Xero – Top 5 Features you should be using!Do you use Xero? Do you feel you’re not using it to its full capability? Would you like to save yourself time, stress & hassle? If so, here are 5 ways in which we believe Xero features can help!
Bank feeds link directly to your bank, essentially they just pull through all banking transactions into Xero in real time!
This means you can spend time on the things that matter to you, rather than having the hassle of digging out the statements every month.
ALSO… you can stay on top of your bookkeeping and do it more regularly as there isn’t the chore of having to pull off a weekly bank statement for example.
HOWEVER… there is no need to worry about connecting Xero to your bank as the banks totally support this integration as Xero uses multi factor authentication so it’s unbelievably secure!
Bank rules can be set up in SECONDS, however they can save you HOURS or even DAYS in the long run!
In short, bank rules are automatic suggestions of where to code up transactions, meaning you can get the bookkeeping done at the click of a button!
This really does save so much time with transactions that are regular i.e.. Phone bills, rent etc.
The main tip here though, is to make sure you stay on top of bank rules & continue to create new ones as & when you get new payees, as with time your old ones may become useless & the automation would lose its efficiency.
Hubdoc & ReceiptBank can be set up & integrated with Xero in next to no time! The apps allow you to get all invoices into Xero by taking a simple picture on your phone… WOW !!
This’ll make processing receipts & invoices much more efficient & stress free as you will then no longer have to keep physical copies of the documents…
ALSO… Under new MTD regulations, by April 2022 ALL businesses are required to keep their records digitally anyway, so doing this gets you one step ahead of the game.
Are you tired of chasing customers for payments?…
Say hello to GoCardless… This nifty little integration with Xero allows you to set up direct debits with customers & the money is taken automatically on the due date. Not only does this improve your cashflow dramatically, it saves you endless amounts of time & stops you wondering when you’ll actually be paid!
GoCardless is the stress-free way of collecting YOUR money!
Sick & tired of forgetting your government gateway log in details every quarter? NO PROBLEM!!
With Xero you can file your VAT returns in seconds all at the click of a button through the MTD connection feature.
All you need to do to set this up is make sure you are signed up for MTD with HMRC & then do a quick one time connection with HMRC by logging in to your account through Xero. This allows you to file VAT returns seamlessly & takes the hassle of them right away!
It is important that you take professional advice before making any decisions based on the information that you learnt here. While every effort has been made to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information. Professional advice should be taken based on specific circumstances in each individual case. Whilst we endeavour to ensure that the information contained in the article is correct, no liability will be accepted by KMA Accountancy which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.
Tags: accounting software, How to use Xero, Small business, Xero, Xero Accounting Software