Xero – Top 5 Features you should be using!
Posted on 21st Jan 2022
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!
1 BANK FEEDS
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!
2 BANK RULES
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 and continue to create new ones as and when you get new payees, as with time your old ones may become useless and the automation would lose its efficiency.
Hubdoc, Autoentry and Dext are types of software that can be used to process receipts.
They can be set up and 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 will make processing receipts and invoices much more efficient and stress free as you will then no longer have to keep physical copies of the documents…
ALSO… Under MTD, HMRC are slowly bringing in the requirement for ALL businesses and individuals to keep their records digitally, so doing this sooner rather than later 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 and the money is taken automatically on the due date. Not only does this improve your cashflow dramatically, it saves you endless amounts of time and stops you wondering when you’ll actually be paid!
GoCardless is the stress-free way of collecting YOUR money!
5 HMRC MTD CONNECTION
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 and 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 and takes the hassle of them right away!
If you’d like more information on how Cloud Accounting and in particular Xero could revolutionize your business call Kim on 0161 410 0020 or email email@example.com for a no obligation chat.
After all, “Not all Accountants” are the same“