Is Xero good for Managerial Accounting?

1. Xero can help you manage your financials as well as get many indicators of management performance.

   • Provides a user-friendly, proactive, up-to-date accounting platform in the cloud to small businesses. It also handles the key figures through real-time access that mentors varied business activities. These activities include tax returns, payroll, bookkeeping services and offering year-round support in the decision-making process. Hence, this makes it an apt online accounting tool for managerial purposes.
   • What’s more in the basket? Xero, routinely, reviews and reports your business Key Performance Indicators(KPIs).

2. You can make up a KPI indicator from Xero Dashboards

   • It determines the health of your business functioning by key factors that you and your clients need to measure and act upon.
   • Xero add-ons serve you with dashboards for analysis in input KPIs. It measures what matters for customers. It includes client visits, speedy delivery or client feedback, in addition to output KPIs like revenue, cash and profit.

3. Reports can be customized to know business performance.

   • Depending on the purpose of the usage such as internal management, tax or yearly accounts, you can generate the standard and custom reports by availing features with flexible layout, settings and easy-to-read design.
   • It also groups common types of accounts or contents by filtering and tracking, under the same heading to save as a custom template based on the requirement.

4. We can use Xero contacts as a tool for customer relationship management.

   • Xero’s CRM software maintains a database of your client contacts that act as reservoirs for scheduling calls and meetings or sending emails to register issues and feedback.
   • It tracks advertising and marketing campaigns to identify cross-selling opportunities and new leads.
   • Generating special offers for client retention and usage of CRM admin tools for managing and training the sales team.
   • You can also derive business wise profitability from Xero’s class tracking feature.

5. To keep a tab on functioning of different business areas like cost centres, departments or locations.

   • We can generate tracking options for the following transactions:
     • New or previous transactions
     • Bank transfers
     • Fixed assets
     • Budget
     • Payroll expenses
     • Adding or editing a contact

6. We can get advanced level reports with Fathom HQ and Spotlight reporting.

   • You can put the accounting data to an intellectual use by integrating Xero with reporting tools like Fathom HQ and Spotlight.
   • These interfaces merge data, exercises creation of comprehensive financial reports and dashboards.
   • Clients can also attain key business insights by merging complicated financial data to produce a clear, visual-oriented, tailored reports for business owners to get a hold of the business scenario.

7. Tracking of goals achievement with budgeting feature in Xero.

   • The financial success of your clients requires creation and tracking of the budget with Xero’s Budget Manager.
   • It also tracks financial expectations by analyzing the budget report by pulling data budget presentation or making a comparison between expected and actual.
   • You can also improve the financial health of your business by planning, monitoring, and updating of real-time budget.