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The Silicon Review Asia

Xero: Simplifying accounting for one and all

The Silicon Review
November, 2018

thesiliconreview-steve-vamos-ceo-xero-2018Accounting is an integral part of running any type of business. Whether it is a supermarket, a restaurant or even a large multibillion-dollar corporation, an efficient means of accounting is an utmost necessity without which it is impossible to run any business. There are several kinds of software available for carrying out accounting operations, both hosted from the cloud and installed in servers on premises. A New Zealand based company named Xero has established its position as a world leader in cloud-based accounting software.

Xero is a publicly traded software company that has developed a platform for small and medium-sized businesses to carry out their accounting operations in a seamlessly consolidated manner. Its software is hosted on the cloud and follows the Software as a Service model (SaaS) and is used in over 180 countries.

Centralized accounting

For accountants and bookkeepers, Xero helps build a trusted relationship with small business clients through online collaboration. The company is proud to be helping over 1.5 million subscribers worldwide transform the way they do business and that is just the beginning. Founded in 2006 in New Zealand, Xero is one of the fastest growing software as a service (SaaS) companies globally. It leads New Zealand, Australian, and United Kingdom cloud accounting markets, employing a world-class team of more than 2,300 people. Forbes identified Xero as the World’s Most Innovative Growth Company in 2014 and 2015.

The company’s Easy-to-use online invoicing software makes it simple for customers to pay the clients faster. Choose beautiful customizable templates, automatic reminders, and online payment options. Moreover, it allows clients to create and send personalized, professional invoices. Clients can customize the look of their invoice by using Xero’s beautiful invoice templates. The software allows you to add or edit a branding theme, include your payment terms, or simply upload your logo and you're ready to go. Xero can send automated invoice reminders for you. All you have to decide is when and how often the reminders are sent out. You can also see whether your customer has seen an invoice and if it’s been paid. In an increasingly digitized world, security is paramount and Xero ensures state-of-the-art technology to ensure the client’s privacy. The Xero online invoices you send are protected from unauthorized changes – unlike a PDF attached to an email. Within Xero, invoice editing is limited and a record is kept of the main invoice actions. To fend off unauthorized access, we recommend enabling two-step authentication on your Xero account and on your email account too. 

Optimized inventory tracking

A company’s inventory is its life. Xero’s interactive suite makes it easier for clients to control their stock with inventory management software. It allows you to know what the best product lines are and see how much profit you’re making, and use this information to make the right decisions about what to order and how to price it. Furthermore, the inventory management software tools in Xero let you keep track of stock levels and values on a daily basis. Xero calculates the value of the goods you have on hand using the average cost method. The simple tracking software is great for independent retailers and wholesalers, or service providers who sell retail items. It also lets you add photos to your inventory items for a visual reminder of your stock. You can also upload supplier contracts to keep them close at hand.

When it comes to accounting, consolidation is key. As a business grows larger, it becomes increasingly difficult to keep track of all the various factors involved in managing the books of the organization. Xero’s software allows you to see all your key information in one simple place with the online accounting dashboard. Track your bank balances, invoices, bills and more, so you can keep an eye on your finances. The online accounting dashboard monitors your cash flow with simple charts and graphs. Customize reports so you can track which monthly trends are important for your business and stay on top of your cash flow. Xero’s unique features allow customers to choose which bank accounts, credit card accounts, and PayPal accounts you want to set up and monitor. Your dashboard gives you an up-to-date view of your running balances and reconciliations across all of your accounts and keeps a watch on your spending as well as the money coming in – just choose which accounts to show. You can also see the status of your expense claims on the dashboard.

In the age of smartphones, one can expect to find apps for any number of purposes. Why should accounting be any different? Xero lets you run your business from anywhere with its mobile accounting app for iOS or Android. It’s easy to send invoices, approve expenses, input receipts and reconcile. So you can set up your office wherever you want.

The maverick behind Xero, Steve Vamos

Steve Vamos, Chief Executive Officer of Xero leads the global growth and performance of the business. With more than 30 years’ experience in global technology and digital media, Steve has worked in leading international businesses, including Apple, IBM, and Microsoft. Steve also led the growth of ninemsn, an online media business, from start-up to industry leader as company’s Chief Executive Officer. Steve holds a degree in Civil Engineering (with Honors) from the University of New South Wales, Australia.

“It’s a small business accounting software that’s simple, smart and occasionally magical.”

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