We spend a lot of time allocating and entering and reconciling transactions in Xero – although a lot less time than what we had to do 10+ years ago. And why do we do this? To remain compliant with our ATO and other agency reporting requirements. But, what else can you gain?
Make informed decisions
We have an absolute mine of information in our accounting systems, and in this blog I am referring to the accounting system Xero, which can
- enable us to make informed decisions that affect the direction of our business,
- enable us to identify potential financial risks and take action,
- enable us to see when our material costs are creeping up and we need to increase our prices, and
- enable us to see where we can make savings on other expenses and improve our bottom line.
These are just some things that doing a bit more with your Xero accounting system can benefit your business.
Why our Smarter Xero course?
In our Smarter Xero course, some of the key functions we look at are:
- Allocating annual bills paid to the relevant periods throughout the year
- Allocate prepaid expenses to the period that they relate to
- Easily reallocate incorrect coding to multiple transactions
- Converting from another accounting system and entering opening balances, and unpaid Bills and Invoices
- Connecting to other systems, e.g., HubDoc
- Connecting with your customer and supplier accounting systems irrespective of which system they by using eInvoicing
- Customise and generate the reports with the information you want and have access to this with just a click of a button
- Track your business by setting up Budgets and also sub-budgets by categories if you have different budgets for different areas of your business
- Expend the depreciation of your assets in real-time rather when your accountant calculates this post end of financial year enabling accurate profit & loss reporting that takes into account the “usage” expense of the business’s assets
- Keep track, acquire and dispose of your Fixed Assets in-house in your Xero file
- Extend your invoice template by linking to MS Word for greater flexibility
- And much more……
So, want to get Smarter in XERO? Train with us!
Learn XERO online with MIEBS!
Xero Training – One day courses – Book HERE
We offer 4 Xero courses delivered by a ATO Registered BAS Agent with extensive experience in using and training in XERO:
- XERO in a Day – how to use XERO day to day, and the fundamentals of bookkeeping.
- Managing Payroll Using XERO – how to set-up and process payroll, and meet regulatory reporting using XERO
- Smarter XERO – how to sort out issues, set-up and use Fixed Assets, Hubdoc, Budgets, Manual Journals and much more
- Introduction to XERO Projects – how to setup and effectively cost manage small projects
Do you need assistance with getting yourself organised? Contact Elke on 0410 819 783, Email contact@miebs.com.au.
Our expertise is in systems, XERO training, MYOB and Microsoft Office applications.
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