Book Image

Efficient Accounting with Xero

By : Jay Kimelman
Book Image

Efficient Accounting with Xero

By: Jay Kimelman

Overview of this book

Xero empowers business owners to gain insights into their business and performance and collaborate seamlessly with their accountants and tax professionals. This book goes beyond the basics and explores the more advanced Xero features, techniques, and best practices for managing sales taxes, budgeting, and reporting. You’ll begin by diving right into Xero, setting up a bank feed, and exploring its power while experiencing just how easy it is to use. The book will guide you in setting up Xero the right way to ensure that you succeed in each of your transactions. As you progress through the chapters, you’ll learn what spend money and receive money transactions are and be able to easily send invoices and collect receivables or payments, collect and pay bills, and even track your business assets with Xero. Toward the end, you’ll be proficient at producing powerful reports, giving you the keys to running or advising any business. By the end of this Xero book, you’ll have gained the confidence to add a company to Xero, set up the bank feeds, reconcile the transactions, send invoices, and pay bills, ending up with beautiful financial statements.
Table of Contents (27 chapters)
1
Part 1: Hitting the Ground Running
7
Part 2: Handling the Day-to-Day Processes
12
Part 3: Closing Out the Accounting Period
16
Part 4: Reporting – Knowing About the Performance of Your Business (KPIs)
18
Chapter 14: Business Analytics with Business Snapshot and Short-Term Cash Flow
20
Part 5: For the Advisor

Running and Customizing Basic Reports in Xero

You have invoiced, posted, paid, been paid, and reconciled. Now that we have transactional data, we can produce reports in Xero to tell the story of how your business is operating. We will be able to see the revenues and expenses that give you your net income, as well as your cash balance, other assets, liabilities, and your equity accounts as of a given date. This gives you the ability to see your results and make sound, timely business decisions. Here we will discuss just how easy Xero makes it to produce reports such as the income statement and balance sheet. So, let’s jump right in and get at it.

In this chapter, we’re going to cover the following main topics:

  • Producing the basic reports
  • Using the prebuilt customized report options
  • Saving your reports