What in the world is Xero and how can you grow your business with it?
Xero is an accounting app that can save you time and money. With Xero, you are able to link your bank accounts and credit cards to the app, so your business transactions are automatically downloaded to Xero.
Why Grow Your Business with Xero?
Because Xero saves you time and money with your bookkeeping, you can focus on the key activities that will help you grow your business. Instead of spending hours sorting and recording receipts, you can touch base with your customers and find out what they really need from you.
There are many ways Xero can help you grow your business. First, let’s review some essential keys to business growth.
Keys to Business Growth
Here are four things you can start doing today to grow your business.
Keep Your Records Up-to-Date
You can’t grow your business if you don’t know where you are starting from. That means you need to record your income and expenses on a regular basis so you know how your business is doing.
Budget Your Spending
When you’re trying to grow your business, you need to be careful where you spend your money. You might need to set some savings aside for a large capital purchase you may need to make in order to grow.
Improve Your Cash Flow
If you can improve your cash flow by reducing your expenses and getting customers to pay you faster, you’ll have more money to invest in your business.
Sales
Of course, none of the above matters if you don’t have any sales. Generating additional sales is arguably the number one way to grow your business.
How Xero Can Help
Recordkeeping
With the ability to link your bank and credit card transactions directly to Xero, you’ll be able to update your income and expenses in no time. You’ll also be able to see your financial reports in real time. No more guessing how your business is doing!
Budgeting
Xero’s new Business Snapshot feature allows you to see the average time it takes you to get paid as well as expense comparisons from prior periods. These are two important considerations when creating a budget for future expenses.
Cash Flow
The Business Snapshot feature also allows you to view your cash position. What’s great about this feature is it takes into consideration the business credit cards you have to pay as well. If your cash position is positive, you know you might have some money available to invest in growing your business.
Sales
Xero integrates with a number of Customer Relationship Management tools to help you get more sales. You also have the ability to add contacts directly in Xero. You can build your customer database in Xero or use an email service provider like MailChimp to store important customer contact info.
Whether you need help with budgeting your business expenses, managing your cash flow, or keeping your business records up-to-date, we can help you grow your business with Xero. Contact us today to learn more.
You can also learn more about Xero here: https://www.xero.com/ca.
