Here's our top 5 tips to help you save time and get more efficiency out of Xero.
Speed up the reconciliation process
While bank feeds automatically import transactions directly to your Xero file on a daily basis (eliminating the need to enter transactions manually), setting up bank rules on your accounts will speed up the time it takes to reconcile. Frequently recurring spend and receive money transactions are ideal for bank rules.
Repeating invoices and bills
If you have regular bills to pay and/or invoices to send, using Xero’s repeating invoices or repeating bills feature will save time on data entry.
When you set up a template, Xero will automatically create a new invoice or bill and drop it into the Draft or Awaiting payment tab (depending on your preferences).
Process payments utilising batch payments
Banking files (ABA files) can be downloaded from a pay run and uploaded into internet banking to pay employees in a batch payment to the employee’s nominated account. This is a safe and secure way to pay your employees while eliminating manual entry and preventing errors.
Similarly, you can pay suppliers in bulk by processing an ABA file. In Xero, select the multiple bills to pay and create a batch. Upload the resulting payment file into internet banking for fast and efficient payment. This can reduce the risk of paying the wrong amount or supplier in error and increases your processing efficiency.
Use Auto-Super to make employee superannuation contributions
Not only will this save time manually processing superannuation through a clearing house, it will also ensure that your superannuation payments match your payroll. Auto-super is an easy way to ensure that it is paid on time and speeds up the time you spend on meeting your superannuation obligations.
Use of Xero apps and add-ons
Xero have a large variety of time saving add ons, apps and integrations. These are well worth investigating to see which may be beneficial for your business https://apps.xero.com/au.
To explore these options, find out further details on how to embrace these tips or for Xero assistance, please contact your advisor, or our in-house Xero Heroes.
