Accounting/Finances

There is no need to manage a separate accounting suite outside of your ERP anymore. XoroONE features a full accrual basis accounting suite baked right in. Get valuable information such as A/R, A/P, bank, and credit card balances right on your dashboard. Your accountant will love it!

Costing Methods

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.

Accounting Periods

Define your accounting periods in Xoro (Monthly, Quarterly, Yearly) and lock them after a certain period is closed.

xorosoft erp system accounting periods

Access Controls

XoroONE access manager enables you to define and assign various roles and profiles like (admin, accounting, sales, buyer, etc.) by user or user group to establish access controls in the organization. You can grant or revoke read/write/edit access anytime.

Accounts Payable

The accounts payable module makes it easier for you to track who you owe and pay your vendors and suppliers on time to avoid any penalties and take advantage of any payment term discounts.

Accounts Receivable

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.

Check Creation

Quickly generate and print checks from Xoro using the check creation module. You can print one at a time or print them in batch using the check queue. XoroONE will keep track of your check numbers to avoid any duplicates and auto-assign the new numbers incrementally.

Bank Reconciliation

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!

Sales Tax

Calculate and file your sales tax by region using XoroONE’s built-in taxation module. Tax tables by region are automatically updated at the backend so you will never need to worry about the tax changes.

Fiscal Year End

Close your books with ease in Xoro with just one click! At the end of your fiscal year, XoroONE automatically transfers your net profit (or net loss) to Retained Earnings.

Financial Statements

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.

Inventory Valuation

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.

xorosoft erp system inventory valuation report
xorosoft erp system audit trail

Audit Trail

XoroONE maintains a log of each financial transaction as it is added, changed, or deleted. The Audit Log serves as an audit trail that lets you see exactly what changes were made, and who made them.

Expense Tracking

Connect XoroONE to your bank, credit cards, PayPal, Square, and more and we’ll import and categorize your expenses for you. You can even create rules for how you want your expenses categorized and then run expense reports to see how every dollar is spent. Easily track business expenses all year to get every deduction at tax time. XoroONE automatically sorts expenses into expense categories and keeps them organized in one place, so you never miss a tax deduction. We’ll tailor tax categories, so they’re just right for your business type, but you can always add your own if you need to.