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

Why bank feeds?

Xero connects to your bank and imports your bank account transactions directly into your company or organization, beginning the efficiency that I love in Xero. By using the bank feed, a Xero user gets the details of their banking transactions made available directly in the accounting platform, allowing them to reconcile their transactions quickly and easily. We will get into how to process daily bank transactions when we get to Chapter 6 where we will show you the process of what Xero calls reconciliation.

Your bank transactions are the key to recording your revenues and expenses in your books. By having these details available in the accounting platform, you are assured that you have captured your financial transactions in your books. All that is left is to properly categorize the transactions.

The Xero bank feed automatically updates daily as transactions clear your bank account. This allows you to use the Xero Reconciliation screen to record the transactions...