New to Xero? Get the most out of it
Released On 4th Jul 2022
If you've just started using Xero but haven't seen results, you're not alone! Many business owners have been given access to this great platform, but haven't been able to take time to go through the online training in order to get the most out of the system.
We're one of Xero's Certified Advisors and have been using the platform for many years. Here's how we can help you get the most out of it!
Why is Xero so different to other software?
To put simply, it's a business system that caters for business people. Xero was designed with owners like you in mind, not just accountants. Xero shows you what you want to see from your accounts instead of what accountants expect to see first.
In addition, gone are the days when you had to pay to have software on your device and then pay again for any future updates.
Xero, operating on a System as a Service (SaaS) model, shows you real-time data from your accounts. Instead of being downloaded directly onto your device, it’s entirely cloud-based. As long as you pay the subscription fee, you can access it whenever you like and all updates to the system will be instantly accessible to you.
Traditional packages, such as desktop versions of Sage, lend themselves to uploading ‘batches’ of data such as invoices / receipts once a quarter. Xero is designed for you to make changes as and when they happen.
Xero can be a challenge at first espescially if you’re not confident with IT. With the right training however, you’ll see that it’s a challenge worth taking on.
Does your accountant provide training and support as part of your fee?
Bookkeeping support Bookkeeping often comes as an after-thought when you’re buying accountancy services. However we recognise it’s vital to get data in fast and accurately.
If you have the confidence to DIY, we’ll show you how to:
- raise invoices in Xero (see Xero help)
- add bills and receipts using email-in or the mobile app (see DEXT’s guide)
- publish these to Xero (read DEXT’s guide)
- reconcile transactions in Xero (see help)
However if you prefer to look at Xero without having to worry about keeping it up-to-date yourself, that’s where our bookkeeping service come in.
Management Accounts
Next up are the management accounts functions. These aren’t an essential part of your year-end and tax accounting, so if your accountant doesn’t provide management accounts, they might not mention them.
Tracking is one of Xero’s key features from a management accounts perspective. It allows you to ‘slice’ income and costs in your business. For instance, you might track by shop, online marketplace, product or service lines. This allows you to:
- see the profit margin in each area
- check that your pricing is reflected in your accounts.
See what Xero has to say about tracking.
The platform is beginning to offer additional products such as Projects (so you can manage quotes, timesheets, costs, invoices and profit by project) and Analytics (which offers a visual snapshot of your business and short term cashflow projections).
Support
We often provide an initial training session, but we know that most of your questions will arise when you are using the product. We all know that you have to ask the right questions to get the right answers online. That’s true of Xero Central too!
However our team is on hand throughout our contract to answer your questions. Whether it’s a quick ‘how do I do?’ or a bigger ‘what does this mean?’.
Integration
For many of our clients, Xero works closely alongside other business tools. Whether it’s a CRM, online retail platform or production and stock management system. It’s vital that these are properly integrated so you can:
- avoid rekeying or manually uploading data
- make the most of good task or industry-specific platforms
- get access to up-to-date accounts
How can we help you get the most out of Xero?
Here at Wessex we’ve used Xero for many years, both with clients and in-house, so we understand how to maximise its potential.
We highlight the tools and shortcuts relevant to your business to help you save time and keep your accounts up-to-date. We provide regular management reports for all of our clients, so you can see exactly how your business is doing well before your year-end.
And of course, we’ll be around on the phone, email and live-chat to answer your questions.
What can you do today?
Book a Business & Xero Review for £195+VAT. We’ll take a look at your account and:
- check your data is in good shape and that your account is secure
- look at how your business is doing
- recommend changes in Xero and your business
- provide a personalised action plan
