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

Connecting apps to Xero

Xero has made it easy to connect apps to its platform. To explain the process, we will walk you through an example. In this example, we will be connecting Xero to the Hubdoc app. This process is very similar to most apps you will connect to Xero.

  1. Start by going to the app’s settings or integrations page and look for a link or button that allows you to connect to Xero.
Figure 19.4: Hubdoc button for connecting to Xero

Figure 19.4: Hubdoc button for connecting to Xero

  1. Click the Connect button or link and you will be taken to the access screen.
  2. Use the Select an organization dropdown to find your company name and select it, as seen in Figure 19.5.
Figure 19.5: App access authorization screen

Figure 19.5: App access authorization screen

  1. Click the Allow access button to complete the process.

Some apps will require further setup, such as chart of accounts mapping and feature settings, like in inventory apps. Just follow the prompts and the instructions set...