Xero is rapidly growing and the software is constantly improving. Consider these tips to get the most out of Xero as they can surely help you and your business.
Inventory made easy with Xero
Use the Inventory function in Xero. It allows you to track the number of goods that you have on hand as you buy and sell, and it keeps all the accounts accurate and current as you go. Using Inventory in Xero helps to speed up the process of creating sales invoices as well as entering purchase invoices. In addition, it allows you to easily run a report so you can check your margins, prices, and stock levels.
Utilising bank rules to automate reconciliation
From coffee with a prospective client to paying bills, we all have day-to-day costs when doing business. When you enter those transactions into Xero, you can use bank rules to categorise them automatically. Make sure that you have the Bank Rules configured to save time.
Create recurring invoices
Rather than creating a new invoice or bill for every service or sale, let Xero do the work for you. Set invoices automatically to efficiently manage your time and your business.
Xero allows you to customise your reports to help you manage your business more effectively. You can create interactive reports and budgets to share with others. This ensures both accountants and businesses have a real-time view of the numbers from anywhere and at any time.
Xero mobile app
Maximise your downtime by using the Xero mobile app. Since all your data is on the cloud, you can run your business on your mobile. You can easily check the balances of your accounts to see how the business is doing, invoice for a job as soon as its done, and you could easily review a cash summary report to see if everything is looking good.
Use the Budget Manager
Use the Budget Manager to gain valuable insights into your business. It helps you to quickly prepare comprehensive budgets and compare against performance on selected periods.
Smart Lists help you to easily assemble customised lists of your existing customers based on their buying behaviour, invoice amounts, and location. Use it to create targeted customer lists from your accounting data. Doing so will help you with sales, marketing, and customer care.
Xero makes it simple to track assets and work with your advisor to manage depreciation. Configure the Fixed Asset Register and use it to create accurate reports to ensure the books are always up to date.
Use the tracking feature to review and compare different areas of your organisation and enhance your reporting. This feature is useful if your business finances are reported separately on different aspects of your business.
If you need help on how you can start the Xero accounting software in your business, contact a Chan & Naylor accountant here and we will be glad to assist you. Xero is great for all types of businesses from startups to large-sized businesses.
Aside from Xero assistance, have a look at our other accounting and advisory services that we do to help you achieve greater financial success.
Chan & Naylor Group has national offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with Xero and tax accounting inquiries. Contact us today.