Regularly updated invoices give you a clearer picture of cash flow. With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments. If you have an accountant, you can seek their help with this decision. However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts. You can add, customise, or delete these accounts to match the needs of your business. Spend less time chasing, and get paid up to twice as fast.
- This information needs to be displayed on any invoices you issue.
- As Xero is connected to your bank, transactions are pulled through automatically.
- An accountant or bookkeeper can be useful set of hands to help with the accounting heavy lifting.
- Having shorter payment terms can help you to get paid earlier.
Xero dashboard: know your numbers
If you have a limited company, ensure that you have a registration number and registered office address. This information needs to be displayed on any invoices you issue. All pricing plans cover the accounting essentials, with room to grow.
Plans to suit your business
Xero remembers the last time you categorised a transaction, so you can simply click ‘OK’ if you want it to go to the same category. Get a clear, up-to-date picture of the money in your bank accounts, credit card and PayPal accounts. Using Xero’s wide range of apps and add ons is a great way to streamline repetitive processes and save yourself some time. If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances. The payroll overview is a comprehensive guide to take you through each step of the setup. The functionality of your Xero dashboard won’t change, but there are some small tweaks to the design that may take some getting used to.
Spend less time in the books
You can come back to this step once daily reconciliation is part of your routine. Xero is an online accounting software designed for small businesses. If you’re new to Xero, then this guide to getting started should help you quickly get up and running.
Float is one of the highest-rated Xero apps available on the marketplace. It is an award-winning cash flow forecasting tool that creates accurate and visual reports for you, and your business. Float pulls through the bills and invoices from your accounting software, using them to populate your forecast on a rolling-basis. Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast. Only set up payment reminders when you get into the habit of reconciling receipts daily. Chasing payment from customers that have already paid can tarnish your reputation.
Initially, when you’ve input some data, look at your Balance Sheet, Profit And Loss, Aged Receivables, and Aged Payables. You should reconcile weekly, if not daily, to ensure that your accounts are as accurate beginning inventory definition as possible. The first step to learning how Xero works is to watch the ‘Xero Dashboard’ video, which can be found in the top left corner of your Xero dashboard. Select whether you’re a small business, or a partner, to find out how you can earn. An accountant or bookkeeper can be useful set of hands to help with the accounting heavy lifting. This function allows you to keep payroll costs in one place rather than having to pull in information from a separate system.
Get a snapshot of cash coming in, going out, and bills that are due, to gain insights into business cash flow. Keep an eye on your finances day by day using the accounting dashboard. Xero offers apps with a wide range of functionalities from cash flow forecasting, to document management, and many more. The Xero app marketplace is the best way to explore your options.