Xero Accounting is a cloud-based fully features online accounting software sold by subscription. Features include single ledger, multi-user access, auto bank feed, invoicing, accounts payable, payroll and asset register and advanced management reporting.
Xero Accounting FAQ
Frequently asked questions raised by small businesses when considering moving to Xero accounting.
Do I need to be trained in using Xero?
Yes, we strongly recommend that all users of Xero complete the Xero online training. This will save a great deal of time and expense which applies to any accounting package.
Is training provided by Xero?
Yes, Xero provides a large volume of free online training and many webinars that are invaluable for first-time users
What is the cost of getting started using Xero?
The cost of the subscription to Xero has three levels. Small $29 per month. Medium $49 per month. Large $64 per month – includes multi-currency and more than 20 employees.
The most popular subscription is $49 per month.
We provide a fixed set up cost of $400 incl GST per file for up to 10 employees.
We provide a fixed set up cost of $400 incl for Xero payroll where the number of employees exceeds 10.
What is the cost of conversion from other accounting packages?
The cost of setting up on Xero depends on your existing data, the opening trial balances and whether you want to bring in historical data.
We provide a fixed upfront cost so you will know exactly what implementing Xero will cost you which when you compare to the cost of other options you will see why Xero is a good deal.
Do I need an experienced Xero Bookkeeper?
Yes, you do. An accredited Xero bookkeeper will save you a great deal of time and unnecessary expense. Xero is straightforward and there are considerable benefits to using the program.
However, there are important differences to be aware of and Xero is not the same as MYOB or Quick Books. The online technology is new which is what drives the benefits of using the program. A Xero accredited bookkeeper is aware of these and it is an important part of the Xero Accreditation process.
Do I need an experienced Xero accountant?
Yes, you do. Many accountants are not familiar with Xero and have not undertaken any training and there is a growing number that has. The early adopters.
To be using an accountant who is not familiar with Xero will add to the expense of completing your monthly, quarterly and annual financial reporting requirements.
All of our Business Advice Perth accountants and bookkeepers are trained and accredited using Xero to support our Xero clients.
We have a vast amount of experience working with other accounting packages and we prefer Xero for its ease of use and high level of integration with other programs.
Do we use Xero for our own accounting?
Yes, we do. We have a vast amount of experience working with other accounting packages and we prefer Xero for its ease of use and high level of integration with other programs.
How we got started was by using Workflow Max for project management which is a cloud-based program that integrates with Xero.
We have provided support to many clients using MYOB and Quickbooks using a computer-based file.
All of the products we use are cloud-based to ensure substantial efficiency gains.
That will mean lower costs and higher productivity and more profit.
Want to learn more about Xero?
Xero has their own Xero FAQ page which is very comprehensive – check it out here
Xero Dash Board
Xero Dashboard video: 1.06 min
Want to see your business performance at a glance?
Xero Dashboard Key features
The Xero dashboard is fully customisable to show you what you need to know about your sales, expenses, debtors, creditors and your bank accounts.
- Keep track of your business on the Xero Dashboard
- Zoom in see your Business Performance
- Track key financials from the Chart of Accounts watchlist
- Track money coming in from customers
- Track payments due to suppliers
- Create invoices
- Manage expense claims and receipts including from Xero Touch mobile
- Track all bank account and credit card transactions
- Reconcile your bank accounts and credit cards
Interactive graphs show money coming in and going out, and the watchlist lets you monitor specific accounts.
Chart of Accounts
Xero Chart of Accounts Video : 2.12 min
Your Chart of Accounts is crucial to producing accurate financials for your business.
With Xero both the accountant and the small business owner work off the same single ledger easily accessible ‘in the cloud’.
Xero Sales Invoicing video: 4.49 min
Xero Sales Invoicing Key Features
Xero sales invoicing includes customisable templates, branding to display your logo, invoice emailing, online viewing of invoices/statements.
On receiving a Xero invoice your customer can pay the invoice with a simple click of a button.
Create draft invoices, credit notes and recurring invoices to make monthly, weekly invoicing much quicker.
Send auto-reminders to ensure your business gets paid faster and improve cash flow. Adding a payment gateway to your invoicing that includes a credit card option works wonders.
If your client is a Xero user they can seamlessly import any sales invoice direct into their Xero accounts.
The search feature enables you to quickly find by date, contact, invoice number, reference or invoice amount.
Xero Bank Reconciliation
Xero Bank Reconciliation Video: 4.22 min
Xero automatically imports Bank, Credit Card and Pay Pal account transactions using bank feeds.
No more manual transaction entries required! Plus Xero’s auto-matching feature speeds up the bank reconciliation process.