Xero is designed to be easy to use and intuitive so setting up should not be a problem. You can set up your Xero account yourself or let your accountant do it for you so you can take advantage of special offers and discounts such as three to six months of free subscription, etc. Consult with your accountant before setting up your Xero.
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There are some common data that businesses need help with converting across to Xero such as invoices, bills, customised chart of accounts, payroll information, single touch payroll and contacts. These play an important role in Xero because they contain sensitive business information. It is critical to set them up correctly to avoid potential issues.
To convert data from another platform to Xero, a Xero specialist can help you through the process. Your financial information must be accurate and up to date as errors can have big effects on your business. A Xero specialist can help prevent incorrect balances that can lead to over or understating your income expenses, missed staff payroll details and bank account reconciliation issues.
Accountants Sunbury & Bookkeepers Sunbury
Xero also has some basic connections such as automatic banking and credit card feeds, which process and generate all transactions as unreconciled items in Xero. Xero can assist you in reconciling these transactions to their accounts and connect to third-party accounts such as PayPal. All transactions will be unreconciled though until you set up where it needs to be coded to.
Some industries have large volumes of transactions that make reconciling a very difficult task. These businesses can use Xero’s add-on apps to connect their Xero accounts to third-party point of sale systems. Deputy or Vend can be integrated with Xero to automatically categorise transactions into the correct accounts.
Xero can also store receipts and integrate with third-party document scanning software such as ReceiptBank and HubDoc to allow for a streamlined way of reconciliation. Another useful feature is My Xero where staff can enter and view their timesheets and payslips and enter past and future leave requests.
The most common misconception of business owners is that their bank account can reconcile itself without any coding or verification required. However, this is not the case and daily or weekly reconciliation of bank accounts in Xero is recommended to keep your business running as efficiently and smoothly as possible. Doing so ensures that data is maintained up to date and accurately.
Another common mistake is not locking dates after a month is complete, which is important especially when multiple users look at one account. Data can be changed or manipulated easily even after reconciliation is complete so locking dates is important in keeping all information accurate by the time it is delivered to the ATO.
Sky Accountants Sunbury
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Here are two other ways we help business owners grow their business:
- Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
- If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here
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