Xero Accountants: Small business Tips and Tricks

BALLARAT, Australia - Feb. 6, 2019 - PRLog -- Apps and their users are getting smarter by the day. Technology revolutionises small businesses and improves the way they interact with customers and data. Small businesses will start embracing technologies in reporting, cash flow and app solutions more this year. Here are some tips and tricks to get the most out of Xero.

Utilise bank rules to automate reconciliation. Enter your daily costs and transactions into Xero and use bank rules to automatically categorise them. Save time by configuring the bank rules.


• Use the Inventory function. This will allow you to track your inventory on hand and keep all accounts current and accurate. You will be able to quickly create sales invoices, enter purchase invoices and run a report to check prices, stocks and margins.
• Customise reports. Doing this will help you manage the business more efficiently as real-time interactive reports can be viewed by accountants and businesses anywhere and anytime.
• Create recurring invoices. You can better manage your time and business by setting invoices automatically.
• Use Smart Lists. This function allows you to assemble customised lists of customers easily based on location, invoice amounts and buying behaviour. Using them can help you improve your sales, marketing and after service.
• Use the mobile app. All data will be in the cloud, so it would be very easy to check account balances, business performance and invoices via your mobile app. You can easily run a cash summary report to make sure everything is in place.
• Configure the Fixed Asset Register. Use this function to track assets and easily manage depreciation. The reports are accurate, making it easy to keep it up to date.
• Use the Budget Manager. It provides insights into the business, allowing you to create budgets and compare performances on select periods.
• Use the Tracking feature. It lets you review and compare different areas of your organisation, especially if your business' finances are reported separately. It is important to track numbers and analyse how you can further grow your business over the long haul.


As you look for different ways to grow and improve your business, seeking professional advice from a business consultant could prove to be an important and helpful decision.

You can click here (https://www.skyaccountants.com.au/contact/) to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.