Xero Bookkeeping: Tips Every Small-Business Owner Needs To Know

December 27, 2021    Bookkeeping Perthwide

Being a small-business owner, you will have many things to care about and an accounting software platform like Xero can help manage difficult financial responsibilities. Tips have been given, including special features, shortcuts, and customised options that can help one understand the software better. The software can help save the time and money of many business owners, and the tips are for all users of the Xero Bookkeeping application. Here are a few things to know in this regard: 

Xero Bookkeeping Tips That Can Help Small Business Owners

There are several tips from the Xero accounting software So that can help small business owners manage their daily operations.

Creating Personalised Roles 

The first tip includes creating personalised roles for every Xero user. This allows an owner to cooperate with everyone who has contact with the business without leaking valuable information. With this feature, one can assign roles on the application based on their work role, allowing the person only to have access to the capabilities with that role. 

The following is how to set the role of an individual when they are added to the Xero Bookkeeping Perth application

  • Choose settings tab
  • Click general settings
  • Click the link of the user and add them accordingly 

In the next screen, options range from advisor to none for different categories. Permission can be granted for additional functionality. The permissions can give access to a user for payroll administration, for editing bank account information for customers, manage users, and change permissions. A link for understating roles is given at the bottom screen, where users can know their work roles. 

Taking Advantage Of The “Plus” Icon

In the second tip, one can learn about the plus or add icon. When a user logs in to Xero, a little plus icon (+) is there at the top right of the screen; this small icon is very helpful. When the icon is clicked, one can access various functions like creating bills, contacts, purchase orders and invoices. This shortcut can help one to save time and do work more efficiently.


Read More:- Important Things to Check When Preparing Your BAS

Publishing Reports 

An owner can publish their annual and interim financial statements and other reports and save them in the Xero application. The accounting information does not remain the same; this is why a frozen snapshot for a certain time is of benefit. When these reports are published within Xero Bookkeeping Services application, it allows one to save information in a secured manner. 

For publishing a report, the green button has to be clicked at the bottom of the screen. On the next screen, a report can be published in PDF format or saved in the application draft. The reports tab needs to be clicked again, then it has to be selected, and then the published link should be clicked at the top of the page. 

When a report is published, it will be on the tab and left for others to see. This way, one can share information within a period with other team members.

Look Back at a Mistake 

Mistakes happen with everyone, sometimes there is carelessness, and incorrect transactions are made. The unreconciled feature of the Xero app can help fix the mistake; unreconciled keeps transactions of the account and ban statement lines but remove any connection between the two; this tip will help save a lot of time. To un-reconcile fraudulent transactions:

  • The three dots to the right of the account name has to be clicked 
  • Under the find header, head to account transactions 
  • Go to the transaction where change is needed 
  • In the next screen, options need to be selected, and the un-reconcile option needs to be clicked 
  • The pop-up button needs to be answered with an ‘ok’ to un-reconcile the transaction

After completion of the process, the bank statement line can be reconciled. 


Read More:- Why Payroll Outsourcing is Great for Your Business?

An Inbuilt Calculator Can Help Save Time 

The in-built calculator is a tool many people miss out on when operating the Xero software. The inbuilt calculator can allow one to perform normal math functions in various fields; this calculator does not cause any error and helps in saving time. This feature is useful for quick and complex arithmetic calculations. This feature can calculate the bills and transact them with the correct amount. 

Repeating Invoices and Bills Can be Formed. 

So if there are regular invoices to send and pay the bills, one might not have to do the same thing repeatedly. The repeating in-voice function can be used; first, a template needs to be created, and the Xero app will create an invoice or a bill based on the speed. It will be put in the draft tab if the amounts need to be varied. This Bookkeepers Perth feature is available for both invoices and bills. Besides these features, the ‘demo company’ feature can be utilised, invoice reminders can be set, and various business organisations can be managed simultaneously. 

Associate With The Best Bookkeeping Firms 

A business person can consult with various bookkeeping organisations in Perth to make it easier to do accounting work in business. One can associate with Bookkeeping Perth to learn about various tips related to accounting and be familiar with the Xero bookkeeping software features. Apart from that, the tips mentioned here will surely help business owners make the most of the Xero bookkeeping software. 

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