Six Xero tips and tricks to get the most out of your software…

In our latest blog, we have put together a list of handy tips to ensure you are making the most of your Xero software. Cloud accounting is a game changer for business owners – Xero helps automate and streamline accounting processes and uses additional apps to integrate vital parts of your business operations, allowing you to ensure accurate bookkeeping and reporting.

Whether you are currently using Xero, or considering utilising the software, our top tips below will help you make the most of it.

 

1. Did you know that Xero’s classic VAT return has now been retired?

If you haven’t yet made the move to MTD for VAT, you don’t have to worry – users are now able to use Xero’s new non-MTD VAT return.

To find out more about how this works, from running the non-MTD VAT return, to reviewing and finalising the return, click here.

 

2. Xero enables the user to show account codes on profit and loss and balance sheet reports.

Just run a report and view your company’s financial position. Click the links below for instructions on how to do this:

If you are using the mobile app, you are also able to view a quick snapshot of income, spending, and profit, taken from your profit and loss report.

 

3. Users are able to add a credit limit block for customers to keep track of what they owe.

If a customer exceeds their credit limit, the invoice is saved as a draft, rather than sent for approval or sent to the client. This block will stay in force until the customer is back within their credit limit.

To find out more, read Xero’s advice on setting credit limits.

 

4. Xero’s Bank Rules section recently underwent a visual update to give you a better experience.

The functionality of the Bank Rules section will remain the same, but visually, you may notice a few differences!

Read more on navigating Bank Rules in Xero by clicking here.

 

5. Xero recently announced new bank feed connections with HSBC Kinetic, Handelsbanken and lots of other banks.

This is great news for businesses who want to streamline their processes – bank feeds automatically import transactions from your bank or financial institution directly into your Xero account, eliminating the need to import transactions manually.

More details about bank feeds in Xero can be found here.

 

6. An exciting new Xero update is on the horizon to allow users to print packing slips and delivery notes when invoicing.

This will save precious time for so many businesses – we’ll keep you posted about when this feature is rolled out!

 

GET IN TOUCH

With technology constantly advancing and more digital tools available than ever before, now really is a great time to take a deeper look at your software to optimise your usage.

We would be delighted to speak to you in regards to cloud accounting advice, offer tips on ways to use your software better or provide you with a Xero health check, in which a member of our team will review your current software and advise on the best features, tools and integrations to support you in making the most of Xero. Speak to a member of our cloud team today at cloudaccounting@pmm.co.uk.

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