Bookkeeping and Recordkeeping Solutions for Business

fulcrum group bookkeeping advisory

Bookkeeping and Recordkeeping Solutions for Business

Businesses face many challenges, and one of those challenges is keeping company finances up-to-date and accurate. With accurate and up-to-date books, you will know exactly what is going on with your business and this real-time information can help you make better decisions.

Bookkeeping software is a solution that can help keep up-to-date financial records for your business, but there are many options out there and it may be difficult selecting the one that is right for your business.

As a small-business owner, it is crucial to get the most value for the money that is spent. One such software solution that provides this value is Xero coupled with HubDoc.

What is Xero?

 Xero is cloud-based accounting software accessible on any web browser, at any time which features the following solutions:

  • Entering Bills
  • Sending Invoices & Quotes
  • Live Bank Connections
  • Automation through Transaction Rule Setting
  • Highly Customizable Financial Reporting
  • Broad Application Integrations
  • Custom User Profiles with Permissions
  • Analytics
  • Free Product Updates
Entering Bills

This is the part of Xero where you would enter bills that are sent to you for payment. Xero tracks the due dates of these, and reports can be prepared for outstanding bills. You are also able to upload a pdf of the bill and attach it directly to the entry, so it is accessible at any time.

Sending Invoices & Quotes

Xero allows you to send professional invoices and quotes to clients with customized logos. You can also integrate applications like Square which feature payment services and are attached directly to the invoice. This ease of use will help you get paid faster. You can also send statements to clients.

Live Bank Connections

Xero allows you to link your bank accounts and credit card accounts directly to the software. This is automatically importing bank transactions into the software. Rules can be set up that will allow you to quickly code these transactions into the books.

Transaction Rule-Setting

Xero allows you to create rules that are applied to bank and credit card transactions that are imported into the software from either the bank feed or manual imports. You can set conditions in the rules which will automatically pick up transactions and assign them to the proper account. This saves a great deal of time as manual data entry is eliminated.

Customizable Financial Reporting

Many different reports can be created to suit your business needs. There are many standard report templates, and each report can be custom-tailored to your needs.

Application Integrations

Xero integrates seamlessly with over 1,000 third-party applications through the Xero App Store. These applications tackle many different aspects of business such as scheduling, project management, payroll, payment services, human resources, e-commerce, and many more.

 User Profiles

User profiles can be easily set up and set with unique permissions that will allow them to do as much or as little as you want. For instance, you as a business owner would be able to invite a salesperson to just be able to create invoices or set up accounts payable so they can just enter bills.


Xero offers analytics that allows you to better manage the financial health of the business. With the short-term cash flow projection, you can project your bank balance, see the impact of invoices and bills, and know which invoices are the most urgent. Xero also gives you a quick business snapshot that tracks income and expense, trends for different timeframes, and allows you to gain insights from reports.

Free Product Updates

Xero constantly takes feedback from clients and consistently updates their products based on customer feedback. You will always have access to the most recent version of Xero without the hassle of installing software updates.

One other solution that Xero offers is HubDoc, which is an online cloud-based document storage platform.

What is HubDoc?

 HubDoc is a cloud-based document repository that allows you to:

  • Easily Capture Bills and receipts through your phone’s camera
  • Extracts data through AI automatically
  • Match bank transactions in Xero
  • Stores Documents Online

HubDoc can allow you to get rid of that shoebox or banker’s box of documentation and allows you to access any document easily online at any time. HubDoc also attaches receipts directly to Xero transactions, so they are there in case you need them.

How can Fulcrum Group help?

Xero and HubDoc are powerful tools that can help businesses prosper by saving time and costs. Fulcrum Group offers services that utilize Xero and HubDoc. We can offer full-cycle bookkeeping services for a fixed price, or help you get set up and offer support along the way.

For more information, please contact our office.

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