Define your accounting periods in Xoro (Monthly, Quarterly, Yearly) and lock them after a certain period is closed.
The accounts receivable module determines the money that is owed to the company by other individuals or corporations. It is considered to be a significant factor in the working capital, and thus the reports help the business to forecast cash flow requirements. Print customer statements with just one click and email to all your customers with ease.
Fixed Asset Management
XoroONE’s fixed asset module keeps track of assets with serial number tracking and automatically depreciates the assets periodically using the depreciation method of your choice. Depreciation methods like straight line, declining balance, declining balance (150%), declining Balance (200%) and full depreciation at purchase are supported. Say no to manually posting journal entries periodically.
XoroONE connects to thousands of financial institutions throughout the world. The bank reconciliation module within Xoro automatically matches similar transactions for you to approve and reconcile. The bank reconcile rule feature within Xoro helps you define rules for repetitive transactions like bank fees, meals, and entertainment, and prepares journal entries for your approval in advance so you can complete your bank reconciliation way ahead of time!
XoroONE’s built-in accounting module gives you real-time access to your company’s financial statements like Profit and Loss, Balance Sheet and Cash Flow Statements. Other accounting reports like Trial Balance, General Ledger can be generated anytime and drilled. You can even schedule the XoroONE reporting engine to automatically generate and email financial statements to your colleagues, investors, and other stakeholders.
XoroONE helps you apply and use various types of costing methods for inventory valuation and measuring profitability. XoroONE is compatible with FIFO, LIFO and the weighted average method depending on your business requirement.