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Getting the most out of Xero accounting software

You have your Xero accounting software set up and are using it for the basics, but are you using it to its full advantage?

Below are our top 10 tips to get the most out of your Xero accounting software.

Top 10 Xero tips and tricks

1.      Xero customised roles

By setting individual roles for your users of Xero you may either limit or permit access to specific data based on these roles. You may have a general administrator who you wish to enter data but not be able to view any management reports for instance.

2.      Set up customer invoice reminders

This is a significant time saver and helps get payments in on time. These invoice reminders get sent automatically to the customer at set times dictated by you. You can send just one reminder or set up a series including an overdue reminder if payment does not get received on time.

3.      Set up recurring invoices

Another time saver. No more spending time recreating duplicate invoices each month. Using the Xero accounting software you can set up invoices for regular customers to be sent automatically each week/month/quarter etc. An end date can be set should this be a set contract for a specified amount of time.

4.      Link a direct bank feed with Xero

By linking Xero to your live bank feed, you no longer have to manually import and reconcile your bank’s transactions. Everything is there for you to see in real-time whenever you want it. No more mistakes on reconciliation or forgetting transactions.

5.     Cash coding transactions

Using this facility allows you to apply codes in bulk to transactions. This helps identify specific types of transactions quickly and easily. Reports can then be run to view and analyse these transactions.

6.    Syncing Xero accounting software with Google Sheets

If you use Google Workspace or have a Gmail email account, you can export reports directly to Google Sheets. This can be useful for creating various financial reports and budgets which can then be read by others you can invite to view on a read-only basis.

7.      Find and recode items in bulk

Leading on from above, if you find you need to recode any data, this can be done in bulk saving hours upon hours of time if done manually. Do be careful when using this though as professional training/support is recommended to avoid errors.

8.      Utilising Hubdoc to feed supplier bills into Xero

No more filing paperwork which is in danger of being misfiled or even lost! By using Hubdoc, bills received from suppliers via email can be sent directly to Xero! And for any paper receipts such as parking tickets use Hubdoc on the mobile app to take a photo and upload it directly to Xero keeping pockets and footwells of vehicles clear!

9.      Publish Xero financial reports

Any business should create reports to assess how the business is performing and for future planning. Reports can be downloaded instantly and customised to show the specific information you require based on timeframe or data.

Popular reports include:

  • Executive Summary.
  • Cash Summary.
  • Income Statement (Profit and Loss)
  • Balance Sheet.
  • Aged Receivables Summary.
  • Aged Payables Summary.

10.  Xero accounting software shortcuts

Xero has a range of shortcuts to help you navigate and enter data quickly and seamlessly. Once you are familiar with the software, using these shortcuts can once again save significant time. Work out what areas of Xero you most frequently use and then use the Xero shortcodes for ease of use.

If you want to find out more about any of the above, there are reams of tutorials and online forums to help you out. However, there is also a danger of taking advice online from someone who is not qualified and may give you incorrect advice, however good their intentions.

For example, recoding items can cause significant issues if not done correctly and Xero itself recommends only using an experience profession for doing this.

Xero certified advisor

At Maynard Johns Chartered Accountants, we have a dedicated and fully certified support team for our clients using Xero software.  Our team can provide help and assistance when you need some advice, training or to check everything is correctly set up and help reduce your accountancy fees.

Learn more about our Xero support, set up and training or call 01237 472071.

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