If you have recently looked up Xero or any other accounting software you may have seen one term come up repeatedly ‘App Stack’ and you may be asking yourself ‘what is an ‘App Stack’’? An App Stack refers to the range of apps and software solutions that can be integrated with an accounting software to address specific business needs. This can span a number of different applications from inventory management, payment processing and, in some cases, industry specific software. By carefully selecting and building the correct App Stack you can simplify, create efficiency and improve accuracy of your business’s data.
If you were to search for apps best suited for your business you may find it overwhelming with the sheer number of options that are now available. The aim of this blog is to help streamline this search and help you recoup some of your time by recommending a handful that you could start with. You then have the option to grow your stack from there.
Invoice Entry
There are several options available that can assist with this, the two front runners being Hubdoc (you may very well already use this) or Dext. If you use Xero to track invoices and what suppliers you need to pay then opting for one of these is a must. Both will allow you to simply upload a scan or photo of an invoice and automatically import this to Xero. Not only does this automation help to reduce the time taken to add this data to Xero but it will also significantly reduce any incorrect data entry helping you to produce more accurate financial reports.
Invoice payments
If you do create and upload invoices to Xero either manually or using one of the apps mentioned above then you will know that uploading them is only the first step. Sometimes the more difficult task being matching the payments made to the invoices. This task often starts off easy but as you grow and use more suppliers and more often it can easily become time consuming to match the correct payment to the correct invoice. Apps, such as Mimo , can be a lifesaver in this case as the app will link to Xero and your bank account. You can then simply select which invoices you wish to pay from Xero. Mimo will then communicate this with your bank to make the payment and once the payment has been made, it will reconcile the payment to the correct invoices.
Data Review
One last app type that we believe can help you to step up your game are AI based quality assurance. These apps such as Xenon or Dext begin to review your Xero data for trends and inaccuracies in your data entry. These apps will review your data and provide you with a health score dependent on factors you find most important with the key focus being on up to date data and consistently coded data.
How to setup your App Stack
Setting up your App Stack is much easier than you would think. As Xero is a cloud based software the apps also function in the same way meaning there is no need to download and install software. Further to this, if you download them via the Xero App Store they will automatically connect to your Xero.
Whilst I have only mentioned a handful of apps there are many more available and can be an incredibly valuable resource for businesses looking to improve their financial management, automate tedious tasks, and integrate their workflows. With a wide variety of apps designed to work together seamlessly, creating your own App Stack offers flexibility and customisation. If you have any questions about how to improve or implement your stack please get in touch.
