Why automation is key in effective cloud accounting
Keeping on top of your cloud accounting and reconciling transactions can be a time-consuming task – but it doesn’t have to be!
Here are our top tips for helping you automate your processing to achieve increased accuracy and greater efficiencies saving you valuable time.
Bank rules - Creating bank rules for each bank account is a fantastic way to automate many of your transactions that occur on a regular basis. Examples of these are income amount, wages and bank fees.
Setting up a bank rule will allow you to select the contact, account code, GST treatment and description. This rule will then automatically apply these selections for you each time creating better accuracy of your data
Bank rules will save you time and create better efficiency as each reconciled transaction will be the same – less chance of you needing to fix any reconciling errors
Another time saving option is setting up repeating bills for regular supplier invoices and transactions – set up as a draft to approve or automatically approve awaiting payment each and every month. When using this automation there is no need to create these bills from scratch ever again.
Pay your suppliers in bulk with a batch file. In Xero select multiple bills from different suppliers, create a batch payment file (ABA file) and upload to your internet banking. This can reduce the risk of paying the wrong amount or supplier in error and increasing your efficiency.
Using ‘Add ons’
Add on programs such as Hubdoc or Dext (formerly ReceiptBank) allow you to upload receipts, invoices and bills. Key data is then auto extracted using OCR technology to digitally read the information. Dates, invoice numbers, totals and GST amounts are extracted and populated automatically for you and then pushed to your linked accounting file can then be matched to your bank statement lines
These add ons can help streamline your bills process by saving data entry time and reconciling your bank accounts in a simplified, seamless process.
Adopting these efficient and time saving strategies will undoubtably provide you and your team more time in the day to spend on improving practice efficiencies, patient care and reaching overall practice goals.
Need help in this space why not contact our Xero Hero today.