There’s no denying that Xero changed the way we all manage our accounting and finances! But, we bet you didn’t realise just how much a game changer this program is for your business, AND that you could be using it way more than you already do? Don’t worry, you shouldn’t have to know everything about this program, you’re busy worrying about running your own business to spend time researching and learning the program and all its add-ons, that’s why we do what we do!
It’s surprising how often we take on new clients who already use Xero, but when we speak to them about challenges they have in their business, they don’t realise there’s a tool or add-on in Xero to help them manage this! That’s why we decided to let you in on a few of our favorites, ones that we really think are game-changers for a lot of businesses, so you can get the most out of the program and streamline processes within your business!
Revolutionise Your Reconciling
With all the bills you pay and expenses coming into the business on a daily basis, it can become overwhelming to keep track of them all and find the time to categorise each of them for future financial reports. Using bank rules in Xero you can automatically train the system to categorise your incoming expenses into the correct place. Not only will this allow you to see real-time what areas you are spending your money, but you can also save a bundle of time when it comes to the end of the quarter and all the reconciling work as been automatically done for you by the program!
Customise Reports
Every business is unique, and so are the numbers you use to track your business progress. As a business owner, you will know what numbers and reports are important to you, allowing you to set up customised reports and track any part of your business you wish. Once the customised report is set up, you can check back in at any time to see the real-time figures at any given time, without needing to set up a new report each time. Allowing you to manage your business more efficiently.
Get Paid On Time
It’s a challenge every business faces - getting your customers to pay on time! Not only does it severely affect your business cash-flow but you also waste a lot of your time chasing up unpaid invoices - time better spent in other areas of your business! Using debtor management add-ons, connected to your Xero software, you can streamline this process; saving you time, headaches and frustrated emails. There are copious amounts of add-ons available for Xero that can help you and it’s best to speak to your accountant who might be able to recommend the best one for your business. A couple of popular ones include Debtor Daddy and Chaser. These programs can send invoices, schedule payment reminders, set customised emails and monitor your receivables progress at any given time. Saving you and your team hours every week and reducing workplace stress.
Automate Bookkeeping Processes
Imagine going home from work and while you’re at home sleeping, eating and spending time with your family, your accounting program is extracting all the key data from your statements, bills, and receipts and pushing it into your accounting software, along with an attached copy of the file itself. It’s like having a bookkeeper working for you, without actually paying to have a bookkeeper! You can spend less time chasing your financial documents, breaking them down and entering them into your accounting program, and more time working on your business! Check out all of Xero’s document management add-ons here.
Create Recurring Invoices
Xero is all about saving you time, and what business owner would say no to saving time? Rather than wasting your time and creating a new invoice or bill for every service or sale, you can create recurring invoices to automatically send to your customers, eliminating another process within your business you would normally need to handle yourself or pay one of your staff to do.
Make The Most of Your Downtime
With the Xero Mobile App you can turn your downtime into productive time and take your financials wherever you have your smart device (aka everywhere!). Stuck on the train making the commute home? Jump on! In the airport waiting for a flight? Jump on! On a tropical holiday and want to check in on things? Jump on!
Because all your accounting data is in the cloud with Xero, you can easily jump on the app and check your account balances, see how the business is going, send invoices (handy if you work off-site) and review the different financial reports for your business, giving your peace of mind when you’re out of the office and making you the most efficient and productive you can be!
There you have it! Some of our favourite, and client's favourite, tools and add-ons to simplify your business accounting & financial management. Applying these in your business will give you more time to do the things you love doing in business!