Beau’s Top 5 Tips for using Xero

 

 

Xero is a cloud-based software for small to medium sized businesses. It is being enjoyed by business owners, accountants & bookkeepers alike.

I have put together my ‘Top 5 Tips’ for using Xero as your bookkeeping solution.

1. Increased Automation
One thing that many business owners don’t have a lot of is time. With Xero there are numerous ways to automate the bookkeeping process to save precious time.
You can set up live bank feeds so that your bank transactions appear in Xero automatically the day after a transaction has occurred.
Bank rules can be set up so that Xero can recognise certain transactions and allocate them with a click of the button.
Invoices can be automatically generated and sent off to clients through Xero.
These are just a few of the ways to automate different processes and this will save time and reduce the chances of errors occurring.

2.Superannuation Payments
You can make superannuation payments for employees directly through Xero.
In the past you had to either use the ATO clearing house or another provider.
Now you can simply pay all employee’s superannuation with only a few clicks all within Xero!

3.Multiple Users on Multiple Devices
By using a cloud-based software it means that Xero can be accessed from your laptop, desktop, tablet or phone. This means that wherever you are, as long you have internet or Wi-Fi access you can access your Xero account.
It also means that you can have different users accessing the one account at the same time. This comes in handy when you call your accountant to discuss something over the phone and both of you can be logged in and viewing the same thing at the same time.

4.Leaving comments on unreconciled bank transactions
When reconciling bank transactions there is a little-known or used feature called ‘discuss’. This is where you can comment or leave a note on a transaction. Then when another user, for example your bookkeeper logs into your account they will be able to see this comment and reconcile the transaction appropriately.

5.Using the My Payroll for employees
Employees can be invited to My Payroll which gives them their own Xero access to view all their personal details.
This allows them to view payslips, update personal details such as a change of address, enter basic timesheets and even apply for leave.
There is an app for your phone called Xero Me that they can download for free that gives the employee this access.

If you want to know more about what a program like Xero can offer you and your business please get in contact with your accountant or bookkeeper to discuss!

Article written by Beau Appleby, Accountant, Highview Accounting & Financial, Prahran.