Unless you started an accounting business, when you set out to be an entrepreneur, setting up accounting software might not be something you’re looking forward to. But as complex as it may feel, it doesn’t have to be painful.
Xero is a leading cloud-based accounting software program designed to make managing finances simpler, provided it’s set up correctly from the beginning. And that’s where Accounting by Sal’s one-on-one training can help!
So let’s break down how to make your finances simpler by getting started with Xero.
Why Use Xero for Your Small Business?
Xero is made with simplicity in mind because, as you know, running a small business is complicated enough. Xero can help with:
- Organizing income and expenses
- Connecting business bank accounts
- Creating and tracking invoices
Keeping financial information in one place
If you’re looking for software that can connect with your existing business apps, streamline invoicing so you can get paid faster, and provide accurate insights to help grow your business, then Xero can be a very useful tool.
So let’s dive into the basics of how to set your small business up for success with Xero.
Step 1: Add Your Business Information
Getting started with Xero can be relatively straightforward. First, you’ll need to add your business information, such as your contact information, financial year, tax details and basic organization settings.
Adding these base details to your account can help give you a strong foundation for getting the most out of the software in the long run.
If you’re not sure what you need, Accounting by Sal’s one-on-one Xero training is tailored to your business and experience level, so you can get hands-on guidance based on how you’ll actually use the platform.
Step 2: Organize Your Chart of Accounts
Your chart of accounts is essentially the system of categories Xero uses to organize the money coming into and going out of your business.
Xero provides a good starting point for this. However, the categories you need will vary depending on your business and how you plan to use the software. That’s why our one-on-one training can be helpful. We can take the pressure off figuring out exactly what you need and guide you through which categories make the most sense for your individual business.
Step 3: Connect Your Bank Accounts
A key benefit of Xero is its ability to import bank transactions through its live bank feeds. This can make bookkeeping easier; however, you still want to review and categorize your transactions appropriately.
To set up your bank feeds, you’ll need to connect your bank accounts to Xero using its available connection options. Once connected, your transactions can flow into Xero, helping you keep your financial information organized and up to date.
Step 4: Get Your Invoicing Set Up
Xero is a great tool for invoicing clients. The software can help you customize invoice details and branding, establish payment terms and options, and keep track of outstanding invoices.
Taking the time to set these details up from the beginning can make it easier to stay on top of what you’ve billed, what’s been paid, and what’s still outstanding.
During one-on-one training, we can also walk you through creating and sending invoices directly within Xero so that you can get to know the software and how it functions, while receiving live support. We can also provide support with other everyday tasks like tracking expenses and revenue and reconciling your accounts.
Switching to Xero From Another Platform?
If you already use different accounting software, moving to Xero doesn’t mean you have to start from scratch. There is, however, a process to ensure your customer and supplier information, outstanding invoices and bills, opening balances and other financial information are properly transferred.
Accounting by Sal can help make the transition between platforms easier. We’ll work directly with you to streamline the process and take some of the stress out of making the switch.
Start With the Right Setup
Xero can take some of the day-to-day work out of managing your business finances, but a little extra attention during setup can go a long way.
And if you’re not sure where to start, you don’t have to figure it out alone. Accounting by Sal works across multiple accounting platforms and can help you set up Xero, move from another system, or determine which accounting software makes the most sense for your small business.
With personalized, one-on-one Xero training, we work with you to focus on the areas where you need the most support and learn how to use the platform for your individual day-to-day business needs. You’ll also have access to 30 days of ongoing email support after your training, so you have somewhere to turn if questions come up once you start putting what you’ve learned into practice.
