- Batch Payments – Duplication of tasks is a real pain, having to enter accounts for payment into an accounting package then again into your online banking takes time and creates opportunity for errors. Xero’s batch payments allow you to pick a group of bills to pay, create a batch payment and download those details to your online banking. The nice thing is Xero knows you paid all those accounts with one go, so when the payment comes through the bank feed it should automatically match up in Xero.
- Expense Claims – When you’re out and about and end up paying for minor items either with cash or from personal funds, you can use the Xero phone app to snap a quick photo of the receipt, enter a few basic details and the expense is then recorded in the system. This can then be either reimbursement or recorded as owners funds introduced to the business. Never miss claiming on those minor items again.
- Attaching Documents to transactions – Every transaction in Xero has the ability to attach a document or file. You can use the phone app to take an image, enter a few details and let it match up with the bank feed or scan documents and attach them to entries in Xero. Helpful for anyone in the future looking at a transaction and needing further information. There are Xero add-ons that extract data and import into Xero. This can be either from bulk scanned invoices or invoices sent direct from suppliers.
- Tracking – In the past accountants used to set up complicated charts of accounts to try and identify performance of various parts of the business. Messy charts are no longer required as tracking allows all transactions to be tagged with up to two categories and 100 options for each category. Reports can then be run for any manor of options. This is handy when you have two or more different operations in one business or want to track trading by regional locations.
See my blog post on the 30th of August for my first 5 Xero Features
Happy to give a demo and see how Xero might fit for your business.
Greg Verhoef 