7 Ways to improve your Xero File

When running a business, business owners are always looking for ways to minimise their time spent on administrative tasks. That’s where Xero comes into play as they have a lot of powerful features that business owners can use to improve their efficiency in running their books so they can focus on generating more profits.

Below are 7 features Xero offers to improve your efficiency:

Cloud access

With Xero available on the Cloud, you will be able to access your Xero file any time, anywhere as long as you have a laptop or smart phone with internet access. You can run your business on the go and are no longer stuck at your office work desk.

Bank feeds

Automatic bank feeds allow your bank to send through bank transactions to your Xero file directly. It happens behind the scenes daily – you wouldn’t even notice it! This vastly improves the timeliness of reconciling business transactions, not to mention more accuracy (less typo!) in the data recorded in Xero.

Bank rules

With automatic bank feeds, many business owners will be able to reconcile their bank transactions daily, providing them with an up to date overview of how well their businesses are travelling. Generally, some transactions are repetitive, such as monthly subscription fees, or certain types of income (e.g. Shopify payments paid via Paypal for example). As these transactions will always be reconciled to certain accounts, you can set up bank rules so Xero can suggest the rules to you as long as the criteria is met. This again will save considerable amount of time for business owners – instead of manually typing in the details during reconciliation, a bank rule can be applied which helps pre-fill certain fields, all you need to do is to click “OK” and that’s it!

Tracking categories

For businesses who have multiple streams of income, setting up tracking categories allows them to see the profitability of each stream of their business, and they can tailor different strategies to improve each business stream.

Online File storage – Hubdoc

Hubdoc is the online file storage that is available to any Xero standard subscriptions. It allows business owners to upload their a photo or copy of their bills onto the platform, where Hubdoc will analyze and “read” the bills and convert them into a draft bill for you to process and publish in Xero. Once they are published to Xero, depending on your preference, you can then reconcile each bill against a bank transaction straight away. This is a huge time saver for those who have a lot of bills to process, and improves the accuracy by reducing the amount of typing required.

Dashboard customization

Because every business is different in terms of their needs Xero allows business owners to customize their dashboards so they can see what they want to see. A few items you can add on the dashboard are main business bank accounts, invoices owed to you, bills you need to pay and watchlist of accounts that are important for you to monitor.

Payroll access

You can also manage your payroll through Xero and comply to the ATO’s Single Touch Payroll requirements. With a few clicks you can setup a new employee, process and file a payrun with the ATO. It also provides your employees with a Payroll portal where they can login, record when they work on a timesheet, update their personal details, request and apply for leave and view their payslips.

Need help with your Xero? We provide one-on-one Xero training to tailor suit your needs, we also offer ongoing assistance to answer any day-to-day Xero questions you may have.

5 time saving tips to managing your business

Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!

It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.

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Exciting updates from XeroCon 2018

In early September 2018 two of us went to XeroCon in Brisbane to learn about the new tips and tricks of using Xero to make it a better experience to our Xero clients. During the 3 intensive but fun days, we learned new ways to do things to improve business in general, such as ways to reduce the number of days for an invoice to be paid, new ways of using the Xero mobile app and more…

A summary of a handful of the new features that will be implemented are:

Complete revamp of Xero mobile app

– you will soon be able to view reports such as Profit & Loss account on your mobile app. Currently  you need to log on to the desktop version of Xero to run the reports and see how the business goes. With the improved Xero mobile app business owners can see how well their businesses perform on the go.

– revamp of the invoicing module – Xero is moving towards a “code free accounting” meaning that Xero will take care of where the transaction be coded to so you don’t have to worry about it, making it easier and faster for you to prepare and email invoices out to customers – and get paid faster too with their new payment services (see below)!

(iOS app users) ability to attach files directly from cloud storage and ability to use AirPrint – huge improvement for those who would like to attach photos to invoices and print out invoices to non-Xero clients.

Updates to Xero Business

Email to bills – for those who keep track of bills on Xero, you have the option to email the PDF bills to Xero where it will create a draft bill to be approved. Xero is improving on this by using machine learning to extract information out of the bills and pre-fill them onto the bills – so you don’t have to!

new API to allow all banks to integrate with Xero – we expect this will mean a simpler process in setting up bank feeds on Xero with any bank account.

automatic bank rules reconciliation – a great time saver for those who set bank rules to help reconcile their transactions – instead of clicking OK on each transaction, soon you will be able to reconcile it all in just one single click!

– ability to preview invoice on both desktop and mobile version prior to sending them out

– Xero has partnered with Go Cardless to provide payment services through their invoices – this is similar to current payment services like Stripe and Paypal.