Initially, when you’ve input some data, look at your Balance Sheet, Profit And Loss, Aged Receivables, and Aged Payables. You should reconcile weekly, if not daily, to ensure that your accounts are as accurate as possible. The first step to learning how Xero works is to watch the ‘Xero Dashboard’ video, which can be found in the top left corner of your Xero dashboard. Select whether you’re a small business, or a partner, to find out how you can earn. An accountant or bookkeeper can be useful set of hands to help with the accounting heavy lifting. This function allows you to keep payroll costs in one place rather than having to pull in information from a separate system.

Xero remembers the last time you categorised a transaction, so you can simply click ‘OK’ if you want it to go to the same category. Get a clear, up-to-date picture of the money in your bank accounts, credit card and PayPal accounts. Using Xero’s wide range of apps and add ons is a great way to streamline repetitive processes and save yourself some time. If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances. The payroll overview is a comprehensive guide to take you through each step of the setup. The functionality of your Xero dashboard won’t change, but there are some small tweaks to the design that may take some getting used to.

Capture data automatically

If you have a limited company, ensure that you have a registration number and registered office address. This information needs to be displayed on any invoices you issue. All pricing plans cover the accounting essentials, with room to grow.

Automated features to save you time

1. Sync Xero with software you already love or easily find and try new apps designed to save your business time and money at the Xero App Store.
2. You can add, customise, or delete these accounts to match the needs of your business.
3. Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast.
4. Here’s an overview of the changes you can expect to see soon.
5. Only set up payment reminders when you get into the habit of reconciling receipts daily.
6. Easy-to-use accounting software, designed for your small business.

Sync Xero with software you already love or easily find and try new apps designed to save your business time and money at the Xero App Store. Setting up payment reminders and organising your credit control systems can help you to get paid faster. If you are switching from another accounting software, then you can import your chart of accounts into Xero, or modify the default chart of accounts.

Why Do Small Businesses Use Float?

Regularly updated invoices give you a clearer picture of cash flow. With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments. If you have an accountant, you can seek their help with this decision. However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts. You can add, customise, or delete these accounts to match the needs of your business. Spend less time chasing, and get paid up to twice as fast.

Float is one of the highest-rated Xero apps available on the marketplace. It is an award-winning cash flow forecasting tool that creates accurate and visual reports for you, and your business. Float pulls through the bills and invoices from your accounting software, using them to populate your forecast on a rolling-basis. Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast. Only set up payment reminders when you get into the habit of reconciling receipts daily. Chasing payment from customers that have already paid can tarnish your reputation.

Get a snapshot of cash coming in, going out, and bills that are due, to gain insights into business cash flow. Keep an eye on your finances day by day using the accounting dashboard. Xero offers apps with a wide range of functionalities from cash flow forecasting, to document management, and many more. The Xero app marketplace is the best way to explore your options.

More about the Xero dashboard

The new version is designed to give you a consistent experience across Xero, while also improving speed and accessibility. Here’s an overview of the changes you can expect to see soon. Keep your practice a step ahead with Xero accounting software. Access Xero features for 30 days, then decide which plan best suits your business. Once you’ve set up things like bank feeds and invoices, the dashboard charts and graphs will show that information. You can adjust what displays so you see what’s most important to you.

You also need to link to any active payment services to your Xero account. These may include services like PayPal, Stripe, or GoCardless. With a larger variety of payment options, it is easier for customers to pay you. Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date. Just a few minutes a week target costing and how to use it spent approving pre-matched items ensures your data is up to date. As Xero is connected to your bank, transactions are pulled through automatically.