Xero and Bookkeeper360 collaborate to help US small businesses navigate financial complexities

We are pleased to announce a new collaboration with Bookkeeper360, a Xero platinum partner and accounting platform for startups and growth-stage businesses. Through the Bookkeeper360 app, which integrates with Xero, small businesses can view their finances. They can also track business goals and access accounting expertise all in one place. 

Both Xero and Bookkeeper360 share the same vision – to drive small business success and empower business owners to access tools and resources to better navigate the financial challenges of running a business. 

Helping business owners come out ahead

By syncing with Xero, the Bookkeeper360 app enables entrepreneurs and small businesses to access financial reporting and key performance indicators (KPIs). This provides them with real-time insights to help enable smart business decisions. 

Key features of the app include interactive dashboards that showcases the business’s revenue, gross profit, operating expenses and net income. Additionally, cash flow and cash burn insights help businesses determine net cash available and cash runway in the upcoming months. The app also reveals year-over-year metrics that provide a view of how the business is performing compared to previous periods. This helps give business owners a valuable look at their performance and growth over time. 

The Bookkeeper360 app also integrates with Gusto, Xero’s preferred payroll provider in the US, and features its People Analytics insights that combine Xero accounting and Gusto payroll data. Business owners can uncover additional HR metrics and KPIs such as average revenue and net income by headcount, payroll summary by expense type, fully loaded department costs and more.

Bridging the gap to advisory services

Throughout the COVID-19 pandemic, many small businesses have looked for real-time guidance from their accountant or bookkeeper on where their business stands. Being connected to a trusted advisor and having accurate, up-to-date business financials can be the difference between a business surviving or failing during times of uncertainty. 

When essential financial reporting and key business performance metrics are placed in the hands of business owners, they can make strategic decisions to grow and navigate through periods of disruption. The Bookkeeper360 integration with Xero can help firms expand from compliance to higher level advisory services. With insights from the app that look at essential reporting and other KPIs, firms can advise clients on forecasting, budgeting, strategic and business planning, goal setting and more. This in turn unlocks the potential for accountants and bookkeepers to serve as trusted advisors. 

It’s clear that it’s more important than ever for small businesses to access this type of support from their advisor. While many small businesses are used to a “do it yourself” mindset, embracing a “do it together” approach by partnering with an advisor can help them gain a competitive edge. Technology and tools paired with the advice from an accountant or bookkeeper can help small businesses make well-considered decisions to operate successfully in 2021 and beyond. 

Learn more about how the Bookkeeper360 app and Xero can support your business goals today and sign up for a free 14-day trial.