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5 features in Xero that will boost your productivity

Posted 10 months ago in Small business by Paul Bulpitt
Posted by Paul Bulpitt

At The Wow Company, we’re always looking for ways to do things better, faster more efficiently and ever since jumped on the Xero bandwagon and hooked up bank feeds, we’ve never looked back. However, Xero is more than just beautiful accounting software with bank feeds, and some people have yet to take advantage of the most powerful features.

Here are my top five that saves us hours of processing time each month:

1. Uncoded Statement Lines

Uncoded Statement Lines is a recent innovation that makes it easier than ever to get feedback from clients or colleagues on unreconciled bank items. Simply click a button to download an editable PDF that you can share. Your client or colleague simply types in the PDF and sends it back to you. Providing a simple and effective feedback mechanism, saving time and increasing efficiency.

2. Cash Coding

Cash Coding put simply is the ability to code large numbers of transactions, fast. You sort the list of transactions, then code in bulk. Saving hours of processing time, this feature is especially useful for businesses with cash transactions or for working on accounts that haven’t been touched for a few months. Protip: if you use cash coding, make sure to learn the keyboard shortcuts.

3. Xero Mobile

The Xero mobile app enables businesses to raise invoices, record transactions and code bank transactions on the go. This makes it easy for businesses to raise sales invoices, record purchases (including taking photos of receipts) and doing the bank transaction coding, means that the accounts are updated much more frequently (mainly because it’s so much easier) and reducing the need for ‘binge’ bookkeeping, where you have to process months of transactions at once to catch-up.

4. Files

Xero Files lets you store contracts or other documents either in a general library or attached to a transaction. You can either upload documents or email in. For example, this may be your terms and conditions you want to attach to an online invoice or quote you are sending — or attaching a photo of a particular item to a transaction. Time spent hunting for documents or chasing for copies is eliminated as there is now a central repository for all of your important files.

5. Find & Recode

Find & Recode is a feature first announced at Xerocon 2015 to a standing ovation. Find & Recode enables you to change the coding of many transactions in a couple of clicks. When you consider the time saved correcting errors and reallocating transactions, you can see why this feature has been received so warmly.

What are your favorite features in Xero? How do you use Xero to boost your productivity?

4 comments

Adrian Broadbent
July 24, 2016 at 3.09 am

I’m loving the software,especially tracking receipts (to be paid by the company (mine!) or to be reclaimed later via my mobile. However it would be a HUGE advantage as I have a multi currency set up to be able to enter receipts in the right foreign currency. I’m abroad for 2-3 months of the year and having to put it in Sterling instead isn’t great and doesn’t help reconciliation. I also employ sales reps across the world and if Multi currency was set up they could submit their expenses via their phones for me to approve & pay? Any chance of this coming in the future – it would help larger “small” international businesses use Xero even more. Thanks in advance

Brenda Foster
July 25, 2016 at 8.23 pm

I totally agree with Adrian as we are a small business, but import most of our goods from Europe and therefore spend a lot of time abroad at Trade shows etc . We end up with lots of receipts for expenses, food etc and it would be great if we could put the expenses into Xero at the time in euros.

Tim Rennie
August 6, 2016 at 6.22 pm

Until that happens we use Receipt Bank which processes the receipt in its native currency if shown and the combined expense claim is produced is in whatever currency you want in Xero.

Herman Man
November 9, 2016 at 8.01 am

Thanks much for all the feedback.

We’re working on a new expense management flow and will support multi-currency as part of that. It may not be in the first version but we will release it shortly afterwards if not. Net-net though, appreciate the feedback and please know we are committed to ensuring our expenses product properly supports multi-currency moving forward.

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