Small and medium-sized businesses always need to keep track of invoicing and expenses, but doing it the old fashioned way is often time consuming and leaves room for error. Xero’s cloud-based accounting software makes bookkeeping and bank reconciliation easy to manage; however, there are a few tips for using Xero that are always recommended to create an ideal experience.
Xero offers such features as:
- Simple, professional invoicing
- Purchase order creation
- Versatility across smartphones and tablets
- Unlimited user access
Here are some crucial tips for using Xero that you will want to do before getting started, such as:
- Clean up your files – Before setting up Xero and getting started, be sure to clean out any old accounts or invoices from your old accounting system. Check contact information to ensure everything is current – removing outdated information and data will make the user experience with Xero that much better.
- Determine a start date – While many accountants recommend starting on July 1st, it’s not always possible to wait or reconcile statements if you have many invoices to deal with each month. If beginning with the Xero account at the beginning of the financial year is not plausible, it’s acceptable to begin at the start of the BAS period – examine your financial situation and choose the best time for your business.
- Review new codes or laws – Since you’re using cloud-based software such as Xero to make things a bit easier throughout the year – and tax time – you want to make sure you review GST codes on your accounts before getting started. This will cut down on the stress during BAS time, which is something you want!
Xero is designed to make life a bit easier when it comes to managing the finances and books for a small or medium-sized business. Implement these tips for using Xero into your routine so you have a great initial experience with the program. Need additional help setting up? Galaxi Bookkeeping can ensure a stress-free transition into the new program.
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