Have you ever felt lost as update progresses and feel like you are getting left behind? You're not alone! With so much information these days, it does get difficult to sieve through what is MOST important to you at this current point in time.
Let's cut to the chase then, shall we? Here are 2 awesome Xero tools you can start using for your small business to track and improve performance:
Tracking is an awesome tool in Xero that allows you to track key metrics. Some of these things include but are not limited to:
1. Profitability of store by location
2. Profitability of company by division
Due to the limited feature of tracking that only allows you to create two at any given time, this feature is still in its infancy stage. Considering that companies need to track millions of things to report on, it would be awesome to see Xero add in such a feature in the future.
With this, I can foresee the ability to be more specific in company strategy and performance review such as:
1. Profitability of new marketing campaign by tracking marketing dollars spent vs revenue generated by new clients won
2. Ability to track job profitability by tracking employees and other costs involved vs revenue generated by job
2. Connected Apps
The Xero application marketplace offers really good add-ons that complement your business processes. As with everything, the rule of thumb when choosing an application that is right for you is to firstly understand, in one sentence,
"What are you trying to achieve with this app?"
For instance, I use Xero to "track and handle my finances". When deciding on an add-on such as DebtorDaddy for instance, I am then trying to "speed up my debt collection" in order for me to better "track and handle my finances".
From this intuition, you will be able to better understand the main business functions, its apps and the apps that support and improve those main business functions.
Leave a comment below, we'd love to hear your thoughts!