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Top Tips to Help You Optimise Your Use of Xero for Your Business

by | Oct 25, 2018

Xero has proven to be a very handy tool when it comes to accounting and bookkeeping, and whether you’re already comfortable with it or you’re a beginner when it comes to using it, you’ll want to make sure that you are optimising its use. So what else do you need to learn about Xero so that you can fully appreciate its benefits? Here are great tips to help you optimise your use of Xero for your business.

Familiarise yourself with highly-useful dashboards

With the dashboards featured by Xero, you can quickly get an overview of your business’ performance as well as its essential financial aspects with a simple glance. If you require a bit more detail, all you have to do is click on the links so that you can have access to more information.

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Reconcile your accounts with Xero

Another way to maximise your use of Xero is to make sure that you properly reconcile your business accounts with Xero. This helps you minimise the effort of entering data every time you make a transaction – it will automatically be entered for you. You can even make use of additional solutions such as Receipt Bank so that you can get data related to supplier bills, which you can then import to Xero (this will help you benefit from a quicker and more organised process of reconciliation).

With Xero, you can also utilise batch payments so that you can take less time processing payments. If you come across transactions which are unknown, you just have to click on the ‘Discuss’ icon or tab and create a memo for your accountant.

Encourage your business suppliers and contractors to use Xero

If you can, try to encourage your business suppliers and contractors and other businesses you deal with on a regular basis to use Xero as well. This way, you can easily send your business’ invoices to them through their own Xero programme. Once they are on Xero, just ask them to provide you with their business’ network key – this will help you connect the files on Xero and enable a portal through which billing information will flow from one system to the other. This allows you to save time and effort on data entry as well.

Make full use of the History and Notes Activity feature

If you regularly use Xero, then you may already be familiar with the History and Notes Activity feature. With this option, you can search for various transactions by Item, User, and Period, and you can also sort through transactions by Item, Date, Notes, User, and Action. When you have selected a particular option, you can then quickly update it.

Implement regular bills and invoices on repeat

With Xero, you can also set up your regular bills and invoices on ‘repeat’ which means that they will be saved on Xero as a draft. You also have the option to send and approve sales invoices on an automatic basis, so you don’t have to worry about neglecting to invoice clients – it is already done for you.

There are many other benefits brought by Xero to small- and medium-sized businesses, and it’s time you utilise all these benefits. If you want, you can even take advantage of fuller and more thorough Xero training with accredited professionals – this will help you optimise everything Xero has to offer.

We at KenBell Accounting, provide award winning xero training and bookkeeping services for our clients. Please contact us if you have any questions about what we offer.

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Registered office: Property Accounting Here Limited t/a Ken Bell, 10 New Street, Stourport on Severn, Worcestershire, DY13 8UL

Company number: 07978401