Xero accounting software helps you keep on top of cash flow
July 22, 2022 By Bakers Journal
Xero is a 15-year-old global tech company that provides cloud-based accounting software to small and medium-sized businesses and advisors across Canada. Xero’s software can save business owners precious time and resources, as it helps automate processes and keep finances on track. It also allows them to have access to financial data anytime, anywhere, and on any device. With over 3.3 million subscribers, the software includes a core accounting solution, workforce management, expenses and projects.
The platform helps restaurant operators grapple with continued economic disruptions and use technology to always have a full picture of cash flow. Not knowing cash flow is the primary driver of small business failure. For example, not having a strong overview of cash flow means restaurants don’t really have clarity on how much money they actually have to operate and pay employees, said Aaron Doucet, partner success manager with Xero.
The software lets you pay bills, claim expenses and connect with your bank and allows you to track your business on the go, and pull bills and receipts into Xero automatically using Hubdoc.
In addition, Xero offers an ecosystem of over 1,000 third-party apps. The company recently acquired Calgary’s TaxCycle for a total of $75M CAD, a complete tax suite that meets all of Canada’s unique tax filing requirements.
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