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

Conversion to Xero Made Easy

Knowing when to convert your business from QuickBooks or another accounting software is an important detail. Just as important is knowing what the current platform needs in order to qualify it for conversion and ensuring a successful conversion thereafter.

In the previous chapter, we discussed the FS method for getting up and running quickly. In reality, you may need historical transactions in your new Xero file. By the end of this chapter, you will know what makes a good conversion candidate, exactly what is needed in the source data for a successful conversion, and what tasks are needed to complete the conversion.

In this chapter, we will cover the following main topics:

  • What is a good candidate for conversion
  • What are the conversion prerequisites
  • How to convert your file
  • Post-conversion tasks