Table of Contents
Xero is an online accounting software company that allows businesses to manage their financial transactions in real time. Xero recently introduced a new service, the Practice Manager – which includes features like spending tracking and invoicing.
Xero Practice Manager is a time tracking software that helps you manage your work. The software has been reviewed by the author and has received a 4 out of 5 stars rating. It also features a free trial period of 14 days, which gives users the opportunity to test it before they buy it.
Accounting businesses and professionals that have customers who use Xero accounting software may utilize Xero Practice Manager, a cloud-based practice management platform. Its App for mobile devices allows you to create tasks and assign them to your employees, log time spent and convert it to invoices, and administer your practice on the road.
Xero Practice Manager is free for 14 days for new and Bronze-level partners, after which they must pay $149 a month until they reach Partner Status: Silver.
Visit the Xero Practice Manager website.
What Xero Practice Manager Is Good For
Xero Practice Manager is one of our top picks for the finest accounting practice management software, especially for organizations that have Xero customers. Signing up for the Xero partner program gives you access to the software as well as savings and the chance to become Xero-certified. Xero Practice Manager may be tailored to your practice’s needs. It may, for example, enable you to create custom-branded documents such as invoices or customize templates to fit your workflow.
Xero Practice Manager Is Particularly Beneficial For
- Firms with Xero customers: This is the ideal choice if any of your clients use Xero since Xero Practice Manager gives a connection to your clients’ Xero accounts.
- Firms looking for robust reporting capabilities: Xero Practice Manager not only gives you access to a variety of stored reports, but it also lets you create custom report templates that you can use on any client. The report choices are almost endless, and they may be adapted to your client’s specific requirements.
- Firms looking for powerful time and billing tools can consider the following: Time tracking and client invoicing are two of Xero Practice Manager’s most useful features, since they enable you to utilize a timer or manually input time. The invoicing procedure is simple, and the link with Xero makes it easy for customers to pay.
- Project managers may use Xero Practice Manager to assign assignments to employees with due dates and track the amount of hours each employee is assigned to each activity.
- Firms that need fixed asset management features include: The direct interface between Xero Practice Manager and Xero allows you to manage and monitor your customers’ fixed assets, such as machinery, equipment, and cars.
For Whom Xero Practice Manager Isn’t a Good Fit
- Payroll companies that provide a broad range of services include: QuickBooks Accountant Desktop and Intuit Enhanced Payroll for Accountants are fully integrated. This allows you to provide full-service payroll for up to 50 customers for just $700 per year plus $1.75 per direct deposit, making it a cost-effective method to provide value to your clients.
- Firms looking for effective customer relationship management tools: TaxWorkFlow is a great alternative because of its extensive CRM features, which includes the ability to design email marketing campaigns and connect with customers using an integrated Outlook calendar.
- Firms with QuickBooks Online customers: QuickBooks Online Accountant is included as part of the QuickBooks Online ProAdvisor program and allows you to help your clients regardless of the QuickBooks Online version they are using.
Do you want to learn more about different accounting software options? Check out our guide to the best accounting software for small businesses.
Pros and Cons of Xero Practice Manager
Visit the Xero Practice Manager website.
Pricing for Xero Practice Manager
To use Xero Practice Manager, you must first join the Xero partner program, which is completely free to join. New partners and Bronze-level partners may test Xero Practice Manager, which supports up to 10 users, for 14 days for free before committing to a $149 per month subscription. You may use Xero Practice Manager for free after you earn Silver, Gold, or Platinum level.
- $149 per month for new and bronze partners
- Free for Silver, Gold, and Platinum partners.
We go through Xero’s qualifying requirements for earning points to attain various status levels, notably Silver, so you can utilize Xero Practice Manager for free in the Features section below.
Features of Xero Practice Manager
Signing up for Xero Practice Manager comes with a slew of perks, including free Xero Partner Program membership, Xero HQ, and Workpapers for Xero. It also offers a good mobile interface, as well as work management, invoicing, and reporting features.
Xero Partner Program membership
Xero’s partner program provides many tiers of participation, similar to the QuickBooks ProAdvisor program. Discounts for you and your customers, specialized assistance, and the ability to become Xero certified, attend events, and get help and guidance from a dedicated account manager are just a few of the benefits of this program. Xero certified finance experts are able to be featured in their advisor directory. Your firm will also receive free Xero software as part of the program. For more information on Xero’s features, see our Xero review.
What is the Xero Partner Program and How Does It Work?
The partner program is open to accountants, bookkeepers, and financial advisers who have customers. When you and your customers use Xero products, you earn points that help you advance in your partner position and earn prizes. When a partner advances to a higher level, they are entitled to additional rewards.
You get points if you:
- Whether you or your clients pay for their membership, you attract additional clients into the Xero platform. If your customer pays for their membership and welcomes you in, you’ll get additional points.
- Xero Expenses, Xero Projects, Hubdoc, and WorkflowMax are all current Xero add-ons that you or your customer utilize.
- You pay for your client’s subscription to Xero’s Cashbook and Ledger partner plans.
For more details on the qualifying requirements and point breakdown, see Xero’s website.
Partner Status: Bronze
Maintaining a score of 25 to 74 points earns you Bronze status, which includes access to conversion tools to assist customers in moving their data to Xero, Xero marketing materials, a Xero directory listing to increase your firm’s exposure, and Xero Accelerate programs. Bronze-level partners are also eligible for a 15% Xero subscription discount.
Partner Status: Silver
Silver partners with 75 to 299 points are eligible to utilize Xero Practice Manager for free. A complimentary subscription to Workpapers for Xero, professional conversion help for more than 100 customers, consultation and project support from the Xero team, and a 20% discount on Xero subscriptions are among the other perks.
Partner Status: Gold
Gold partners must keep their points between 300 and 999. When you attain Gold level, you’ll get extra perks including marketing and event financing to help you promote Xero, as well as a 24 percent discount on Xero subscriptions.
Partner Status: Platinum
To attain Platinum status, you must maintain a score of 1,000 to 3,999 points. You’ll receive a 30% discount on Xero subscriptions in addition to all the other incentives given by the other tiers.
The majority of company entrepreneurs want Platinum partners. Platinum accreditation indicates that you are an expert in Xero and have been hand-picked to provide guidance and help on how to utilize it.
Invoicing
You may input a fixed price or utilize rates and markups to convert time and expenses to progress or final invoices. By generating task descriptions and seeing the monetary worth of all work in progress or portions of a project, you can automate inserting tasks into invoices. It’s simple for your customers to pay you since the invoices are prepared in Xero and transmitted online, and it instantly links to their version of Xero. When they open the invoice, you’ll be notified as well.
You can see your invoices and their status through the invoice dashboard:
- Draft invoices are those that have been produced but not yet authorized.
- View bills that have been authorized but have not yet been paid.
- Overdue invoices are those that are beyond their due date.
The Invoice Dashboard in Xero Practice Manager (Source: Xero)
Xero HQ
Xero HQ is available to all Xero partners for free, and it allows you to monitor your clients, future tasks, notifications, and enquiries. The activity feed allows you to remain on top of customer actions and responsibilities while streamlining your job.
To acquire a better knowledge of what matters most to your clients, utilize the Explorer tool to look deeper into client details such as the applications they use, the sectors they operate in, and who they bank with. Explorer visualizes the client data that already exists in Xero, making it simple to discover trends and patterns. Explorer, for example, informs you which applications are the most popular among your customers so you can concentrate on understanding them. You may then share your experience with customers in comparable industries who are looking for guidance on which applications would be most useful to them.
Your client list includes all of your contacts, even those that aren’t on Xero. You may also submit requests for documents to customers and communicate with them securely. To get immediate access to this information, make Xero HQ your homepage.
App for mobile devices
Manage your practice’s workflow, time tracking, and job costing with the Xero Practice Manager App for mobile devices, which is available for both iOS and Android users. You can access information about jobs and use notes to communicate with other members of your practice. There’s also a time tracker available, or you can enter time directly. Your contact list is available as well so that you can call, message, or email your clients directly from the app.
You can download the app on Google Play and the iTunes website. To give you an idea of how the App for mobile devices looks, below is a screenshot of its Job Administration mobile dashboard.
Job Manager Mobile Dashboard in Xero Practice Manager (Source: Xero)
Integrations with third-parties
Xero Practice Manager also interfaces with over 30 third-party applications, which you can use to collaborate with clients, monitor projects, provide financial forecasts and analysis, and streamline client proposals, among other things. Xero HQ provides access to these applications.
Workpapers for Xero
Workpapers for Xero, which is free with Xero Practice Manager, enables you to streamline the compliance process using templates. You can create working papers and schedule the work that’s needed, such as requesting documents from clients. Workpaper packs can be assigned to staff with start and stop dates for a job, and you can also review clients’ trial balances. Track progress by setting Workpaper alerts and customizing client correspondence, such as management letters, compilation agreements, and year-end questionnaires.
Reporting
You may create and configure practice-wide report templates that can be applied to any client and customise the reports further to fit the client’s company in addition to the usual reports provided, such as analysis, performance, and work-in-progress (WIP) reports. These reports are created while enabling each company to maintain its own chart of accounts. Reports on productivity, recoverable expenses, and internal time are also available, and you may customize them using charts to make them easier to grasp.
Under Performance Reports in the Reports menu, a key performance indicator (KPI) dashboard is also accessible, which gives customers an overview of company performance, including work-in-progress days, debtor days, average hourly rate, write-offs, and revenue per fee earner.
You may use the report builder to generate custom reports and filter them depending on the date they were made, who they were assigned to, and who authored them:
The Report Builder in Xero Practice Manager (Source: Xero)
Job Administration
You can assign and examine planned tasks, see who’s working on them, monitor staff schedules, and establish due dates and milestones that are marked off when done using Xero Practice Manager. To keep track of time, you may use a timer to record it while you work or manually enter job times into your timesheet. On the dashboard, you may see actual billable time and productivity goals:
Xero Practice Manager’s Job Administration Dashboard (Source: Xero)
Customer Service and Usability
The dashboard has a simple, uncomplicated appearance that is incredibly user-friendly. It also has top-level shortcuts to frequently used features so you may get to various parts quickly. The dashboard provides an overview of your practice as well as shortcuts to frequently used items. Time summary and productivity, today’s jobs, crucial dates, tasks, and jobs you’re scheduled to do, tax notifications, and more are all shown on the screen.
The dashboard of Xero Practice Manager is shown below:
Dashboard for Xero Practice Manager (Source: Xero)
Alternatives to Xero Practice Manager
Conclusion
Intended for accounting firms to manage their Xero clients, Xero Practice Manager can also be used to manage your own firm’s books. It has several attractive features, including a portal to your client books, powerful time tracking and billing capabilities, and customized reporting. The program is cloud-based, and with its dedicated App for mobile devices, you can also access it from anywhere.
Xero Practice Manager is a software that is used by accountants to manage their practice. This software has been around for over 20 years and has many features that make it easy to use. The cost of the software ranges from $2,000 to $10,000 depending on the number of users in your company. Reference: practice manager software.
Frequently Asked Questions
Is Xero Practice Manager any good?
A: Yes, Xero Practice Manager is a good tool for practicing.
What is the difference between Xero Practice Manager and WorkflowMax?
A: Xero Practice Manager is a cloud-based platform that offers users the ability to create and manage their own online practices. WorkflowMax, on the other hand, is an app specifically designed for use in physical therapy environments.
How does Xero Practice Manager work?
A: Xero Practice Manager is a program that helps you manage your schedule, set reminders to practice and track the progress of your own personal fitness goals.
Related Tags
- xero workpapers
- xero pricing
- xero partner program
- xero for accounting practice
- try practice manager
