Xero is an online, collaborative and real-time bookkeeping and accounting system. It is a powerful tool that provides you real-time information which can be accessed by you anytime and anywhere. It is introduced as a way to ditch the old school method of maintaining books and ledgers and taking the business to the cloud system.
What are the advantages of an online Bookkeeping system with XERO?
- Built for bookkeepers and their clients – Xero utilizes the power of the internet to access the financial data of the client. It empowers day-to-day bookkeeping functions to the clients by providing them the platform to add necessary data related to business. The bookkeepers are provided tools to add value and help the clients meet compliance needs.
- Cloud system – Xero aids you in the power to manage the business in the cloud. All that is required is a computer and internet access. Whatever may be your specific need, like adding a new contact, raising an invoice for the customer, or checking the cash flow, you can do everything with Xero.
- Comprehensive Reporting – Xero has the functionality to provide reports including reconciliations, annual reports, management reports and much more. The account-specific tools which are designed to make it possible for clients and bookkeepers to keep up with the pace of work.
The basics of using Xero Bookkeeping in simple steps
- To understand Xero, start by watching the introductory video. This is visible at the top left corner of the Xero dashboard.
- The next step is to set up your bank details, inclusive of credit card details and PayPal account details. Feed-in all the account details necessary.
- If you were using some other accounting software, then you can surely make a swift import of charts with Xero. If you have a professional bookkeeper handling the tasks for you then it is no hassles, in case you are your own bookkeeper, use the default chart of accounts.
- Xero makes bank reconciliation swifter and hassle-free. Xero is connected to your bank which means the transactions are automatically pulled through. Xero is an intelligent software that remembers the Last made change. Reconcile weekly to make sure that the accounts are accurate with no errors.
- Feed-in your organization’s details, like the registration number, registered office address, and much more.
- Set up the financial settings for your company. GST details, and the right year-end reports of the finances.
- Add the members who can access the online information, and assign the designated roles to them. Like, add the accountant, bookkeeper, and other important stakeholders who will be accessing the information.
- Set up the invoice with payment, logo, contracts with the terms of payment clearly mentioned.
- Add the payment services, like PayPal, GoCardless, and any other of your choice.
- Xero offers the provision to set up payroll which will help you monitor the cost of your staff. You don’t have to put in information from separate platforms, you have all the payroll costs in one place.
- Xero also offers a wide range of apps and add ons to save you time managing various services.
Understanding all the basics of Xero, do you feel the need for implementing this in your finance management? Are you occupied with other business core tasks and have practically no time for bookkeeping? Perth Mobile Tax is here to the rescue. Let your bookkeeping stress be handled by professionals so that you can focus your energy on the core tasks. Get in touch with the reliable mobile bookkeeper in Perth that offers bookkeeping at an affordable price.