Accounting software is designed to comply with your business needs. For small businesses to large firms, accounting software comes with self customized types to cater to everyone. However, the needs of humans and businesses are never-ending. What will a businessman demand with which software is unpredictable? To rescue in this kind of problem, the market is filled with ‘Add-ons’.
What is ‘Add-ons?
Add-ons are additional units, that when added to your software, increases its capabilities, adding more to its functionality.
In simple words, Add-ons are software that is attached to another to increase its utility. They cannot be run independently and has to rely on full-fledged software.
Add-ons are very widely used in the field of accounting software. Almost all the software like Xero, Quickbooks, sage use add-ons. Add-ons help them to customised their software according to the client’s needs and even serve those features that are not available with themselves.
Add-ons for Xero
There are several compatible add-ons available for Xero like floatapp, square, zenpayroll, fulrli etc. Each of them having their own features and specialty. But add-ons should be attached according to your personal requirement. Let’s learn more about them to know which one suits your business.
- Floatapp: Floatapp is software for cash-flow management. This software is specially designed for forecasting purpose in the business. It is mainly suitable for business owners, advisers and personal dealing in the company’s finances. Floatapp provides smooth integration with Xero, performing accurate and automatic sync with the software and transferring cash transactions.
Floatapp serves the following utilities:
a. Keep an eye on the regular cash flow of the business.
b. Sets budgets and work accordingly
c. Cash flow forecasting
d. Reads and sync transactions to Xero in real time.
- Spotlight Reporting: Spotlight is a cloud-based reporting tool that lets itself customise according to the accountant’s need. Its multi-functionality like budgeting, forecasting, strategic planning etc makes it over the top. It also helps managing finances, de-burdening the shoulders of your CFO.
Following are the features that Spotlight reporting provides:
a. Easy, simple and fast integration with Xero and other accounting software.
b. Lets you create dashboards to evaluate and easy understanding of your business’s performance.
c. Creates budgets on your behalf or imports your budget and manage cash-flow.
d. Budgetary forecasting of better outputs.
- Power BI: Power BI is a business analytics service developed by Microsoft for helping your business achieve desired and set output with great potential.
Power BI will help you with the following:
a. Helps you create an interactive dashboard and lets you share them to the desired devices.
b. Sync your data to the cloud so that you can access it from anywhere.
c. Data insights and creation of reports
d. Data security with access given to limited people of your wish.
- Fathom: Fathom is a reporting and analysis tool that will help you analyse, create reports, prepare dashboards, alerts you of over-cashflow etc that will help you manage your business and track performance. It easily integrated with Xero, gives you an in-depth insight into your business and prepares reports accordingly.
Features Fathom provides:
a. Monitors your plans and budgets and set alerts according to it, helping you follow your set goals smoothly.
b. Group your financial statements under different categories like different statements for clients and joint companies, to make it clutter-free.
c. It also groups your statements currency-wise that makes your evaluation easy.
d. Prepares attractive and mess-free reports monthly, quarterly and annually.
- Futrli: Futrli is an accounting application that manages your cash flow, forecasts based on real-time data and helps you make strategic decisions. Futrli along with Xero prepares easy to understand dashboards & reports and sets goals and alerts you to work towards achieving it.
Features of Futrli:
a. Forecasts and take full control of your cash flow. It uses those predictions and forecasts to more forward
b. Planning business according to previous year data. It also imports your budgeting and customises your plans according to it.
c. Helps in branding of the company by creating customised charts, emails, PDFs. Lets you chose your own style and colour to add bling.
d. Alerts you when required like excess of cash flow or expenses exceeding the budgets.