Advivo's Brisbane-based Xero accountants share their tips to help you run your small business as smoothly as possible.
Even though Advivo have been working with Xero since 2011 and are Xero Gold Partners, we understand that Xero software can be frustrating and difficult to use. We’ve seen many users dread the time-sink and headaches that seem to occur every time a bill is due.
If your relationship with your Xero software feels like a slowly ticking time bomb, keep reading for three helpful tips from Advivo’s specialist Xero accountants in Brisbane.
1. View your short-term cash flow
Cash flow is a vital area of knowledge and should inform your daily business decisions. From relatively small-scale issues such as staffing hours to overarching commitments such as expenses and hiring, as a business owner, you need to be aware of your short-term cash flow to optimise the way your business functions.
However, for such vital information, small businesses often have a very poor understanding of what their short-term cash flow is. Luckily, Xero has a set of tools that can clearly visualise this information in a way that makes it easy to understand and build actionable plans around. We recently published an article explaining Xero’s short-term cash flow tool in detail, which you can find HERE.
2. Make use of automation
Are you tired of writing those constant invoices? Are you sick of sending those messy reminders? Xero can help. After you upload a suitable template and tick the right settings, Xero can draft those regular invoices and bills for your review and approval. Depending on your billing needs, Xero can create variable drafts for you to review and then send off. In the case of fixed amounts, Xero can send updated documents straight into the Awaiting Payment Tab. If you are feeling frustrated with the amount of time you are spending on invoicing and billing, consider making use of this feature.
Chasing up your accounts receivable can be an unpleasant and time-consuming matter. Xero has the capability to cut this annoying task out of your calendar by setting automated reminders. Should an invoice not be paid a set amount of time after it’s due, an automated email will be sent. There is a great degree of customisation that can be applied to this tool, and the time parameters can be based on your business policies and cash flow needs.
Automation is one of Xero’s greatest features, and it’s worth having a look into how it can help your business (and you) save time managing your invoicing and billing.
3. Save time with Xero’s inbuilt calculator
We’ve all been there. Stuck on simple arithmetic or struggling with basic math functions. Being pulled out of your productive mindset and losing your train of thought and place on the page. To help with this exact feeling, Xero have included a feature that many new users aren’t aware of. The inbuilt calculator is a great way to perform basic maths equations and reduce the chance of entry error, or for more advanced users, provide the answer to a small part of a greater accountancy equation. It’s a small quality of life feature, but one that we have found to be quite helpful.
For many businesses, Xero is an essential tool. And like any tool, to get the most out of it, you need to have a proper understanding of its applications and component parts.
Hopefully these three tips will help you along this path, but for more information about your accounting software, contact the Brisbane Xero advisors and accountants at Advivo today.
