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

What is Xero HQ?

Xero HQ was introduced a few years ago, replacing My Xero as the central location to run your accounting business. It is a light customer relationship management (CRM) system where you load your clients and their business information, keep notes, manage staff, securely trade information with the client, and gain insights into your clients. We are going to dive in deeper here, showing you just how all this is accomplished.

Now that we know what Xero HQ is, let’s see what Xero HQ does:

  1. To get to Xero HQ, we click the main button in the top-left corner of the Xero window, which shows the Xero company you are currently logged into, followed by the Xero HQ option below it:
Figure 16.1: Xero accounting menu

Figure 16.1: Xero accounting menu

  1. This will take you to Xero HQ:
Figure 16.2: Xero HQ main menu

Figure 16.2: Xero HQ main menu

  1. As you can see in the preceding figure, in the Xero HQ main menu, we start with a list of our business clients...