Grow your profits with add-ons
-
I attended the Xero roadshow last week and amongst the plethora of product updates and business advice was a gem I wanted to share with our clients. Xero is big on big data analysis and they have found that businesses using Xero with just one additional piece of add-on software are 24% more profitable.
In case you are unaware, Xero can interface with hundreds of other software programs to provide more functionality and efficiencies. The interface through what’s known as an API allows data to be shared seamlessly between programs, eliminating the need to enter the same data into more than one program.
Some of the major add-ons include point of sale (Vend), inventory management (Unleashed), debtors management (Debtors Daddy), mobile job management (Geop) and so on. If you can think of it, it’s likely there is an add-on for it.
The add-ons are found on Xero’s add-on page and the use of user reviews provides an excellent way to identify those add-ons which work well for other businesses.
At GECA, we use Receipt Bank which allows us to capture creditor invoices from our phones and send directly to our Xero ledger, ready for reconciling. The monthly cost of $20 is far outweighed by the time we save each month not having to manually upload soft copies of invoices to Xero. We use rules to set the correct GST rates and the software remembers prior suppliers and prepopulates transactions with that information.
So if you are using Xero and not using an add-on, go to https://www.xero.com/nz/add-ons/ now to see how you can improve your systems for greater efficiencies and increased profits.
And if you need some advice on what could work for your business, call your friendly GECA adviser now on 0800758 766.
