heydoc, one of its main selling points is streamlining the administrative work and making the practice run efficiently, so more time can be focused on patient care.

Farming

Farming is an ever-changing industry and businesses always ahead of the game. Using Figured, alongside Xero, is a good first step.

Businesses need to be prepared for the worst as they aim to be their best. This is where the management reporting and forecasting tools of Figured come into their own. By taking real time data and applying various scenarios to your forecasts, you can be prepared for the worst.

Other elements of Figured are the financial planning and production tracking which all integrate with each other, as well as Xero, to ensure you can focus on the farming instead of the admin.

Construction

Construction has always been renowned for being very paper based, with lots of loose receipts flying about. Well, that can all change now, thanks to the likes of Tradify. Tradify is job management software, which can track everything from enquiries received and quotes sent out, through to time sheets being filled into invoices, which are raised and finally paid. It can allocate outgoings to jobs and customers as well as offering a two-way integration with Xero.

Also, within Xero there is the ability to record and deduct your CIS. This will then leave a neat trail when it comes to your end-of-year accounts.

Page Kirk are proud to be certified Xero advisers. If you want to know more about how we can help you, please email enquiries@pagekirk.co.uk or call 0115 955 5500.