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cloud computing  Xero 

In today's day and age all we want, need and value most is time! There are not enough hours in our day to get the things we need done - this is especially important for small business owners.

Maximising efficiency in day to day tasks is an important tool for small business owners; time is money!

With the ever rising technological advances, and new and improved systems available it has now become a question of 'Why haven't you moved across to a Cloud environment'?

Here at LBH, we strongly advocate the need to move your accounting software to the cloud. Xero is at the forefront of this technology – Xero is a cloud based accounting system that allows you to log on to your file anywhere, anytime, provided you have an internet connection and a smartphone, iPad, laptop or desktop computer. There are a vast number of benefits to using Xero (these being up to-date accurate tracking of income and expenses, easy invoicing, being able to pay employees quicker than ever before, connecting with Add-On apps suited to your industry, the list goes on...), however we will focus on time efficiency for bookkeeping.

Below are some of the features that assist with time efficiency: 

Live Bank Feeds
The Xero software will automatically import your business bank account(s) transactions on a daily basis, line by line, with the exact narration as shown on the bank statement. There is no limit to the number of bank accounts you can link to your Xero software. This function eliminates the process of manually entering each line from the bank statement - this can potentially save you or your bookkeeper several hours each week! It also eliminates room for error and ensures all bank statement history has come across.

Create Custom Bank Rules
Bank rules are the most efficient, effective feature to reconciling your bank transactions. A bank rule is simply a rule created by you, where you define the conditions for each rule. The rules will then be applied to your bank transactions. For example, you may set a rule with conditions that if an expense is narrated with the word 'Bank Fee' on the bank statement line, the transaction will be posted to the Bank Fees account on the profit and loss statement. Xero will apply this bank rule to future transactions that state the words 'bank fees' and will prefill the reconcile field with Bank Fees account.

Reconciling Bank Statements
With the assistance of bank rules, reconciling bank statement transactions has never been easier.

Matching Income Received to Invoices
Another great function with reconciling bank statement transactions is that Xero will automatically match income received against invoices created in Xero. If the amount received is a deposit made of up numerous invoices, there is the option to select the individual invoices the deposit is in relation to. You can also allocate part payments against invoices too. It is really that simple! The same function can be used when applying payments against Bills processed.

 

With all of the time saving features listed above it reduces the time taken for bookkeeping and gives you that time back to spend on other areas of your business. So why haven't you moved your business in to the Cloud?

For more information on pricings and which edition would suit your business, please get in contact with our friendly Xero experts at This email address is being protected from spambots. You need JavaScript enabled to view it..


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294 Payneham Rd, Payneham SA 5070

LBH Accountants

Address

294 Payneham Road,
Payneham SA 5070

Contact

Phone: (08) 8363 2085
Fax: (08) 8362 9207
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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