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

Setting Up Your Organization’s Financial Settings in Xero

In this chapter, we will look at the settings used by Xero, making sure your Xero organization has the optimal setup for your business. Having the proper setup ensures your Xero organization will operate as you need and will provide the required financial results and data for your business to allow you to make timely and accurate business decisions.

In this chapter, we’re going to cover the following main topics:

  • Why are settings so important?
  • Chart of accounts (COA)
  • Tracking categories
  • Organization settings

By the end of this chapter, you will know how to set up a new Xero organization for your company, including setting up a new COA, using tracking categories to make better use of your accounting data, and how to add users to your account. You will also know how to secure your data in closed periods, ensuring everything stays in balance. Lastly, you will know what questions to ask...