Are you getting the most out of Xero?
Great online accounting software is one of the most important tools for businesses today, so it’s important to a take a moment to check if you are getting the most out of your subscription. Here are 8 signs that your business is NOT utilising Xero to its full potential:
You’re trying to use Xero’s inbuilt inventory
Xero’s inbuilt inventory system is quite rudimentary and should only be used by businesses with extremely simple inventory needs. If you’re serious about inventory management then you need to consider an inventory management add-on.
You’re not using any add-ons
Add-on’s can add incredible additional functionality allowing your business to operate leaner and more efficiently, as well as gaining greater insight into your customers and business operations.
You’re not utilising the inbuilt automated super
Even if you only have one employee, the convenience is probably worth the additional cost. Consider upgrading your subscription to automate your quarterly/monthly super contributions.
Your accounts aren’t reconciled regularly
Dashboards and reports can provide critical insights into your business at near real time – but only if the content within them is up to date and accurate! If you’re finding it hard to stay on top of this, or are making too many errors, consider engaging professional bookkeeping services immediately!
You code all your transactions off the bank feed
Coding from the bank feed has its place, but you need to look at how you can reduce the number of transactions that you’re manually coding by bringing invoices into Xero, and utilising the auto-matching functionality. And an added benefit is a clearer view of your cash flow position!
You haven’t setup any rules
Every business has repeat transactions where there’s no benefit to bringing in an invoice to support auto-matching. Xero lets you create rules so that things like telephone/internet, subscriptions and bank fees, etc can automatically be treated the same way each time they occur, without your constant attention.
You don’t know what ‘cash coding’ is
Cash coding allows you to quickly & easily reconcile a large volume of transactions from the bank feed. It’s particularly useful when you have a lot of transactions that all need to be coded to the same account.
You don’t know what ABA files are
Xero + internet banking = more time for more important things! If you’re still manually processing payments to your employee & suppliers, then you need to learn about batch payments & ABA files.
Book a Free 30 Minute Xero Assessment
If you’ve read this post and realised that you could do with some help to better leverage your Xero subscription, why not book a FREE 30 minute session with one of our Xero certified team members by calling 4922 6128