Xero is a cloud-based accounting software designed for small and medium sized businesses. With Xero you can manage your business' financial transactions easily and efficiently.
Here are some guidelines on navigating Xero cloud accounting:
Xero Home Dashboard - Just like other cloud-based tools, Xero has a dashboard. It shows an overview of your overall business performance. It summarises the business' financial position which includes business performance, account watch list, invoices owed to you, bank activity, bills that need to be paid and total cash in and out.
Accounts – Under the accounts tab you have bank accounts, sales, purchases, inventory, expense claims and fixed assets. It is important that you fill out the information needed on your settings to get accurate information from these sections. By using Xero, it is easier to access data and match transactions through its different components particularly with your banking activity which includes bank reconciliations, live bank feeds, cash coding and expense claims.
Payroll – Manual data entry is not needed for Xero because it will update for you through the general ledger. PAYE is also automatically calculated and it provides the latest PAYE tax table since it is connected online. Xero made payroll management simpler for employers and employees too, because they can access their pay slips online via email.
Reporting – Reporting is made easy with Xero. Business owners can view and share their financial reports with their accountants for collaboration. The layout can also be customised according to what is needed for your reports. You can get valuable insights into your business' performance by using the business performance dashboard. Also, with just one click, you can generate financial reports like Cash Summary, Profit and Loss, Financial Ratios, Aged Payables and Aged Receivables.
Smart Lists - In order to create a target list in Xero, business owners can use Smart Lists to search and export customer and vendor contacts. It helps business owners to know about their customer's purchase attitude, location or outstanding payments.
Settings – Updating information in real time is so easy with Xero. Under the settings tab, you can enter your organisation details, import and export accounts, add and edit financial information, tax settings, invoice settings and payroll settings.
Files – The good thing about Xero is that you can store all relevant data, documents and files, without the need for filing cabinets or storage boxes which can be thrown away accidentally. As simple as taking a photo of receipts and sending them to Xero through email or by using Xero Touch, a mobile application from Xero, they can be stored right away to the cloud.
Sales Dashboard – This is where the charts and graphs are located that show you who still owes you money and when to follow up. It enables you to manage cashflow and to know how much money you are expecting to receive. Invoices which are approved (or not) near the deadline and overdue can also be seen on the sales dashboard.
Inventory – Just like Payroll, Xero updates your business' inventory in real-time making it easier for business owners to track the amount of their products they have in stock.
Quotes and invoices – This is where sales quotes, sales invoices, online invoicing, what the customer sees, purchase orders, tracking JPEG branding to all your receipts and remittance advices.
Converting from Quickbooks – All comparative reports and transactions of businesses made from the previous and current year through Quickbooks can be converted to Xero for free.
You may opt to hire Chartered Accountants to help you use Xero for your business's accounting. They are professional and knowledgeable in terms of providing business advice and managing a business.
For more detailed information about Xero accounting software you may also visit Xero Business Help Centre or call us on (09) 576 4166.