Xero is a cloud based accounting software for small to medium sized business. The key features of Xero include automatic bank and credit card account feeds, invoicing accounts payable, expense claims, fixed asset depreciation, purchase orders and standard business and management reporting.
it also incorporates a payroll feature. All financial data is stored in the cloud, in a single unified ledger, allowing users to work in the same set of books from any location or operating system.
1. Embrace Change
Changes are happening all around us every day and that's something we can't control. However you can control if you're going to change or remain the same.Read-more
Change. Don't fear it, try not to resist it but embrace it. If you want your business to survive and thrive you have to embrace change. Implementing the ground breaking cloud based accounting system, Xero, helps you stay ahead.
When taking your first step with Xero don't get too caught up in what your old system could do. Focus on learning what your new business platform can achieve.
2. Work productively in the Cloud
The business landscape is constantly changing, new business models are constantly evolving. Those who adopt rapid changes in innovation and technology often leave others behind.
Once you've set up Xero, you can access it from any device, providing you have internet connection. This includes your smart phones and tablets. There's an app and only takes a few minutes to install.
Using the cloud, you have the ability to free yourself from your current work environment. Get comfortable using Xero anywhere, anytime.
Having mobile access allows you to construct sales invoices on site in real time, monitor financial transactions while you're away, all using the application.
3. Keep Bank Accounts for Business Use
Use business bank accounts exclusively for business, sound simple enough? However, time and time again we see personal transactions mixed in with business transactions. No one really wants to see this, including you. You'd be surprised how implementing this simple step can cut down your workload.
Following this step assures all the transactions in this account are business related. Eliminate confusion caused by personal expenditure in a business account.
4. Reconcile Regularly
We recommend you reconcile all your business accounts on Xero on a regular basis.
Take the chore out of your bookkeeping tasks by preventing work from piling up around you. Reconciling regularly ensures your information is always up to date and allows you to get on top of transactional issues promptly. As we all know it is far easier to recall a recent transaction versus a transaction processed 6 months ago.
5. Take Advantage of Repeating Bills and Invoices
Repeating bills and invoices can be entered as regular occurring transactions. They can be saved as a template and edited every period, or, if the amount is known, default them to be automatically sent out. Set it up – forget about it and watch transactions virtually reconcile themselves.
6. Effectively use Xero Files and Cloud Storage – Goodbye Shoebox!
Traditionally if your accountant wanted to query financial transactions, they'd contact you; you'd then find some time to hunt down the paperwork, then scan it and email it or drop in a copy.Utilising Xero Files enables users to access financial documents relating to each transaction at the click of a button. Multiple records can be attached to single transactions and accessed as required.
Say goodbye to that shoebox full of receipts and invoices, say a big hello to Xero Files.
Making it easy to stay on top
Xero makes it easy for small businesses to stay on top of their financial situation.
Not on Xero yet? Here are the six questions we ask every client.
1. Is it important to know how much money you have in your business bank account?
2. Does your current software/spread sheet allow you to see that?
3. Over the course of a month how long do you spend doing your bank rec?
4. Have you ever had customers delay payment on an outstanding invoice due to the excuse of "I didn't receive your invoice."
5. Has your accountant or bookkeeper ever asked you to provide them with your receipts and invoices?
6. Do you struggle to find enough time to effectively keep up to date with your superannuation payments?
If the above is relevant to your business we encourage you to call Adrian Mezzatesta at our office for a FREE demonstration (03) 5018 6444 firstname.lastname@example.org