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Am I making the most out of my Xero?

Xero is accounting software.

Xero is in the cloud which makes it easily accessible and shareable by different people on different devices.

Over the years a family of apps has grown up around Xero making data entry and getting paid easier.

It’s great software and it should make a big difference to the financial management of your business. So, how do you get the best out of your Xero?

Let’s look at three key issues.

 

Training

Like any software, people need to be trained how to use it. If a user has some bookkeeping knowledge then learning how to do the routine and recognisable data entry tasks is fairly simple.

Someone with no bookkeeping experience can also learn how to enter accounting data into Xero but it’s more relevant and easier to identify and correct mistakes if they can learn something of the wider accounting context in which the software is being used.

Cloud accounting software is hyped as being easy for ANYONE to use. But not without training and, often overlooked, not everyone gets on with numbers and finance.

 

Bookkeeping processes

Bookkeeping is all about processes and workflow. Always has been, always will be.

It doesn’t matter if you’re in the cloud with apps coming out of your ears or if you’re a 15th century cleric keeping the parish accounts – bookkeeping is all about processes and workflow.

Organise your business so that:

  • sales invoices are raised and sent out as soon as they can be
  • all invoices from suppliers and other receipts and expenses are captured and accounted for
  • all bank accounts are linked to Xero and statements are regularly downloaded for cross-reference
  • your Xero users have access to all of the data they need
  • bookkeeping is done regularly and kept up to date

You know the expression “garbage in-garbage out” – it certainly applies to Xero. So organise your workflows so your bookkeeping work flows.

 

Using financial reports

Getting the right financial reports from Xero is pivotal to running, growing and improving your business.

Xero has recently improved its financial reporting but business owners don’t always know what to look for, how to access useful reports or how to understand them.

The information you need will cover:

  • profit and loss
  • who owes you money
  • who do you owe money to
  • cashflow

You know this stuff is important – is it coming your way?

 

We can help you with Xero

Xero is accounting software. It’s good and it should be good for your business.

But sometimes you need an extra bit of help to make it really work for you and our bespoke Xero training could be just what you need.

And if that’s you then please give me a call on 020 7125 0270. Let’s see if we can help you make the most out of Xero.

 

Michael Austin

 

Useful links

I stopped doing my books when I realised I was making them worse!

Workflow

Management accounts makeover – clarity is everything

Cloud accounting apps – are they all useful?

 

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