If you want to know how to make the most out of Xero, you first have to take a step back and look at what you are trying to achieve. Xero is more than just a basic accounting tool; it is all about the connections and relationships which can improve the way your business functions.
The one thing all businesses have in common is relationships and how you connect with your customers, suppliers, advisers and other stakeholders. To be an effective financial tool, you need more than just a spreadsheet and invoices, that is old school thinking. Xero is built to do so much more.
Top five connections to make use of:
1. Customer information flow
Take for example when you send an invoice to a customer, at a basic level you want to know the date it was sent, who and which email you sent it to, and when they actually opened the email. You also want to trace your email correspondence with that customer. Xero can track all this easily, with each invoice generating an order trail around it producing all the information you need.
2. Employee details
In Xero, Payroll can link employees so they can view their payslips, the leave they have taken and when they plan to take their next break. It is all interfaced so they can communicate with the company and your payroll office very easily.
3. Adviser access
Any of your advisers (bookkeepers, accountants, financial planners, etc.) can have a link to your Xero file. You can limit their access, giving them specific permissions as to what they can view or change. It is worth noting there is security around it; you have an assurance dashboard where you can look at what type of transaction that person has done and when they came into the file.
4. Supplier checking
Your connection with suppliers is incredibly important, and their details need to be easily accessible and checked. Xero enables you to quickly answer questions such as:
• How many suppliers have the same bank details?
• Was there a lost invoice?
• Are there any invoices backdated by more than 30 days?
• What was processed in the bank transactions?
Much like with adviser checks, there are plenty of security measures to ensure that there is continuous certification of the file.
5. Bank feed
Another example of how to make the most out of Xero is with bank fees. A feed from your accounts ensures what’s going through the bank is matched exactly to your account transactions.
When used to its capabilities, Xero reduces the time you need to spend on managing connections. It enables business owners to get the most out of the information they collect and focus on what they do best. Companies need to focus more on generating revenue as opposed to creating or measuring it, not to mention the costs associated with this administration.
The question now is not how to make the most out of Xero, but why aren’t you doing it?
Contact us today for a free 30-minute consultation, so we can help you determine what you need to do to focus more on growing your business.
