As a business owner, time is one of your most valuable resources. Xero, the cloud-based accounting software, offers a variety of time-saving features that can help you streamline your financial processes and focus on growing your business. In this post, we’ll explore the top 6 time-saving features in Xero that every business owner needs to know.
Automated Bank Feeds
Xero‘s automated bank feeds feature automatically imports transactions from your bank account, saving you time and reducing the risk of data entry errors. You can set up bank feeds for multiple accounts and easily reconcile transactions, allowing you to keep your financial records up-to-date with minimal effort.
To set up automated bank feeds in Xero, simply connect your bank account and authorize Xero to access your transactions. Xero will then import your bank transactions automatically, and you can review and reconcile them with ease.
Xero‘s invoice reminders feature helps you stay on top of your accounts receivable by automatically sending reminders to customers who have outstanding invoices. You can customize the frequency and content of the reminders, reducing the time and effort required to follow up with customers manually.
To set up invoice reminders in Xero, go to the Invoice Settings section and select the “Reminders” tab. From there, you can customize the frequency and content of your reminders, and choose which invoices to send reminders for.
Xero‘s expense claims feature allows your employees to submit expenses and receipts online, eliminating the need for paper receipts and manual data entry. You can review and approve expenses with a few clicks, and reimburse employees quickly and easily.
To set up expense claims in Xero, go to the “Expense Claims” section and customize your expense claim settings. You can then invite your employees to submit their expenses online, and review and approve them in Xero.
Xero‘s bank reconciliation feature allows you to reconcile your bank transactions quickly and easily, saving you time and reducing the risk of errors. You can match transactions to invoices and bills, and set up rules to automate the reconciliation process.
To reconcile your bank transactions in Xero, go to the “Bank Accounts” section and select the account you want to reconcile. Xero will display a list of your bank transactions, and you can match them to invoices and bills in your Xero account. You can also set up rules to automatically match transactions based on criteria you define, such as payee or description.
Xero‘s inventory management feature allows you to track your inventory levels and values in real-time, saving you time and reducing the risk of stock-outs and overstocks. You can set up automatic alerts when inventory levels are low, and easily create purchase orders to replenish stock.
To set up inventory management in Xero, go to the “Inventory” section and create your inventory items. You can then track your inventory levels and values in real-time, and set up alerts and purchase orders to manage your stock.
Online Payment Options
Xero‘s online payment options allow your customers to pay their invoices online, reducing the time and effort required for manual payment processing. You can set up payment gateways such as Stripe and PayPal, and easily reconcile payments in Xero.
To set up online payment options in Xero, go to the “Invoice Settings” section and select the “Payment Services” tab. From there, you can choose which payment gateways to enable, and customize the payment options for your customers.
Whether you’re looking to automate your bank feeds, manage your inventory, or offer online payment options, Xero has the tools you need to succeed. Don’t let tedious financial tasks eat up your valuable time, and don’t let manual financial processes hold you back. With Xero, you can simplify your bookkeeping and free up your schedule to focus on what really matters – your business. Start using Xero‘s time-saving features today and take your business to the next level.