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Aprio Cloud Blog

February 5, 2015 at 10:11 AM

7 Xero Setup Essentials!

Xero and Other Cloud Apps, SaaS & Technology Solutions, Tips & Tricks, Outsourced Accounting

xero-tablet-phone-pcUsing Xero can be a great experience and covering a few essential steps that are often missed will dramatically improve the user experience.

Our setup, conversion and integrations team has listed a few of these essential steps that many small businesses don’t do when creating their accounts:

Essential Steps to Setting Up Your Xero Accounts:

  • Start with Beginning Balances that are 100% correct – This is so important. If it doesn’t start right, it won’t end right!
  • Get Bank Feeds working with historical data entered from your conversion date.
  • Get your Chart of Accounts set up properly and maintained consistently. When accounts are classed appropriately, you receive accurate results!
  • Be certain to include owner’s equity! – A healthy business has owners who have clear visibility into who owns what and how profits are distributed. Full disclosure prevents a bad breakup!
  • Keep your business and personal expenses separate. A no-brainer for keeping your financials and tax preparation accurate and less expensive!
  • Make sure you understand what your are actually expensing. If you don’t know what an expense is for, don’t just stick it in Office Supplies!
  • Eliminate additional data entry by choosing the right add-ons. Use Xero to its full potential, don’t key in numbers manually!
  • Luckily, if you haven’t done this or can’t do this, the team here at Aprio Cloud has the experience and know-how to help you optimize your experience with Xero.

If you want to ensure your systems are set-up and running at their peak efficiency, let's talk about how our team can help!

Learn more about Aprio Cloud's Xero solutions

Bruce A. Phillips, CPA

About Bruce A. Phillips, CPA

Bruce Phillips is the Partner in Charge of Aprio Cloud, an early adopter of cloud technology for accounting and other businesses. More recently he has been featured by Xero, Expensify, Gusto, Receipt Bank, Jirav, Veem, Bill.com, and Hubdoc, all of whom he has close relationships with.