Tips and Tricks to Work Virtually With Xero Bookkeeping by Whiz Consulting

Tips and Tricks to Work Virtually With Xero Bookkeeping

by Whiz Consulting Accounting and Bookkeeping Service

Cloud-based accounting software has changed the game of accounting by expediting the processes and enhancing efficiency and accuracy. Many accounting software exists in the market, fulfilling various needs of the firms. They provide anywhere, anytime access by using an electronic device and a strong internet connection. It enables companies to view and change their data in real-time. Xero bookkeeping is one such accounting software providing all-in-one services to diverse industries. Xero allows firms to run the following operations remotely:

Online invoice creation through in-built templates and available personalizations and sending it to customers
Accounts payable on or before the due date, availing discounts and avoiding late fees.
Accounts receivable management with automated reminders set to alert customers to pay timely and automatic late fee imposition
Time tracking features
Expense management to keep them under control and avoid overspending.
Budgeting and forecasting with analytics tools and techniques
Financial reporting tools ensuring an accurate representation of economic health and performance
Undertaking reconciliation by the automatic import of bank statements and other necessary steps
Xero bookkeeping integrations with third-party apps to streamline workflows and many other activities and characteristics

Xero acts as a virtual bookkeeper, ensuring compliance with the legal regulations and maintaining up-to-date records without errors or inefficiencies. If you choose to work with Xero virtual bookkeeper, the following tips can be of high significance to you:

Creating custom roles for each user:

You can use Xero bookkeeping to assign activities to each employee based on their roles in the organization. It is available on the settings tab> General settings> Users link> Add a user> Select options regarding the employee role- for example, advisor, payroll manager, reconciliation, etc. You can share the duties, responsibilities, and sensitive information among the employees without giving access to everyone. Your employees can only see what you allow them to as per their capabilities. 

Generate shortcuts:

Xero bookkeeping offers shortcuts through a 'plus' or 'add' icon on the top of the screen. It lets you access different options like creating a new invoice, purchase order, contact, bill, etc., thus, saving your time and effort and improving the workflow. 

Snapshot of reports for a particular period:

When you run a business, you might require previous data or information related to a particular point in time. Xero bookkeeping allows you to publish financial reports internally for a specific period or save it as a draft to come back to later. It enables firms to save information securely within the software without additional storage expenses. Since it gets stored in the software, any authorized party can view and access it, enabling time-saving in sharing sensitive information securely. You can also share it by storing it on the computer. 

A report gets published when you click on the green publish button at the bottom of the screen> Publish or save as draft. You can view it again by clicking on the Reports tab> All reports> Published link at the top of the page. 

Undo your mistakes:

Although reconciliation is a process of identifying and eliminating discrepancies, there can be deficiencies in this process itself. Xero bookkeeping provides an 'Unreconcile' feature that allows you to unmatch a transaction incorrectly matched. Xero saves you considerable time and hassle by connecting bank and internal statements. 