At MKG Partners, we regularly publish helpful articles on our favourite features in Xero. Here are our top tips on getting the most out of your Xero software. Our team is happy to help you anytime if you would like some one-on-one support and training – just reach out by telephone or email. We can support you in person or remotely.
1. Keep bank accounts for business use
Golden rule – don’t mix business with pleasure! Avoid duplicating expenses, or worse, overlooking expenses that could be claimed. By not processing personal expenditures through your business bank accounts, you can rest assured that your bookkeeper or accountant won’t give you strange looks after they have Googled an unexpected website while trying to decipher your bank transactions.
2. Reconcile regularly
Keeping your reconciliations up to date is crucial for many reasons and offers numerous benefits for businesses – your financial reports will be more accurate, transactional issues are dealt with on a timely basis, not to mention that it is far easier to recall a recent expense versus something that happened three or four months prior. Enhanced decision-making, improved cash flow management, and highlighting customers that may need to be followed up more frequently for payment.
3. Repeating bills and invoices
Set and forget! Use the technology to your advantage – follow this link to our previous article for our easy to follow step by step instructions.
4. Batch payments
A great time saving feature that everyone should be using. Enter your bills in Xero, determine a schedule that works for your business (perhaps a weekly or fortnightly payment run?) create a batch payment and upload to your online banking. Bills paid in one easy online transaction. Job done! (click this link to our previous article)
Smart technology (free!) included with your Xero subscription that works seamlessly to extract information from receipts and bills, securely stores electronic copies, and populates accounts payable or receivable within Xero. Embrace the change – follow this link to our previous article.
6. Tracking categories
Tracking categories can help you see how different areas of your business are performing, for example, locations, departments, cost centres. Once you have set up your tracking categories, there are an incredible array of ways that you can use these categories to get the best out of Xero reports (click this link to our previous article)
7. Xero mobile app
Download the app to your favourite device and access it on the go. The Xero app works on Android or iOS – use it to send out invoices onsite, reconcile transactions, and track your cash flow from anywhere. There’s no need to wait until you get back to the office – pesky downtime be gone!
8. Use the Xero learning hub
Xero offers free online training on their education portal where you have access to both live and online Xero training courses, as well as webinars and additional resources. The courses cover the basics such as getting set up, completing invoices, managing security, and more.
9. Embrace technology and change
Mad if you don’t! Check out available integrations that will simplify and work with your business. There are more than 1000 integrations in the Xero app store, and thousands of unofficial Xero add-ons that third-party platforms have built to connect their solutions to Xero. Link Square, Stripe, Shopify, time tracking, inventory management, CRM, payment apps – the list goes on and on. (Link)
10. Xero files and storage
We can’t shout this one loud enough – your accountant loves this feature. Traditionally, when your accountant needs to check a financial record, they email you, wait for you to hunt down paperwork, and send it back. We don’t need to tell you how much time this can waste. Use the Xero online storage files feature, attach electronic copies to the transaction, use the files and folders area, and create an electronic version of the old ‘lever-arch’ filing system. You can file almost anything – PDFs, Excel spreadsheets, images, Word documents. Multiple records can even be attached to a single transaction.
In wrapping up, remember that utilising Xero to its fullest potential is a game-changer for your business efficiency and financial clarity. At MKG Partners, we’re always here to guide you through every step, ensuring you reap all the benefits Xero has to offer. Let’s continue to make your financial management journey smooth and successful, together.