Making Accounting Easy
- Written by
- Michelle Barnett
More and more businesses today are beginning to use online accounting applications thanks to advancements in technology. But are you using them correctly? Or to their maximum potential?
Even though some businesses have managed to make the transition from desktop based applications or paper based systems to online versions, some find they are not saving time or it’s still a big task to get their records together at the end of the year for their accountants. In many of these cases, people are trying to replicate what they did in their old processes and are not making the most of their improved systems.
Xero Platinum Partner
Strettons is a Xero Platinum Partner and we advise our clients to use Xero where appropriate for their business. Its many features can help you save time and provide tools to help you better manage your business.
So how can you be more efficient with Xero? Here’s our timesaver tips:
Do you hate getting the query from the accountant asking to see invoices for transactions that happened months ago? With Xero, you can attach electronic copies of your invoices to the transaction they relate to, making it much easier for your accountant to review. This is a great feature to use for new asset purchases, large items or R&M and insurance invoices.
Each Xero file has a unique email address where you can email documents straight to the folder it needs to go in. Find this email address by clicking on the folder icon (4th from the right under your username).
You can create subfolders in here, so if you aren’t up to attaching individual invoices to transactions you can just store everything you think your accountant will need under one folder, e.g. called Year End 2018.
Set up inventory items for common narrations on invoices sent to customers. Where you often find yourself typing the same thing again and again on different customer invoices, you can set up an inventory item with a standard narration that will pre-populate when you select it. You can then easily alter it for dates and the amount invoiced.
Xero has many features that can help with efficiency, you just need to know what they are and how to use them. If you don’t think you’re using Xero to it’s full potential, come and see us and we’ll help you get sorted.