In the ever-evolving landscape of business, finding the right accounting software is an essential step towards financial success. Xero, a popular choice for SMEs, offers various pricing plans to cater to different business sizes and needs. While we’ve previously covered the benefits of Xero for small businesses, it’s time to explore how Xero Ultimate can be a game-changer for small to medium sized organisations.
Xero Ultimate is the premium package from Xero, offering a multitude of features that can streamline your financial management processes. This blog will delve into the key points of Xero Ultimate, including payroll for 10 people, Xero expenses for 5, projects for 5, and analytics plus, to help you determine if this is the right fit for your small to medium sized business.
Payroll for 10 People
As your business grows, managing payroll for an expanding team can quickly become a daunting task. Xero Ultimate simplifies the payroll process for up to 10 people, ensuring accurate and timely payments, without the need for additional software. This comprehensive payroll solution covers the following:
- Real-time calculation of wages, salaries, and statutory deductions.
- Automatic updates to stay compliant with the latest payroll legislation.
- Employee self-service portal, empowering your team to manage their personal details and leave requests.
- Detailed reports, providing valuable insights into your payroll costs and trends.
- By managing your payroll within Xero Ultimate, your midsize team can save time, reduce errors, and maintain compliance with local regulations.
Xero Expenses for 5
Managing expenses is a crucial aspect of keeping your business finances healthy. With Xero Ultimate, up to 5 users can submit, approve, and monitor expense claims with ease. The Xero expenses feature simplifies expense management by allowing users to:
- Capture and submit receipts on-the-go, using the handy Xero mobile app.
- Set up custom rules for approval workflows, ensuring consistency and compliance.
- Automate expense categorisation, saving time and reducing the risk of errors.
- Access detailed expense reports, giving you insights into spending patterns and areas for improvement.
- By streamlining the expense management process, Xero Ultimate can help your business save time, money, and effort.
Projects for 5
Effective project management is essential for businesses looking to drive growth and profitability. With Xero Ultimate, you can manage up to 5 projects concurrently, helping you stay on top of budgets, time tracking, and invoicing. Key features of the projects module include:
- Real-time project tracking, allowing you to monitor progress and make informed decisions.
- Time and expense tracking, ensuring accurate and timely billing.
- Customisable project budgets, enabling you to allocate resources effectively.
- Detailed project reports, providing insights into profitability, performance, and areas for improvement.
- By offering a comprehensive project management solution, Xero Ultimate can support your midsize business in delivering successful projects and driving growth.
Data-driven decision-making is crucial for businesses looking to stay competitive in today’s market. With Xero Ultimate, you gain access to Analytics Plus, a powerful tool that transforms your financial data into actionable insights. Features of Analytics Plus include:
- Customisable dashboards, presenting your key financial data in a visually engaging format.
- Advanced reporting options, enabling you to dive deep into your financials and uncover hidden trends.
- Automated alerts, keeping you informed of potential issues and opportunities.
- Scenario planning, allowing you to model the impact of various decisions on your business.
- With Analytics Plus, Xero Ultimate helps you make informed decisions that drive growth and profitability for your midsize business.
While the higher price tag may initially seem off putting, the time and cost savings offered by Xero Ultimate can be invaluable for a growing business, so it may be worth making some cost/benefit calculations. By automating and simplifying various financial tasks, your team can focus on the strategic aspects of your business that drive growth and success.
In conclusion, if you’re running a small to medium company and you’re looking for a robust accounting solution that caters to your unique needs, Xero Ultimate is definitely worth considering. Its powerful features and user-friendly interface make it an excellent choice for businesses seeking to optimise their financial management processes and gain valuable insights into their performance. Before making a decision, it’s always a good idea to take advantage of Xero’s free trial to explore the platform and determine if it’s the right fit for your business.
Still unsure? Send us a message and we’ll be happy to help.