In the wake of technological advancements, there is hardly any sphere of life that hasn’t undergone the changes brought by ever-evolving technology. Talking about the highly dynamic business world, it is an obvious requirement to keep great accounts and manage the same in highly organised and effective ways. In the modern time, to facilitate this important need of business owners a number of great software solutions have been introduced that greatly reduce the hassles associated with the manual account handling. A well renowned New Zealand-based software company has produced the most innovative and highly useful accounting software called Xero. The software shares the name with the company name and is one of the most superior platforms that cater to a number of needs of small business owners, their bookkeepers and accountants.
Based on the concept of cloud computing, many say nothing can provide better for small business holders than Xero. The revolutionary cloud computing technology has altered the way of small business accounting – now the software solutions are not needed to be downloaded or installed, but can be directly accessed by setting up a username and password. Similar is the scene with Xero, which does not ask for installation, downloading or maintenance, but serves many a need you may be looking for to simplify the accounting and bookkeeping.
Pay Foreign Currency Bills Straight From Xero
Needless to say, every modern bookkeeper is well aware of the ease and convenience Xero offers, but did you know you can pay foreign currency bills straight from Xero? Payments involving foreign currency can be paid using a Xero add-on, such as TransferMate, which facilitates multi-currency payments without using the banks. This Xero add-on is a highly useful international money transfer service saving users time and money.
Advantages of using TransferMate
TransferMate can be directly integrated with Xero and makes it possible for a user to select the unpaid foreign currency invoices, view the live exchange rates and book the payments. After this, the payments are instantly posted back to Xero, saving the valuable time and money. TransferMate is apt for all those businesses that pay their invoices in foreign currencies. This add-on states that they offer better exchange rates and lower fees than using any bank.
TransferMate works with Xero by connecting with the Xero account of the user and searching for all foreign currency invoices. One can book their foreign currency payments via TransferMate and it sends the payment details into Xero, marking the Xero invoices as paid, eliminating the hassle of double entry. In most cases, traditional banks often charge far more than required and even under deliver on international payments. The use of TransferMate saves the customers an average of 80% on international payments by offering lower wire/bank transfer fees and great exchange rates than the traditional bank institutions. This multi-currency payment add-on hardly requires few minutes to setup, and once done, helps you save thousands of dollars every year, avoids all double entry work and results in lower international bank fees. Moreover, this add-on is made available for free to all Xero clients. This high utility add-on is presently available in New Zealand, the US, the UK, Australia, Canada and Europe.
For all those businesses operating with foreign exchange that frequently need to pay foreign currency bills should certainly take the advantage of this free add-on TransferMate.