With regard to a company's growth, it frequently appears that it has a variety of systems and applications that do not effectively communicate with one another. One of the biggest issues in this field is accounting. Fortunately, there are tools available that can help streamline the process of managing finances. Among them is Xero, a tool that more and more FinTech companies are reaching for. What is Xero used for and what benefits does it generate for companies?
We will try to answer these and many other questions in the following article.
Table of Contents:
What is Xero?
Xero is a cloud-based accounting software designed to help companies effectively manage their finances. This unique solution uses facilities such as invoicing, payroll, and coordinating accumulated inventory. Xero was created to be as easy as possible for users to use. The result is a tool that has an intuitive interface that allows users to get started quickly and seamlessly. It is dedicated especially to small and medium-sized companies, for which the integration of the implemented processes can significantly increase the quality and speed of the provided services.
Why should you consider using Xero for your business?
On the market you can find many solutions designed for accounting. So why is it worth just reaching for Xero? The answer seems to be quite simple. First of all, Xero gives users a lot of possibilities. It's a cloud-based tool, so access to it is possible from almost any place with an internet connection. Mobility contributes to the fact that remote workers can work just as efficiently in their companies as those who come to the company's office every day, and on top of that, have adequate connectivity with their employer. An additional advantage is scalability, allowing the tool to grow as more employees are hired, new customers appear or new products are added.
Integrating Xero with existing applications
An undoubted advantage of Xero is the ability to integrate the tool with other applications. Such functionality makes it possible to streamline a company's business processes and reduce manual data completion. Among the popular applications that often undergo integration are solutions such as Zapier, Workato, and CloudExtend.
The former is used to generate automatic workflows between different applications. Zapier resembles Workato in its features, although they differ in the degree of integration. Workato is responsible for more complex processes, which are characterized by multi-step workflows. CloudExtend, on the other hand, is an example of an application whose role is to combine the capabilities that Microsoft Excel and Google Sheets offer. This is a very useful solution for businesses that use the benefits of spreadsheets to manage data.
What are the benefits of integrating Xero with other applications?
As I mentioned earlier, connecting Xero with other applications can contribute to many business development benefits. Primarily, it's saving time and money by streamlining work and reducing existing resource expenditures. At the same time, Xero makes the company deciding on such a solution less likely to make mistakes than before. A great sense of security, combined with better coordination of data, means you can make more informed business decisions and streamline areas you didn't have time for before.
Besides the benefits mentioned, it is worth noting that Xero's integration with other FinTech applications can also provide businesses with access to additional financial services. By integrating with payment processors, companies can offer more payment options to their customers, increasing the likelihood of closing sales.
Also, integrating Xero with project management tools such as Asana or Trello can help companies track their expenses and budgets for specific projects. This can help companies ensure that they remain on track financially and can make informed decisions about future investments.
Adding Xero integration into FinTech applications can also help companies stay compliant with regulatory requirements. Companies may make sure that they accurately report their financial information and continue to comply with tax and other regulatory requirements by automating the movement of financial data between systems.
Xero integrations in Railwaymen applications
Xero integrations are often an integral part of financial applications developed by Railwaymen. Many of our implementations enjoy the benefits of this solution while facilitating clients' daily operations. An excellent example is the FreshPay application for automating employee payroll processes for companies operating under UK law. In this case, we used integrations with Xero to perform systematic reporting. At the same time, this tool allows us to catch any irregularities that appear, so FreshPay employees can make the necessary corrections.
Moreover, Xero has also made its presence felt with the Hydr application. This is a tool that was developed to streamline the invoicing process among companies performing their services in the UK. In the case of the aforementioned application, Hydr is one of the 7 applications used, and its purpose is to contribute to facilitating the verification of each client and the invoicing process.
The functionalities of Xero also make use of CostTracker, which is a unique tool developed with our participation for one of our clients to track costs in a company. With this solution, any data collected in an account created in Xero can be properly processed in a specially adapted AI accounting module.
In general, integrating Xero with FinTech applications can provide companies with a range of benefits, from influencing the quality of their financial processes to accessing additional services and maintaining compliance with regulatory requirements. By taking advantage of these opportunities, companies can improve their financial management and set themselves up for growth and success in the long term.
Explore the stories of our past projects
If you're curious about the solutions I've discussed from Railwaymen, or want to learn more about the detailed history of each solution, I invite you to visit our website and check out the Case Studies tab. There you will find descriptions of projects prepared by us, from the first discussions with the client to the final implementation. Both FinTech projects and solutions implemented for other industries await you there.
Explore the benefits of Open Banking and API integration
Are you wondering what factors are currently shaping the banking landscape? We've developed a dedicated e-book for the FinTech industry "The Future of Banking: The Impact of Open Banking and API Integration" that provides a detailed analysis of the benefits and challenges of these changes. Whether you are a bank director or an entrepreneur, with our help you will gain valuable information that will help you take your business to the next level.DOWNLOAD NOW