Xero training allows you to make the most of cloud-based accounting software. When it comes to efficient bookkeeping processes, going in blind is definitely not recommended. There are so many features on offer when it comes to Xero cloud-based accounting software, which can be overwhelming.
Xero mistakes are all too common when the software isn’t used to its full capability and this could have significant impacts on a business or company. We strive to make the process easier, whether you are new to Xero or already use it. Here’s how you can avoid common bookkeeping mistakes with the assistance of Xero Training.
The process of managing and organising your Xero account should be clear. Waiting until the end of the financial year to get on top of your bookkeeping and accounting has the potential to leave you under the pump and stressed. Managing receipts, through online accounting software, on a regular basis, throughout the year can prevent the occurrence of missing or lost receipts.
There are apps available to scan receipts directly to your phone, which you are then able to link with Xero accounting software. Lost receipts are one of the many pain points business owners may experience. This can impact tax deductions, especially for small businesses. Therefore effectively managing your cloud accounting software has the potential to avoid common bookkeeping errors.
Xero Account Customisation
Xero allows you to implement a chart of accounts, which provides you with a complete list of all the accounts for your business. These accounts can be separated into a range of different categories. The chart of accounts is completely customisable and the process for doing this is taught within online Xero Training.
Reviewing Your Account Regularly
Keeping on top of your account and reviewing it regularly can help to streamline your Xero cloud-based accounting software experience. Making sure that the correct people have access and adequate permission levels is key. A checklist can be helpful when conducting a review of your Xero account.
It is also important to update permission levels when an employee leaves a business. Setting up a regular review of your account can prevent any unexpected occurrences. Completing Xero Training with Liz from Keeping Numbers will assist you with creating a valuable checklist when it comes to reviewing your Xero Account.
Reconciling bank transactions on a regular basis will prevent any errors from being made. You are able to link bank accounts in Xero as well as credit card accounts. This makes bank statements and credit card statements easily accessible for when you are conducting your reconciliation report.
Xero training provides you with the knowledge to do this accurately and give you peace of mind that your financial records are correct. Bookkeeping has the potential to get put on the back burner until tax time comes around. It is incredibly important to conduct a regular reconciliation report to avoid missing information and future mistakes.
These are just some of the biggest mistakes people tend to experience when they use Xero accounting software without prior knowledge or training. From effective account management to reviewing your account regularly, each step is pivotal to a business’ success. That is why we recommend getting Xero Training to assist you with the accuracy of your accounting and bookkeeping processes.
For more information about the Xero Training offered by Liz at Keeping Numbers submit an enquiry through the contact page. Liz is highly experienced in Xero cloud-based accounting software and takes pride in sharing her wealth of knowledge with others.