At OnBookkeeping, we’re qualified, experienced and passionate Xero bookkeepers in Melbourne. In this blog post, we’ll explore why Xero has made bookkeeping easy with their cloud-based software that allows you to access your data from anywhere! With the help of Xero’s intuitive dashboard, they make sure all your finances are up to date. Xero has streamlined their product – saving you time while giving you peace of mind knowing that your books are organised and ready for any tax season!
Xero What is it?
Xero Limited is a New Zealand company. Xero is the cloud-based accounting software designed with small and medium sized businesses in mind. It began in 2006 and at the end of 2021 financial year there were 2.7 million users worldwide subscribed to XERO services.
The Xero system is available on any device, with an internet connection. This cloud based accounting software provides you the power to work in tandem and manage your company’s finances from anywhere at any time!
The software offers an easy to use interface and allows users to track expenses, invoices, payroll, and more. It’s user friendly even if you don’t have an accounting background!
Xero Limited is a New Zealand company. Xero is the cloud-based accounting software designed with small and medium sized businesses in mind. It began in 2006 and at the end of 2021 financial year there were 2.7 million users worldwide subscribed to XERO services.
The Xero system is available on any device, with an internet connection. This cloud based accounting software provides you the power to work in tandem and manage your company’s finances from anywhere at any time!
The software offers an easy to use interface and allows users to track expenses, invoices, payroll, and more. It’s user friendly even if you don’t have an accounting background!
Here are some of the features that will make bookkeeping easier.
Semi-Automated Bank Reconciliation
We mention semi-automated because we still need the skills and knowledge of humans to validate the details. Xero does the bulk of the work.
Businesses can take advantage of features like bank feeds for automatic updates on income and expenditure into Xero.
Xero has partnered with many Australian banks to offer bank transactions flow automatically and securely into the program. This allows businesses, especially small-to medium enterprises (SMEs), daily cash flow updates on their finances through Xero’s easy user interface which makes it easier than ever before!
That’s the input from your bank.
Now you need to create or code the right transactions in Xero to match with the bank feeds.
To automate the majority of these we use bank rules.
Bank rules save you the hassle of manually coding each time your bank sends a similar statement line. You can set up bank rules with conditions so that when a statement line matches a bank rule, Xero will suggest an appropriate transaction with some details already entered – this is much faster than entering everything for each statement line!
You can create bank rules for ‘spend money’, ‘receive money’ and ‘transfer money’ between your bank accounts.
Xero bank rules are priceless features that save a lot of manual data recording and reduce potential human errors. Our job is to make sure the data is correctly matched up with the bank feeds.
Invoicing made easy
You can quickly create an invoice using one of Xero’s free templates. It’s always a good idea to keep your invoices simple and short. Once you’ve created an invoice for a customer, you can make a copy of it and adjust accordingly for the same or new customer with invoice details. Creating similar invoices by copying makes it very easy and less time-consuming.
Invoices can be created and sent on a phone. Send invoices and get paid faster. Xero makes it easier than ever to send an online invoice from your phone or desktop, even when you’re on the go! The Xero Accounting mobile app allows you to do most tasks as in the web version.
The one feature you’d like to use most is to create an invoice as soon as you’ve completed a job on site. Quickly create and send an invoice, track outstanding payments in the cloud with a few clicks of the mouse or tap on the device screen. Find out if customers have viewed their recent bills.
Easily add new clients as needed by just entering their contact information.
You can offer a ‘pay now’ option for customers with credit or debit cards. Accept debit cards as well credit cards with Stripe or direct debits through GoCardless; this way no matter what their preferred method is there’s an option available that will work just right for them
Offer them the option of paying you straight away by using third-party payment services like PayPal. You can also use Stripe to accept debit cards and credit cards or use GoCardless to accept direct debits. Choose the best payment method for you and your customers. Xero adds a “Pay now” on the invoice making it easier for the customer to pay you.
Pricing
Xero pricing is fairly flexible, allowing you to pay for what your business needs in terms of keeping its accounts. There are 3 plans: Starter, Standard and Premium. Premium plan offers different price points depending on the number of people on payroll. You can find more details in the link below.
You can test-drive Xero’s free trial, the period lasts 30 days so you can decide if it suits your needs before committing to a paid plan.
Check out this video from XERO showing how it works!
Choosing the right accounting software for your business is a big decision. You want to make sure that you choose an accounting platform with all of the features and functionality that will help your company grow, but also one that’s user-friendly and reliable. Reviewing what you need in an accounting system, as well as considering how much time it takes to learn or set up new processes can help guide this decision process. If you’re still having trouble deciding which system is best for your needs, don’t hesitate to reach out to us!
