The vertical power of a Xero

The vertical power of a Xero system Customising Xero to the industry needs of your vertical business

@GoCardless

Nicola Anderson, VP of Marketing, GoCardless

Nicola Anderson is the VP of Marketing at GoCardless, the UK’s leading Direct Debit solution. GoCardless integrates with Xero to bring small businesses and their accountants a fast, hasslefree way to automate customer’s payments and improve cash flow.

The breadth and variety of the Xero App Marketplace make Xero the obvious platform for vertical businesses that need a tailored business system. Nicola Anderson from GoCardless explains how Xero’s industry specific apps make customisation and specialisation not only simple to set up, but an extremely powerful tool for your niche business...

Many small business owners

have already realised the inherent advantages of cloud accounting for the efficiency and productivity of their business – in fact, Xero’s recent ‘Make or Break’ report showed that 94% of cloud users believe cloud offers real tangible benefits. But working with Xero and the Xero Ecosystem doesn’t just improve financial efficiency – it also provides industry specific add-on Apps and cloud tools to tailor your business systems to the precise needs of your sector.

In short, Xero and the App Marketplace allow you to get the specialist tools and professional support you need as a vertical business, whether you’re a law firm, a property management company, or a farming and agriculture business.

Setting up a tailored Xero system for your vertical

Every industry has its own challenges for a business owner. Stocktaking and inventory may be hard if you’re running a retail business. Or seasonality may create cash flow problems if you’re growing a holiday-let business, or opening a kids club that will be busier during holiday time. these issues in the simplest and most effective way?

The flexibility and easy integration of Xero is the answer. Being able to build tailored Xero systems, that meet the exact requirements and challenges of your chosen sector, means you can refine your systems to deliver the absolute best value for your niche vertical. Add project management tools, workflow solutions, invoicing tools and online payment options, such as GoCardless, to the main Xero system and you create an entirely customised business system.

As Xero themselves summarised in a recent blog post:

“We’ve invested in maintaining this open platform so that small businesses can pick and choose the right tools to manage their operations. They can choose from CRM to debtor tracking and eCommerce to point of sale.”

Open APIs and simple integration of Apps provide connectivity, data sharing and interactivity between all the Apps in a tailored vertical system. Your business’s workflows can be simplified, your numbers shared and your reporting on key KPIs and metrics tailored to the most pressing concerns of your That’s a powerful proposition for any business owner; but Xero takes you to a whole new level when you factor in the power of working with professional advisers and cloud specialists.

Finding the best Xero Apps for the job

The sheer depth and variety of the Xero Ecosystem offers huge potential to achieve vertical customisation of your Xero setup, and to work with specialists who understand the particular requirement and challenges of your sector.

As Nick Houldsworth, GM Ecosystem at Xero, put it recently on the Xero blog:

“Our work connects millions of small businesses and their advisors with our Ecosystem of App partners. Furthermore I love learning about how those partners deliver value back to our customers by building sector.

powerful end-to-end solutions, deeply integrated to Xero.”

To get your Xero implementation right, it’s important to do your research, try out free trials of software, talk to your industry peers and get guidance from vertical specialists.

Xero App Marketplace – with over 500 Xero solutions to choose from, the App Marketplace is a good place to start your research. support and real-world business

Break down the Apps by function (CRM, payment, quotes etc.) or by business type to find the ideal App for your needs. Work your network – talk to peers within your industry and find out what Apps and solutions they use. Talking to other business owners at events and through social networks is a great way to sort the must-have Apps from the expensive duds. In-house App consultants – many of the big third-party software providers offer training, advice and consultancy services for users and partners. Talk to the experts and find out ways to get the most efficiency and value from their Xero business Apps.

Cloud technology consultants

– hiring an independent cloud consultant is one way to streamline the selection and implementation process. A tech specialist will help you choose the best combination of Apps, and can help set up a workable system. Xero accounting partners – accountants aren’t just ‘number crunchers’ – a modern Xero accounting partner is a fusion of business adviser, finance specialist and tech consultant, providing a blended mix of all these services to your business. If you want a ‘one stop shop’ for getting your accounts, reporting and business systems running section of the Xero App Marketplace

smoothing, the holistic approach of the Xero accountant route makes great sense.

Having the industry expertise of a number of specialists who understand Xero like the back of their hand is invaluable – it helps

1. Target the right sector-specific issues 2. Set up the most productive processes 3. Use the most effective technology 4. Get real-time advice and support from your advisers It’s this fusion of cutting-edge tech advice that allows you to do more as a business – making the company more competitive in your chosen market.

Sector-specific Apps for your vertical

Whatever sector you trade in, there are cloud Apps to manage the specifics of financial management, workflow, customer communications and more. And because these providers know your niche, they’ve already tailored their App to your needs.

For example: • Clio is a project and document management App designed for law firms. Practices can create and manage client documents online, raise detailed client invoices and even integrate the firm’s bookkeeping with Xero in full. • Re-leased gives property management businesses an all-in-one solution that helps manage properties, send out communications to tenants and store important documents, with a clear project management dashboard to keep on top of timelines. • FarmFlo is an agricultural management App that gives farmers a digital way to manage their activities and planning, complete their compliance work and get full integration of their bookkeeping and financial management with Xero.

There are custom Apps for practically every vertical sector, as a quick look at the ‘Business type’ you:

will confirm. There’s a staggering choice of Apps, tools and software solutions, covering 13 industries and sectors.

As a Direct Debit provider, we’ve had extremely positive feedback from the thousands of customers that use GoCardless for Xero every day to collect recurring payments. Using our open API and Xero integration means businesses don’t just get automation of their payments, but get automatic invoice reconciliation as well, saving on average up to 3 weeks a year and over £2,000.

The value of a tailored Xero system for driving success

Every sector has it’s own challenges, whether it’s managing the complex inventory items and costs of a construction business, or running an appointments system for your dental practice.

Making the best use of the available tech in the Xero Ecosystem helps you face those niche challenges head on. Doing your research, listening to your industry peers and working with the right cloud adviser helps you choose the most effective tools for the job.

Your project management will run more smoothly, you’ll get paid on time by implementing GoCardless as a payment solution, and you’ll quickly and easily be able to review your cash flow and sales to help you ride out the bumpy points in the business journey.

For vertical businesses, there’s a simple three-point strategy for success:

1. Xero as the foundational platform for your finances 2. Your customised choice of industry specific Apps and tools 3. The industry expertise from Xero partners, your accountants and, potentially, even specialist cloud consultants.

With all three boxes ticked, you have the ideal combination of tech, business support and strategic drive. It’s then down to you to help lead your vertical business to the next level of success, with the Xero Ecosystem and your advisers supporting you at every stage.

Want to know more about streamlining payments with Xero and tailoring your online invoicing to the needs of your vertical? Head over to GoCardless for Xero to see how our integration removes the hassle of late payment and poor cash flow.