Xero helps small businesses manage invoices, payroll, and other basic accounting tasks. It integrates automatically with the user's bank accounts, which means they can more easily manage payments directly from the account. Many small business owners already use this popular accounting platform. You may even use it in your own business. By integrating your legal contract management software with Xero, you get:
Valuable insight into how your current contracts impact your finances.
You see your current financial status and receive alerts without having to search for answers. You can also see how your current contracts will impact the financial future of your business, assuming that your clients complete their financial obligations to your business. The integration helps users determine how much risk a given contract places on your business. This can ultimately help you better shape your future contracts or make plans to mitigate potential contract risks.
Online invoicing options.
Online invoicing is often more convenient for both you and your clients. It lets send an invoice with the press of a button or, with integrated billing details, when payment is due. Also, you can see when your clients open the invoice and any response they offer. As a result, you can more effectively plan for when you will receive payment for outstanding invoices. You can also send reminders and encourage clients to pay faster. You never have to worry if a client simply didn’t get the invoice again.
Keep track of when payments are due.
Thanks to Xero, both you and your clients can get a better look at when payment is due on individual contracts and blocks of business. Often, this means that you will receive payment for your services sooner. Consistent cash flow helps you keep your business's finances flowing more smoothly. Integration with Xero will also mean that your clients who use this platform will receive those notifications when they owe you payment.
Real-time understanding of finances.
Long gone are the days when it was incredibly difficult to see a business's immediate financial standing. With Xero, you can easily get insights into exactly where your business stands right now, financially speaking. Also, your clients can use the same information to help inform their business decisions (including how they handle their contract with you).