Best Xero Add Ons For Managing Cash
The marketplace for Xero add ons offers 100s of options designed to make your life a little bit easier and your business more productive.
Doing cash management properly is both hugely important for your business and an immensely dull task. And it’s dull because the processes are fiddly and repetitive.
However, fiddly repetitive processes can be solved with technology, and managing cash is no different. In this post we walk you through four great Xero add ons that will help you better manage your cash whilst also saving you time; a quadruple, double-whammy!
Add On 1: Receipt Bank Simplifies Accounts Payable
Bills and receipts come into your business in all shapes and sizes; some as email attachments, some in the body of emails, some come via snail mail… If you don’t have a central collection point for these requests, then your accounts payable (A/P) process is made even more difficult.
Receipt Bank will act as that central hub so whoever receives a request for payment will send it through to Receipt Bank. They can send by email, upload it via desktop or mobile, or even post it. What’s more they can send it through in any format, because the data will be normalised. This means that all your A/P can be viewed in one place in a single format. Once approved, that data will flow seamlessly into Xero. Find out more here…
We use Receipt Bank ourselves and it has made a huge difference to our workflow. Outgoings get logged as soon as they arrive and paperwork doesn’t go missing. It means we have clear visibility into the outgoings that are just around the corner and it saves us time.
Add On 2: Expensify Improves Your Expenses Process
It doesn’t matter if you are an employer or an employee; if you’ve ever been involved in expenses you will probably hate the process. Whether you are chasing an expense report or being chased for one…being harassed for payment or demanding reimbursement…it’s no fun for anyone.
Expensify has tweaked the traditional process to make life easier both for employees and administrators. The software makes it incredibly easy for employees to log and tag receipts on the go. Like Receipt Bank, the data is automatically captured, saved and normalised into a personalised expense report which can be reviewed and approved at any time. Admins can set up rules to auto tag or auto approve certain allowable expenses, saving further processing time. Approved expenses flow through to your accounting software. And reimbursement can be done through a variety of methods, including payroll. Find out more here…
Again, we use the software and really like it. Employees no longer have to fish around for grubby receipts or wait forever to get reimbursed. Our bookkeeper no longer has to spend hours entering data or waiting for requests to get approved. And our CEO can see expenses coming in throughout the month which means he doesn’t have to deal with a sudden, unknown outflow of cash every few weeks.
Add On 3: Hunt Down Late Payers with Chaser
Chaser helps you get paid on time by automatically emailing timely requests for payment. They have mastered the art of polite persistence that gets results.
You could spend days with a paper hit list manually writing emails to ask for payment and continually cross-checking your account to see who’s paid and who hasn’t. Chaser can do all that for you by sending the people who owe you cash personalised reminders and stopping as soon as you receive payment. Find out more here…
As a SaaS business that collects subscriptions upfront, we don’t use Chaser ourselves, but the software is one of the best-reviewed add-ons in the Xero ecosystem and was the winner of Add-On of the Year at XeroCon London 2016.
Add On 4: Visualise Your Business’s Future with Float
Float lets you see what your bank balance will be in the future, helping you make sure you always have enough cash meet your obligations and execute your plans.
Getting visibility of your future cash (cash flow forecasting) is vital for business success. But running a spreadsheet takes a lot of time and patience. Float takes care of that for you by automatically importing your accounting data to keep your forecast up-to-date, giving you an accurate starting point. You can see at a glance the actual cash moving in and out of your business, as well as the cash that is about to move and what impact this will have on your bank balance. You can also visualise different scenarios for longer-term planning.
People sometimes ask if we use Float ourselves. And the answer is yes. Yes, we absolutely do.
Looking for more Xero add-ons?
Check out our overall list of the best 5 Xero add-ons!