Set up bank feeds, claim expenses, and collaborate with your accountant or bookkeeper online. Track inventory, set up bank feeds, and collaborate with your accountant or bookkeeper online. But it can be a time-consuming process to work across different data sources and tools. Xero keeps all information in one secure place, and makes automatic calculations…

By monitoring fixed assets and making informed decisions regarding their acquisition, maintenance, and disposal, businesses can effectively manage their resources and enhance their financial performance. A fixed asset is a long-term tangible asset used in business operations, such as buildings, machinery, and equipment. Unlike Inventory Assets, fixed assets are not intended for sale but for…

That being said, we recommend installing the desktop app only on trusted and secure devices or computers that are not used by others. For our Plus and Advanced customers, we added quantity tracking for inventory to Products & Services details. You can now track Quantity on Hand right from the app.We’ve added two new widgets…

If you have a system that tracks costs automatically, however, the accuracy of normal costing always beats out standard costing. Understanding the root causes of variances is essential for effective variance analysis. For instance, a favorable material variance might indicate successful negotiations with suppliers or more efficient use of raw materials. Conversely, an unfavorable labor…

When an accountant records accrued salaries and salary expenses into a general ledger, this is called a journal entry. Accrued payroll can be deducted for tax purposes if it is paid within a specified time frame after the end of the tax year, typically 2.5 months. This ensures the expenses are recognized in the correct…