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

Reporting in Xero

Reporting in Xero has become one of its main strengths. It coupled with the bank feeds, and ease of use is what makes Xero the great platform it is today. Xero has several pre-built reports that are ready to be used with a click of the mouse. These are standard basic and some not-so-basic reports that you can use immediately. If you have a more complex reporting requirement, you can customize the Xero reports using Layout Editor, which we will cover in Chapter 15. The pre-built reports apply to each Xero company individually. Xero also has report templates only available to advisors that can be applied at the firm level. We will cover report templates in Chapter 17.

Now that we have that out of the way, let’s take a deeper look at reporting in Xero. We will run a report, modify the settings, and review the report. Let’s begin:

  1. To get to reports, we click Accounting, followed by the Reports option below it.
Figure 13.1: Xero Accounting menu

Figure...