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Prepare for common tasks

Once you’re set up, you might like to think about these things to make your daily or weekly processing go even smoother:

Is there anything in particular you’d like to track in your business?

Perhaps certain spending or income – make sure you have included these accounts in your Chart of Accounts so that you can code invoices or credit card receipts/payments or other types of transactions to these accounts. In Xero you can further categorise your accounts using Tracking (like cost centres) and run a report over a specific account or tracking categories to see every transaction if you want to.

Is there anything special about your business in terms of how you apply tax to it?

Your financial adviser will be able to help you with this and if necessary you can change the tax rates assigned to each account in Xero as necessary.

Do you have a budget?

Whether it’s a complete budget for your business or certain accounts you want to monitor you can load a monthly figure against each of these accounts into a budget then compare that to actual spending and income using various Xero reports.

Do you want to use expense claims so that you and others involved in your organisation can claim back personal spending?

Think about what you’re likely to spend personal funds on the most and make sure that at least these accounts are in the Chart of Accounts and available to be chosen from the account dropdown list when you’re entering receipts into an Expense Claim. If you’ve got users who will need guidance as to which accounts certain receipts should be coded to, update the the account descriptions that are available during receipt entry into language they’ll understand. You might also like to organise the list of accounts that display.

What regular transactions do you have?

Load them up into the schedule of repeating invoices to save having to enter the same thing every month. Repeating invoices are generated automatically so also act as a trigger for invoices that need to go out or are coming up to be paid. You might have weekly or monthly invoices for paying cleaners, the phone bill or regular income from services that you provide. Even if the details (like exact amount) change every month, you can still load them up as draft and just make this adjustment each time the invoice comes in.

Set up bank feeds.

If your bank provides automated feeds you can save yourself time downloading statements each day or week by arranging for each day’s transactions to come into Xero automatically overnight via the bank feed. You will need to fill out an authority form releasing your data from the bank.

If you bank does not support feeds you can upload your bank statements (which you can normally download from your online banking system).

Who needs to access your information?

As well as inviting users like shareholders, managers and advisors into your system you can invite junior staff as well and give them limited access to features such as managing their own expense claims and entering invoices for approval. Are there opportunities to save you time by having other users on Xero?

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