Xero: Tips, Tricks, and Developments



I love using smart systems and XERO has some very easy to use functions that will save you time and improve the accuracy of your accounting work.


Here are 5 of my favourite functions, if you want to learn more click here and I will register you for our next TIPS and TRICKS with XERO webinar.


I find there are some great features in Xero that really help me with my daily Bookkeeping tasks, and I would like to share 5 of my favourite functions with you.


HUBDOC

Coding the Supplier Invoices that arrive on my desk is wasted time, instead I can use Hubdoc. Hubdoc is free with most XERO subscriptions and will do the data entry for you.


Hubdoc reads key information from bills and receipts and turns it into usable data. Supplier names, amounts, invoice numbers and due dates are extracted by Hubdoc and used to create draft transactions in Xero.


This is then transferred into XERO where the original document is attached to the transaction so you do not have copy or scan your documents.


It is very simple to setup Hubdoc and will save you time coding and collecting documents. You can even load the Hubdoc App on your phone to capture data on the go!!


BANK RULES

Bank Rules help to make the coding of bank transactions quicker for you.


Xero applies Bank Rules to bank statement lines according to conditions / rules that you've set. A rule may be simple, with only one or two conditions, or complex, with multiple conditions that evaluate several pieces of information.


These are easy to set up and may save you hours each week.


PAYROLL

Xero has a Payroll Module.


Payroll makes managing staff pay stress free and helps employers stay compliant. The cloud platform seamlessly integrates with Xero accounts, allowing easy tracking of taxes and staff payments, and annual tax changes are automatically handled for you, so you don’t need to worry about needing to upgrade any software.


BATCH PAYMENTS

When you are ready to pay a list of suppliers you can create a batch payment.


Batch payments allow you to select multiple invoices that you want to pay in the click of a few key strokes.

You don’t need to enter the amount you owe to the supplier in Internet Banking, so you can't type in the wrong amount or select the wrong person to pay.


INVOICE REMINDERS

If you have outstanding invoices that your customer has not paid you, you can set up an Invoice Reminder.


Xero has three default reminders set up for when you first turn on invoice reminders.


The reminders are sent out at 7, 14, and 21 days after each invoice due date (overdue). You can customise or delete these reminders to suit your organisation.


If you would like help setting up any of these features or training, you can find me at OneTeam.

Click here if you would like an invite to our TIPS and TRICKS with XERO webinar.