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

Using Trial Balance apps to make tax time easier

While we are talking about reports and exports for tax and other apps, I figured I would introduce the topic of apps. Our next chapter is all about apps and connecting apps to Xero, but Trial Balance apps fit right here in this discussion, which is a great primer on why we use them.

As a firm owner and a CPA, I prepared many tax returns of varying complexity over the years. That return input takes a lot of time, energy, and strong eyes. So, back when Xero introduced report templates, I was excited, as I could create templates that matched the order of the input of my tax software, making that data entry easier.

Well, it got even easier with the Trial Balance software I am about to tell you about.

I first found the Regroup tax app; it connected to Xero, or you could import your trial balance or income statement and balance sheet. Once imported, you could map your trial balance to the tax return and Regroup would export an import...