Today, I will talk about some actual, real-world benefits of the accounting service provider I am using.
I’ve talked about XOLO Estonia before, but haven’t gone into detail as to how I personally benefit from working with them for my online business.
That’s precisely what I will do today.
A modern website, a fancy-looking dashboard – those are all nice at first glance but unless what I am getting helps me save time and or money, I don’t really care about it.
Here are 5 reason why I am still with XOLO, the features I use on a monthly (if not weekly) basis and how they have impacted my online business.
1. Automatic Notifications
I operate a fully automated online business. For business purposes, I travel a lot. Keeping things up to date when you are moving around can be a hassle, as you have many other things to pay attention to.
I’ve said this before, I’ll say it again:
With XOLO, 99% of my accounting is fully automated,
there is little to no manual input required.
If I were to break it down to the actual time spent per month, I would say less than 5 minutes per month that I spend on accounting.
What’s great about XOLO is that I don’t need to worry or check manually if everything is alright.
- Are all my expenses and income covered for?
- Is a receipt or invoice missing?
I don’t want to imagine how much of a hassle that would be …
Instead, I receive an automatic notification at the end of the month. It simply tells me that there’s something that needs my attention and I should log in to my XOLO dashboard.
I receive that email notification a few days before the deadline, so there’s more than enough time to take action and submit the documents.
I simply log in to the dashboard. On the upper right corner, I instantly see what needs my attention.
I click on it and am redirected to exactly the payment or expense that needs attention. Then I see details of what needs to be submitted (usually it’s a receipt).
I simply upload it as PDF file and everything is done!
2. Dashboard Login via Email
As I’ve said before, for business purposes I travel quite a lot.
There have been instances in which I forgot to bring my e-Residency ID card reader. XOLO allows me to log in via my primary email address.
Personally, I find this quite convenient as I don’t always want to grab my e-Residency ID card, attach the card reader, type in the PIN … it’s much easier to log in via email.
3. All Payment Accounts Synced
My bank account, business PayPal account and TransferWise – all of them are synced once per day and displayed inside the XOLO dashboard.
This means, I know the exact amount of funds held in each account at any time without having to log in to each account individually and add up the balances.
I simply log in to the XOLO dashboard and right there on the lower right side are the balances of all payment accounts.
This is useful for checking your various account balances, but also because it means for accounting purposes anything that goes into any of these accounts can be processed automatically, typically requiring little or no manual input from you.
With some other providers, you need to manually submit account statements in CSV format every month.
That used to be the case when I first joined XOLO over 3 years ago, but then they were able to integrate all these accounts and sync them automatically.
4. Company Documents For PayPal, Amazon & The-Like
A common question I receive has to do with opening a PayPal business account or setting up Amazon, Stripe, or an account with any other payment processor.
Typically, to set up such an account, you need to submit documents that show that your company actually exists and that you are in charge of it.
If you use XOLO to register your Estonian company, all of these company documents are inside the XOLO dashboard.
Those are the exact documents to use for setting up a PayPal account for your Estonian company (in addition to some personal documents such as a passport copy).
5. Business Trip Tracking
Lastly, I find the business trip section very useful.
At a glance, I see all previous business trips, the length and exact costs of each trip..
The business trip feature in combination with the 3, 6 and 12 month stats displayed at the dashboard section are great to assess if my online business is heading in the right direction at any given time.
Lastly, I’d like to talk about two situations in which I would not recommend you use XOLO as your accounting service provider.
XOLO Is NOT For You
If you operate a physical goods business, such as Amazon FBA, Shopify and the-like. As of February 2020, XOLO doesn’t support those types of businesses and you would need to go with another e-Residency service provider.
If you have very few transactions, then paying the €78 flat fee for unlimited transactions would be an overkill. In such a case, you can also work with another service provider and get accounting done for much less (usually for a one-time fee at the end of the year).
PLEASE NOTE: There is a difference between just getting started (few or no transactions) and having few transactions in general. If you are just getting started, I would still recommend XOLO.
In that case, simply use the XOLO starter plan, then upgrade to the full plan once you have revenue coming in.
If you decide to choose XOLO for your Estonian company, YOU CAN GET STARTED RIGHT HERE.