Using 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!