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.
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?