Big News from Xero: Inventory Management
Xero is the cloud accounting software businesses use to pay bills, claim expenses, connect with their bank, accept payments, manage contracts and more. The application aims to be as seamless as possible, which is why Xero’s new announcement is such a welcome one. In early November, Xero announced that it is adding inventory management to its platform.
Xero is in the process of acquiring LOCATE Inventory. As a cloud based system, LOCATE will dovetail nicely with Xero. While the entire process is still in development, the ultimate aim is to save users time on data entry, provide a visual of supply and demand (to prevent overstock and promote management of cash flow), help with price point decisions, and open up the ability to sell on new channels.
Xero’s LOCATE functionality will fill the gap for goods-based businesses that find Excel to cumbersome, and other app-based programs that focus too much on service-only industries.
During the process, Xero users are to expect a new look on some pages. As noted in a recent press release, “Our product teams will be getting our platform ready by updating our existing inventory solution in Xero. In the months ahead, you’ll notice some pages will have a fresh new look. These will include the product details page (including history and notes), as well as the workflows to edit an item, make an adjustment to stock, import an item and import an opening balance.”
AF Accounting is a Xero Gold Partner. We are here to help you get set up with, understand, and use this powerful application. As it is cloud based, you don’t have to worry about limited access points or upgrades. That is all handled, leaving you free to access your data anywhere, anytime and on almost any device. Having access to Xero backed by our team here at AF Accounting means you have someone to touch base with for questions or assistance.
Xero is just one service AF Accounting can facilitate for your small business. As the modern firm for the way you work now, we can work with you remotely or in person with a variety of traditional (full suite of accounting and bookkeeping) or newer (virtual CFO) tools. Our services are designed to grow with you, allowing you to choose as many or as few as you need as your business grows and changes.
Whether you have a brick-and-mortar store, sell online, or do a combination of both; whether you are just starting out or are an established business, AF Accounting has the tools and services for all your bookkeeping and accounting needs. Contact us today to learn more.